{"product_id":"investment-letter-september-2026","title":"Investment Letter September 2026","description":"\u003ch1\u003eInvestment Letter September 2026 \u003c\/h1\u003e\n\u003cp\u003eIn \u003cmeta charset=\"utf-8\"\u003e\u003cspan\u003ethis ninth investment letter of 2026, I review the portfolio’s performance and key developments from the past month, September 2026.\u003c\/span\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cspan\u003eIn this edition:\u003c\/span\u003e\u003cb\u003e\u003c\/b\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli dir=\"ltr\" aria-level=\"1\"\u003e\n\u003cspan\u003eTransactions: \u003c\/span\u003e\u003cspan\u003eAn overview of the transactions I made in September.\u003c\/span\u003e\n\u003c\/li\u003e\n\u003cli dir=\"ltr\" aria-level=\"1\"\u003e\n\u003cspan\u003ePortfolio: \u003c\/span\u003e\u003cspan\u003eAn overview of my portfolio as of September 30, 2026.\u003c\/span\u003e\n\u003c\/li\u003e\n\u003cli dir=\"ltr\" aria-level=\"1\"\u003e\n\u003cspan\u003eThe Wisdom of Buffett \u0026amp; Munger: \u003c\/span\u003e\u003cspan\u003e3 insightful comments from Warren Buffett and Charlie Munger at the Berkshire Hathaway shareholder meetings of 1994-1997.\u003c\/span\u003e\n\u003c\/li\u003e\n\u003cli dir=\"ltr\" aria-level=\"1\"\u003e\n\u003cspan\u003ePortfolio Management: \u003c\/span\u003e\u003cspan\u003eThe 3 core themes for building a sound investment strategy: behavior, concentration vs. diversification, and quality vs. valuation.\u003c\/span\u003e\n\u003c\/li\u003e\n\u003cli dir=\"ltr\" aria-level=\"1\"\u003e\n\u003cspan\u003eHoward Marks: \u003c\/span\u003e\u003cspan\u003eMy takeaways from the memo \u003c\/span\u003e\u003cem\u003eShall We Repeal the Laws of Economics – Part III\u003c\/em\u003e\u003cspan\u003e, published on September 22.\u003c\/span\u003e\n\u003c\/li\u003e\n\u003cli dir=\"ltr\" aria-level=\"1\"\u003e\n\u003cspan\u003eMauboussin \u0026amp; Callahan: \u003c\/span\u003e\u003cspan\u003eMy takeaways from the paper\u003c\/span\u003e\u003cspan\u003e \u003cem\u003eTo Free or Not to Free (Cash Flow)\u003c\/em\u003e\u003c\/span\u003e\u003cspan\u003e, published on September 17.\u003c\/span\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eContent: \u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eAuthor: Eelze Pieters\u003c\/li\u003e\n\u003cli\u003eLanguage: English\u003c\/li\u003e\n\u003cli\u003e\u003cspan\u003eFormat: PDF\u003c\/span\u003e\u003c\/li\u003e\n\u003cli\u003e\u003cspan\u003eNumber of pages: 28 (A4) \u003c\/span\u003e\u003c\/li\u003e\n\u003cli\u003ePublication date: October 20, 2026\u003c\/li\u003e\n\u003cli\u003eWith illustrations\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp dir=\"ltr\"\u003eUpon purchase, you will receive a download link at the email address provided, allowing you to download the PDF for personal use.  \u003c\/p\u003e\n\u003cp dir=\"ltr\"\u003e\u003cstrong\u003eThis is a Digital Product.\u003c\/strong\u003e\u003cbr\u003eBy purchasing this product, you agree to our General Terms and Conditions. These terms include, among other provisions, that this is a purchase of a digital product, with immediate access to the document(s) provided. By purchasing this product, you agree to waive your right of withdrawal. This means that after purchasing this product, you can no longer claim the right of withdrawal, the right of revocation, or the right of return. By completing your purchase, you acknowledge that you understand that your purchase is therefore final.\u003c\/p\u003e","brand":"Massive Moats","offers":[{"title":"Default Title","offer_id":55709618700631,"sku":null,"price":0.0,"currency_code":"EUR","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0812\/1693\/0135\/files\/FrontPageInvestmentLetterSeptember_MassiveMoats_2026.png?v=1793713151","url":"https:\/\/massivemoats.com\/products\/investment-letter-september-2026","provider":"Massive Moats","version":"1.0","type":"link"}