"What [a] stock sells for today, tomorrow, next week, [or] next year doesn’t make any difference," said Warren Buffett in 1990. "What counts is how the company does over a five- or ten-year period."
Great read. It seems most durable businesses often share a common trait: they make it easy for the customer to decide without thinking. Whether it’s Coke, Hershey, or a furniture store run by a 97-year-old, they simplify the decision to the point of instinct — which is a different kind of moat than most valuation models pick up on.
There’s something powerful in studying what doesn’t change in human behavior, especially over 5-10 year spans, and letting that guide your investing lens
Always fear to differ with Warren or Charlie because most often a comeuppance awaits, but I'm pretty certain that the inversion quote belongs to Carl Jacobi, a German mathematician. The country is right and I'm sure Einstein would have agreed but I can't find an online connection between Einstein and the principle of inversion.
But love that inversion. Recall Charlie said something like, "You can't imagine what that has done for me." Listen to them at the meetings and they invert like crazy and it always helps.
I really like that opening quote. Pretty wild to think it doesn't make a difference even next year. A great way to think. But this quote isn't entirely true. I get that it doesn't matter return-wise. That one should be thinking in terms of 5-10 years. But today's price matters a lot if you're buying. Anyway, thanks and have a great rest of your day.
Great read. It seems most durable businesses often share a common trait: they make it easy for the customer to decide without thinking. Whether it’s Coke, Hershey, or a furniture store run by a 97-year-old, they simplify the decision to the point of instinct — which is a different kind of moat than most valuation models pick up on.
There’s something powerful in studying what doesn’t change in human behavior, especially over 5-10 year spans, and letting that guide your investing lens
💯💯💯
Always fear to differ with Warren or Charlie because most often a comeuppance awaits, but I'm pretty certain that the inversion quote belongs to Carl Jacobi, a German mathematician. The country is right and I'm sure Einstein would have agreed but I can't find an online connection between Einstein and the principle of inversion.
But love that inversion. Recall Charlie said something like, "You can't imagine what that has done for me." Listen to them at the meetings and they invert like crazy and it always helps.
Haha, yes, I was going to put a footnote saying “I think this was Jacobi’s line, not Einstein’s” but then forgot to add it in there.
To be sure I was trepidatious about disputing Warren but I know he’d be the first to welcome a correction
Even the greats misquote Einstein from time to time. 🤣
I really like that opening quote. Pretty wild to think it doesn't make a difference even next year. A great way to think. But this quote isn't entirely true. I get that it doesn't matter return-wise. That one should be thinking in terms of 5-10 years. But today's price matters a lot if you're buying. Anyway, thanks and have a great rest of your day.
Not for Everyone. But maybe for you and your patrons?
Dear Kingswell,
I hope this finds you in a rare pocket of stillness.
We hold deep respect for what you've built—and for how.
We’ve just opened the door to something we’ve been quietly handcrafting for years.
Not for mass markets. Not for scale. But for memory and reflection.
Not designed to perform. Designed to endure.
It’s called The Silent Treasury.
A sanctuary where truth, judgment, and consciousness are kept like firewood—dry, sacred, and meant for long winters.
Where trust, vision, patience, and stewardship are treated as capital—more rare, perhaps, than liquidity itself.
The two inaugural pieces speak to a quiet truth we've long engaged with:
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2. Why many modern investment ecosystems (PE, VC, Hedge, ALT, SPAC, rollups) fracture before they root.
These are not short, nor designed for virality.
They are multi-sensory, slow experiences—built to last.
If this speaks to something you've always felt but rarely seen expressed,
perhaps these works belong in your world.
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https://tinyurl.com/The-Silent-Treasury-1
https://tinyurl.com/The-Silent-Treasury-2
Warmly,
The Silent Treasury
Sanctuary for strategy, judgment, and elevated consciousness