We invest in part-ownership of durable growth companies with competitive advantages and strong management, aiming to buy at an attractive price. We focus on long-term value and typically maintain low portfolio turnover with long holding periods.

A disciplined, long-term investment approach is key amidst market uncertainties. Overemphasis on short-term fluctuations can be harmful; however, remaining steadfast can be beneficial. Avoid market timing and instead focus on understanding individual businesses and challenging conventional wisdom.

Focus on the business, not political predictions. Election outcomes may have less direct market impact than often assumed. Invest in well-managed companies capable of adapting, regardless of who's in office. History suggests that basing investment decisions on political fears is generally not a sound strategy.

Speculating in any month can be risky, as Mark Twain noted. Investing is crucial to maintain purchasing power, and stocks have historically delivered over the long run. However, many investors underperform due to being overly responsive to constant news. Studies confirm that investor behavior, not lack of information, causes this gap. Avoid impulsive decisions and have faith in long-term growth, recognizing that market timing and economic forecasting can be futile.

The allure of "planning" often takes center stage when choosing a financial advisor. While crucial, it can overshadow the importance of investment strategy execution. We advocate for making long-term investments in business with durable growth.

Charlie Munger, Buffett's long-time partner, was known for his sharp wit and wisdom. Beyond Berkshire, he had a successful career and held leadership roles in other companies. More than just intelligent, Munger was deeply curious and lived intentionally. His investment philosophy emphasized preparation, discipline, patience, and decisive action when the odds were strong.

Retirement planning requires strategic investing, and our "Two-Bucket" strategy allocates assets for stability (Bucket #1, liquid funds) and growth (Bucket #2, stocks). Bucket #1 covers near-term expenses, while Bucket #2 aims for long-term growth to combat inflation. Periodically, funds can be moved from growth to stability. Effective planning also involves considering withdrawal rates, inflation, and expected returns. This approach balances short-term needs with long-term growth, helping investors maintain the right perspective.

At some point, there’ll be an alarm that goes off in your head awakening you to a situation that you know exists but have largely ignored. That alarm may ring when you’re 50 or 60 years old or...