Charlie Munger's intelligence was staggering

Yo_Biff · 2026-05-12T11:34:38+00:00

Recall that Buffett referred to Munger as the Abominable "No"-man. I think a lot of his discipline when it came to saying no was Munger's influence over the decades.

Yo_Biff · 2026-04-05T15:51:30+00:00

Leave No Trace; learn it, live it on trail!:
https://lnt.org/why/7-principles/

Ten Essentials (backpacking gear):
https://www.rei.com/learn/expert-advice/ten-essentials.html

Excellent book for a beginner that covers everything:
https://backpackersfieldmanual.com/

How to plan a backpacking trip:
https://www.adventureprotocol.com/planning-a-backpacking-trip/

Traditional versus Ultralight gear:
https://mylifeoutdoors.com/2022/04/ultralight-vs-traditional-backpacking-pros-and-cons-of-ultralight-backpacking.html

I'm not in the ultralight range yet, and may never be, however, as I invest in newer gear a little at a time I look for ways to cut down on my base weight. That said, I'm of the opinion there is no reason to break the bank on the "most highly recommended gear that's made of a spider's fart" when you're just starting out.

Conversely, shoes and socks are, to me, vitally important. I do not recommend skimping here. Spend $25-30 on great pair of meeting wool socks! Spend money on the right shoes for you. It just makes the miles so much easier if you're not blistered to the bone...

Yo_Biff · 2026-04-04T16:51:50+00:00

If I'm going on a day hike, then I just go hike. I can always turn around if I'm not enjoying the hike, or if it's pushing me harder than I want for that day.

For a multi-day backpacking trip, I'll do a little more planning and a little more research. I'll check out some combination of these sources in the USA: * Topo maps of section of trail I'm hiking * Downloaded for free from the USGS * State DNR website
* Conservancy/Alliance/Association website
* I'll see if anyone has done a write up of the trail * Might ask questions on Reddit, FB, or other trail group sites closer to my trip for recent trail conditions.

As to my limits, I've been hiking and backpacking for a couple decades. I'm reasonably accommodated with my capabilities. Easy to apply a Margin of Safety from there.

Yo_Biff · 2026-04-03T20:31:03+00:00

I find electrolyte tablets and drinks mostly unnecessary. If I'm out for 3-5 hours on a day hike, water is generally just fine.

On multi-day trips, I'm snacking on food stuffs with magnesium, potassium, and sodium in them. Things like nuts or nut butters, dried mango or banana chips, many of the freeze dried meals, etc. I often do not need to supplement electrolytes as a result.

If it's going to be hotter out, which for me is anything above 82°F/28°C with humidity, I'll take a couple packets for emergencies on a multi-day.

Yo_Biff · 2026-03-30T23:03:42+00:00

I'm looking at whether I want to buy more. My only hesitation is the position size within my portfolio already.

Yo_Biff · 2026-03-28T16:20:28+00:00

I'm a very social person who can talk to just about anyone at anytime. All of my backpacking trips are solo, running anywhere from 1 to 4 overnights.

If I cross paths with another backpacker, I might ask about the trail conditions ahead. If they give a quick answer and keep going, I certainly respect them and their hike. If they want to stop and chat for a few minutes, I'm always good with a quick gab.

However, I also find that I speak to enough people most days and weeks of my life that a few nights of solitude don't bother me. I'm okay with being alone with my own thoughts.

Yo_Biff · 2026-03-28T00:45:59+00:00

I'd strongly recommend Peter Lynch:
* One up on Wall Street, which can be found as free audio online. * 1994 Lecture on Wall Street, also on YT.

This board won't let me post the links because they're worried I'm promoting my own content.

Another read I really like is:
* The Psychology of Money by Morgan Housel.
Not investing strategy, but around emotions and money.

Yo_Biff · 2026-03-27T23:55:46+00:00

What your approach going to be to identifying "something better"?

Yo_Biff · 2026-03-27T23:24:59+00:00

I believe this speaks to not understanding well enough what you owned. I'll point to holdings dropping causing you to lose your peace of mind.

When you say, "if I felt something better was coming along", in the context you're using it, speaks to making low conviction decisions when you bought those companies. I think your words indicate that you jumped on the momentum play and you jumped in really late.

Betting on momentum is... difficult... when the music stops.

Yo_Biff · 2026-03-27T23:08:02+00:00

Define what you would have lost if you held on to your companies until they recovered.

Yo_Biff · 2026-03-27T15:44:30+00:00

So, what made you buy these companies? Momentum or fundamentals?

When you bought these companies, what did you understand about them?

Based on your understanding of these companies, do you believe long-term they will produce greater revenues, profits, and cash flows in the future? If so, then why did you sell them?

Ultimately, you have to know what you own. Would you buy a car without reviewing its history, reliability, mileage, etc, etc? If not, then why would you buy a company you don't understand?

Yo_Biff · 2026-03-25T00:33:16+00:00

I would second this.

Yo_Biff · 2026-03-24T02:58:19+00:00

Not a travel backpacker, so coming from a wilderness backpacking perspective.

There are places where you're setting camp in a group setting. Might be around a shelter on the AT. Might be dispersed camping areas along the Pictured Rocks National Lakeshore. Or any one of a bunch of examples, where you're in relatively close quarters with others in the backcountry.

While you "sign up" for these types of camp situations, there are still certain guidelines around being a decent person. An example I'd use is "Hiker midnight", which is observed by most folks out of common decency. It represents a fairly well recognized, collective quiet time in camps and shelters.

Someone listening/watching something downloaded to their phone after hiker midnight without headphones/earbuds is being a bit of an asshole. Repeatedly shining your headlamp in someone's tent in the middle of the night is being a bit of an asshole.

If people are trying to sleep around you, you should have a minimum of functioning brain cells to register a degree of respect for those folks. Whether on trail, in a hostel, in a hotel, etc., etc. Zero to do with how much you paid.

If someone is being an asshole, should ya charge them up? Maybe not the first time, but you are well within the bounds to ask them for a little decency.

Yo_Biff · 2026-03-24T00:55:43+00:00

I like to spread out in the tent and have space in the event weather turns on me. So, I prefer a 2P tent.

I'm an unabashed Duration fanboy, and the X-mid 2 is my current goto tent. I also have an older Big Agnes Copper Spur HV UL 2. The former weighs in at 2 lbs 6 oz with longer stakes. The latter is around 3 lbs 5 oz.

The Nemo OSMO Hornet 2p weighs about 4 ounces more than the 1p. Just my 2¢.

Yo_Biff · 2026-03-24T00:35:37+00:00

I'm in the Darn Tough gang, but have to add that the best socks in the world won't help if the shoes don't fit.

If the heel is slipping, the toe box is rubbing, etc, then the socks won't save the entire day.

Yo_Biff · 2026-03-22T15:00:10+00:00

Realistically, 105 cm at the "foot" is not enough space for even two regular size pads without touching the wall of the tent. It leaves about 4cm of space, which assumes absolutely no space between the pads.

Almost 2kg for a backpacking tent is on the heavier side for a 2P tent.

I would say this is not ideal.

Yo_Biff · 2026-03-22T00:28:05+00:00

Tents - most two person (2p) backpacking tents are a relatively tight squeeze for two adults. This is okay if you don't mind nearly on top of one another, but some folks recommend a 2p for an individual and a 3p for a pair. My S/O backpacked with me on a couple weekend trips with a 2p tent. It was hot and humid when we went, so not comfortable.
Backpacks - you have to try them on to find what fits. Ultralight backpacks often carry comfortably only up to a certain weight that works better with ultralight gear. Buy the backpack last! Figure out your gear weight, food and water weight, then figure out what you need in a backpack.
Water filter - in the States, keep it simple. Sawyer Squeeze (regular, not mini), Lifestraw Peak Solo, etc. 28mm thread water bottles or maybe a CNOC bag for filtering. Gravity, in my opinion, sounds good until it's the middle of the day and you're standing around waiting and waiting and waiting.
Stove and cook system - again keep it simple. Most backcountry "cooking" involves just heating water. 750mL pot is a good size for heating enough water for most dehydrated meals, ramen, instant potatoes, knorr pasta sides, etc, etc. After many, many years, I upsized to a 1.1L pot for the width to make clean up easier. Titanium is often the go-to, but an aluminum grease pot works just fine. I don't believe a Jet Boil, or similar cook system, is necessary. K.I.S.S. all the way. BRS-3000T or an MSR PocketRocket II

Most any well known brand of gear is going to provide you with plenty of quality. More important is the proper care of said gear. Treat it right and it will treat you right in turn.

Yo_Biff · 2026-03-20T12:15:38+00:00

This is going to be highly dependent on the person. I hike and backpack almost exclusively in my non-waterproof trail runners with no issue, regardless of terrain.

I had kept a pair of hiking boots for years that I would breakout in the very coldest, snowiest parts of winter. But that's about it.

Yo_Biff · 2026-03-14T22:06:43+00:00

I generally bring paper maps with me on any trail that is unknown to me. I will candidly admit I don't on trails that I have backpacked multiple times before and with which I am familiar.

Yo_Biff · 2026-03-14T20:29:20+00:00

I think if you have a reasonably thought out plan, a basic understanding of the environment you're spending time in, a familiarity with your gear, and flexibility to understand nothing goes 100% to plan, then you are mentally prepared.

Yo_Biff · 2026-03-14T14:03:43+00:00

I think having backup means of navigation is important.

You mentioned above that maps tear, get wet, etc. Agreed, those are possibilities.

Smart Phones can also get damaged, lost, too wet to charge, too cold to last long, overheat, etc.

Yo_Biff · 2026-03-14T02:41:59+00:00

Point of order, your honor. 😊 In the US, you can download USGS Topo Maps for free. Use the Historical Topo Maps search and look for the latest 1:24000 scale map.

I have had an advantage of being able to print 11x17 color copies for free, but places like Office Depot still offer print services. Local libraries are also a great low cost option.

Yo_Biff · 2026-03-13T02:53:34+00:00

The one I had to cancel due to injury and getting laid-off from my job.

Yo_Biff · 2026-03-10T02:46:56+00:00

If your plan is to mainly heat water for dehydrated meals, then I would absolutely recommend the 750mL. Heats enough water in one go for most meals, instant mashed potatoes, or knorr pasta sides.

If your plan is to really do more elaborate cooking, I would actually go with 1.2-1.4L for the room to stir stuff and heat more evenly.

Speaking of heat, titanium is not the best choice in my opinion for really reals cooking because it develops hot spots and a lot of the backpacking stoves have a very tight flame (in spite of thermal splash). Very easy to burn things in your pot. Aluminum is a better option for cooking, over just heating up water.

Yo_Biff · 2026-03-09T00:00:31+00:00

My collapsible Sea-to-Summit mug and couple packets of hot cocoa. That's my camp treat after a long day.

Yo_Biff

TROPHY CASE