Some favorite Munger quotes/Rates/China/Make sure to read what Jabil said

Some favorite Charlie Munger quotes of mine:

"It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid instead of trying to be very intelligent."

"The great investors are always very careful. They think things through. They take their time. They're calm. They're not in a hurry. They don't get excited. they just go after the facts, and they figure out the value. And that's what we try to do."

"If you want to be a good investor, you have to have a long term perspective. You have to be willing to be very patient and wait for the right pitch. And when you get the right pitch, you have to be ready to swing hard. You can't just take a teeny tiny swing. You have to swing with all your might."

"You're not learning anything if you're not making mistakes."

"Acknowledging what you don't know is the dawning of wisdom."

"It's waiting that helps you as an investor and a lot of people just can't stand to wait. If you didn't get the deferred gratification gene, you've got to work very hard to overcome that."

In the discussion and debate about the now expected and hoped for Federal Reserve rate cuts that are now priced for next year, it's important to do a perspective on what the historical REAL rate has been so we can see what used to be 'normal.' Before the Fed via Alan Greenspan started to experiment with near zero interest rates (he cut to 1.00% in 2003 before Bernanke and Yellen said that wasn't enough and liked zero instead for 7 years), the average REAL rate (difference between core CPI and the fed funds rate) in the 20 years leading into 2000 was 283 basis points.