Subject: Re: Davis Sold Some
Munger’s quip, “ What they shout out, they’re pounding in” describes Mason Hawkins quite well. As he waxed eloquently about Level 3 , then CenturyLink, then Lumen..on and on for about two decades.

It’s good for everyone to shut up. At least eventually, after the facts are changing in your face. Shout it out inwards versus on a megaphone. Especially important for fund managers. I don’t invest in funds anymore (thankfully) but Joel Tillinghast is a good role model in this regard. Never spoke, wrote articles etc. Did quite alright.