LMT - Vltava Fund Q1 2024 Letter To Shareholders

2024-04-10 07:30:00 ET

Summary

• Vltava Fund SICAV, Plc is a global equity investment fund launched in 2004. The Fund is dedicated to qualified investors.
• Probably the most famous Munger quote is a statement inspired by the great Prussian mathematician, Jacobi, who advised: “Invert, always invert!” as a tool for solving difficult problems.
• What would investment recommendations look like if their aim was to attain significantly negative returns and to lose money?
• Investing is a matter of probabilities, and even pursuing what seemingly and unambiguously are bad practices does not guarantee a bad outcome.

INVERT, ALWAYS INVERT!

When Charlie Munger, the vice chairman of Berkshire Hathaway ( BRK.A , BRK.B ) and, in Buffett’s words, the architect of its business philosophy, passed away just before his 100th birthday late last year, I was just beginning to write my previous letter to shareholders. I told myself then that I would not write about Munger at the time, as I would rather leave it to those who knew him better and were more qualified to do so. Since then, however, various of Munger’s ideas and notable sayings have popped into my head again and again, and one of those led me to the subject of today’s letter....

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