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Charlie Munger in his

third principle that we would like to have management

with integrity and talent.

And he says we would like to have it,

not that we have to have it, which always makes me laugh, because why would we like to have, I mean to me we have to have that, right? But he says that because it's so hard to know, and because he knows and has a number of times chosen

companies that he acknowledges did not have management with integrity and talent.

It's really hard to know about people.

I mean, people are hard to judge, especially

when for 99% of us, little guy investors,

we are never gonna go meet the actual person running a company.

The only way we can know is through their writings

and through news reports about them

and through interviews with them.

So it's all third hand essentially except for the stuff they write to us ourselves, which is the shareholder letter from the CEO that they put out with each annual report. Now not all CEOs

write this letter, it's not a required letter, but the good ones do and what

...