I Like Big… and I Cannot Lie – Presentation

Instead of joining the chorus of false certainty, let me offer you a crayon-level framework for thinking about it. I am going for vaguely right, not precisely wrong.

When policies are judged by intentions rather than outcomes, you get Germany closing nuclear plants only to burn more coal.

Warren Buffett calls Berkshire Hathaway his Sistine Chapel. This analogy haunted me for years until I realized we are building the exact same thing at IMA. It took me a decade to put into words, but I finally narrowed our firm’s entire reason for existence down to just two words. They sound simple, but living up to them is the hardest thing we’ve ever done.

As an investor, being intentional about identifying assumptions is extremely important. When you're mindless, you accept things as they are without realizing you're walking on thin ice while everyone else thinks it's solid ground.