Joe Koster
@jtkoster
Sorfis Investments, LLC — Coastal Carolina University — All thoughts are my own opinions, not investment advice.
“A wise man looks for everything inside of himself; a madman seeks for everything in others.” —Confucius “There's only one success: to be able to live your life your way.” —Christopher Morley
I enjoyed the thoughts from @iancassel in this chat, especially the golf analogies. It reminded me of more parallels between golf, investing, and greatness, as exemplified by the legend that was Ben Hogan. In Omaha for the Berkshire Meeting this year, a friend, also named Ben,…
I had a blast sitting down with @IrrationalMrkts to talk about a somewhat controversial topic. What is the difference between Good, Great, and G.O.A.T (Greatest Of All Time) stock pickers? Hope you enjoy the conversation. microcapclub.com/what-is-the-di…
This Howard Marks quote from 2017 seems especially relevant after the last week or so: “Most people don’t want to tempt fate by saying things will go well forever, and in fact they know they won’t. It’s just that they can’t decide what it is that will go wrong. The truth is…
Links - 06/23/2025 [free] valueinvestingworld.substack.com/p/links-062320… “It’s the surprises no one can anticipate that would move markets most if they were to happen. But (a) most people can’t imagine them and (b) most of the time they don’t happen. That’s why they’re called surprises.”—Howard Marks
Links - 05/05/2025 [free] open.substack.com/pub/valueinves… “You get a few breaks in life in terms of people you will meet who will just change your life dramatically. You need a handful of those and, when you get them, you treasure them.” —Warren Buffett
These related quotes seem relevant for many things happening in the world today (and always)... “A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth. Authoritarian institutions and marketers have…
I’m happy to share the Semper Augustus annual letter. We’ll have the letter on the website shortly. In the interim, here’s the letter posted by great friend @jtkoster this evening. Many thanks for the encouragement and appreciation of this annual effort. drive.google.com/file/d/1e2wevi…
Margin of Safety MasterClass: How to think about value investing [featuring Seth Klarman] youtube.com/watch?v=YDUto3…
New Tony Deden interview…
Links - 01/12/2025 [free] open.substack.com/pub/valueinves… “People are going to want your time. That’s the only thing you can’t buy. I can buy anything I want, basically, but I can’t buy time… I better be careful with it. There’s no way I will be able to buy more time.”—Warren Buffett
Thank you, William! 🙏🏻
If you're looking for the perfect gift for an investor, check out a gift subscription of @jtkoster's excellent newsletter, which is terrific value for $84 a year: valueinvestingworld.substack.com/subscribe?utm_….
youtu.be/GO5FwsblpT8?si…
The video that never gets old.... Carl Sagan - Pale Blue Dot: valueinvestingworld.com/2013/06/carl-s…
If you have any interest in investing Japan during this volatility, I highly recommend following this Substack.
Thanks for the messages and DMs, glad you guys liked it. As promised, a new idea for my paid peeps out now! Thank you guys for the support ❤️
My friend @jtkoster writes a @SubstackInc called Value Investing World which I find to be a great source of curated article links (I believe he helped @ChrisBloomstran get his great annual letters out to a larger audience. Take a listen to what he has to say on Guardians of…
I enjoyed speaking with Matt McLaughlin, Portfolio Specialist at Diamond Hill Capital Management, on the Guardians of Finance Podcast… podcasts.apple.com/us/podcast/joe…
A single PDF for Parts 1-29 of the Investing Thoughts and Wisdom series... open.substack.com/pub/valueinves…
The timestamp (30:54 mark) to the Berkshire annual video, which is public for the first time this year, and a tribute to Charlie Munger and some of his greatest hits… youtube.com/live/X3wLdzddR…
“The more persistent you are, the more chances you get to be lucky.” —Kevin Kelly
3/4 • Best sleep aid: first, get really tired. • For every success there is a corresponding non-monetary tax of some kind. To maintain success you have to gladly pay these taxes. • Do not cling to a mistake just because you spent a lot of time making it. • For small tasks…
Always my favorite investor letter of the year, @ChrisBloomstran has released his Semper Augustus Investments Group 2023 Annual Letter… valueinvestingworld.substack.com/p/semper-augus…
Sorfis 2023 Annual Letter to Clients open.substack.com/pub/sorfis/p/s…
Fireside Chat with Dr. John C. Malone youtu.be/aBEJLutJFvI?si… via @YouTube