The Punch Card Investor Philosophy - Punch Card Investor
punchcardinvestor.substack.com · 1,349 words · saved by 1 readers
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When I first started out in investing, I read everything I could on Warren Buffett, Charlie Munger, and the rest of the value investing canon. Of everything, perhaps the one idea that had the biggest impact on my investing philosophy was Buffett’s punch card approach that he often taught to business school graduates: I could improve your ultimate financial welfare by giving you a ticket with only twenty slots in it so that you had twenty punches - representing all the investments that you got to make in a lifetime. And once you'd punched through the card, you couldn't make any more…
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