This past December, hedge fund Glenview Capital turned ten years old. To celebrate the anniversary (which, if you haven’t acknowledge yet, you’d best get on), founder Larry Robbins sat down with his quill to write an extra special letter to investors. Typical Glenview letters will include analogies about how being a steward of capital is like driving a bus, going bowling and trying to squeeze tooth paste out of the bottom of the tube and to be sure, the latest has got some of those but this time around, Larry included some lessons not only about investing but life, all of which you can take to the bank. Herewith, some pearls of wisdom from Uncle Larry:
* Short people DO have a reason to live: I’m 5 feet 10 inches tall. I always wanted to be 6 feet tall, and at 41 years old I realize this isn’t going to happen for me. There’s nothing wrong with 5’ 10” – it is just human nature to wish for a little bit more.
* Shampoo bottles come with directions: wash, rinse, repeat. I do not know who purchases shampoo but doesn’t know how to use it, and I do not know anyone who washes their hair twice, although I can understand why the shampoo company would like you to.
* Drugs: Drug distribution is a good business. Continue reading »
