Howard Marks is one of the sharpest financial minds alive. The man has been thinking clearly about markets for fifty years, has written memos that get passed around Wall Street like sacred texts, and has outlasted more market cycles than most of us have had hot dinners. So when Howard Marks decides he needs to get educated about artificial intelligence to write a follow-up to his December memo, he does what any serious intellectual would do: he asks Claude.
And then Claude — the AI — teaches him about Claude.
I’ve been sitting with this for a few days and I’m still not entirely sure whether it’s profound or just very, very funny. Maybe both. Probably both.
Charlie Munger once said something that’s been rattling around in my head lately: “Life is tough, life is unfair. Things could be worse.” Today is Charlie’s birthday too.
Charlie’s commentary is not exactly the kind of sentiment you’d find on a greeting card or some inspirational Instagram post. There’s no call to “manifest your dreams” or promise that “this is your year.” And yet, as we stand at the beginning of 2026, I’m reminded yet comforted by Munger’s blunt assessment.
Because here’s the thing: life is tough. It doesn’t distribute its blessings evenly. It’s often unfair.
Some of us start the year nursing wounds from the last one. Some of us are grieving, struggling, or simply exhausted.
To those with those feelings the New Year’s promise of a fresh start can feel pretty hollow when you’re dragging the same problems across an arbitrary calendar line.
I don’t think that final phrase—“things could be worse”—is Charlie being pessimistic. It’s perspective. Even when life is tough or unfair, there’s still something worth holding onto.
As we step into this new year, maybe our resolution should be simple: to face life’s toughness with honesty, to acknowledge its unfairness without being consumed by it, and to remember, on our hardest days, that we’re still here. That things certainly could be worse—and because they’re not, there’s room for gratitude, for effort, for hope.
So here’s to a 2026 full of clear eyes and full hearts, to being smart and honest enough to recognize what’s unfair, but having the wisdom to appreciate what remains.
To really savor moments of joy whenever and wherever we find them. And to keep perspective.
Jonathan Clements had an interesting blog post this week on his Humble Dollar blog about replacing writers with the writing of ChatGPT. He did an experiment – using a prompt about being trapped in an elevator with Jack Bogle of Vanguard fame and the investment lessons he learned from that experience.
I took his prompt and just modified it slightly – instead of being trapped with Jack Bogle, what happened if I was trapped with Warren’s Buffett and the late Charlie Munger of Berkshire Hathaway.
Here’s the prompt I used with Meta.ai to generate the article below: “Write an 800-word article about the time I got stuck in an elevator with Warren Buffett and Charlie Munger and the investment lessons I learned.”
Here’s the article that the AI generated, unmodified or edited by me:
Getting Stuck in an Elevator with Warren Buffett and Charlie Munger: A Chance Encounter that Taught Me Invaluable Investment Lessons
It was a typical conference day, with attendees buzzing around, eager to learn from the brightest minds in the finance industry. I had just finished a riveting session and was heading to the next one when disaster struck. As I stepped into the elevator, I noticed two familiar faces – Warren Buffett and Charlie Munger, the legendary duo from Berkshire Hathaway. Little did I know, this chance encounter would turn into an unforgettable experience that would shape my investment philosophy forever.
As the doors closed, the elevator jolted to a sudden halt. We were stuck. The initial silence was broken by Warren’s calm and composed voice, “Well, looks like we’re in this together now.” Charlie, with his signature wit, quipped, “I’ve been stuck with Warren for decades, but this is a new kind of challenge.” The ice was broken, and we began to chat.
Lesson 1: Stay Calm and Patient
As we waited for help to arrive, Warren and Charlie’s demeanor taught me a valuable lesson. Despite being two of the most successful investors in the world, they didn’t panic or get flustered. They took it in stride, and their calmness was infectious. It reminded me of Warren’s famous quote, “Price is what you pay. Value is what you get.” In that moment, I realized that staying calm and patient is crucial in investing, just as it is in dealing with unexpected situations like a stuck elevator.
Lesson 2: Focus on the Big Picture
As we discussed our predicament, Charlie pointed out that getting stuck in an elevator was a minor setback in the grand scheme of things. He drew an analogy with investing, saying, “Just as we’re not defined by this moment, a stock’s value shouldn’t be judged by its short-term performance.” Warren added, “It’s essential to focus on the underlying fundamentals and long-term prospects, rather than getting bogged down by short-term volatility.”
Lesson 3: Diversification is Key
As we chatted, Warren mentioned that Berkshire Hathaway’s diversified portfolio had helped them weather many economic storms. Charlie emphasized the importance of spreading risk, saying, “You don’t want to put all your eggs in one basket, just like you wouldn’t want to be stuck in an elevator with only one exit strategy.” This conversation reinforced the value of diversification in my investment strategy, ensuring that my portfolio is resilient and adaptable to changing market conditions.
Lesson 4: Continuous Learning is Crucial
As we waited, Warren and Charlie engaged in a lively discussion about the latest developments in the tech industry. They were curious, asked questions, and sought to understand the implications of emerging trends. This exchange reminded me that investing is a continuous learning process. Staying up-to-date with market news, reading books, and seeking knowledge from experts are essential to making informed investment decisions.
Lesson 5: Humility and Humor Go a Long Way
Throughout our ordeal, Warren and Charlie’s humility and sense of humor put us all at ease. They joked about their own mistakes and shared stories of their early days in the investment world. This lightheartedness taught me that even the most successful investors can maintain a sense of humor and humility, acknowledging that no one has all the answers.
A Chance Encounter that Changed My Perspective
After what felt like an eternity, the elevator doors finally opened, and we emerged, relieved and grateful. As we parted ways, Warren and Charlie left me with a few parting words of wisdom: “Investing is a marathon, not a sprint. Stay focused, patient, and keep learning.” That chance encounter in the stuck elevator had turned into an invaluable learning experience, shaping my investment philosophy and reminding me of the importance of humility, humor, and a long-term perspective.
As I walked away from the conference center that day, I felt grateful for the unexpected turn of events that had brought me face-to-face with two investment legends. The lessons I learned in that elevator have stayed with me, guiding my investment decisions and reminding me to approach the markets with a clear head, a sense of humor, and a commitment to continuous learning.
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