Warren Buffett’s business partner Charlie Munger is extremely fond of quoting the 1800s German mathematician Carl Gustav Jacob Jacobi who once said “man muss immer umkehren” which translates to “Invert, always invert.”  The idea is that by looking at problems backwards in addition to forwards, one can identify ways to avoid the problem entirely.  Munger...
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Having unfortunately worked in the commodities industry I can speak from experience that the vast majority of people lose money buying or selling commodities.  This is particularly accurate when brokers are charging high commission fees and are aggressively trading accounts.  Commodities are much more difficult to value than businesses so it is inherently a more...
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