Friday, July 20, 2018


"If you make yourself a very reliable person and stay reliable all your life, faithfully doing whatever you engage to do, it will be very hard for you to fail at anything you want." --Charlie Munger

Stock Analysis and the Illusion of Control - by Vishal Khandelwal (LINK)

a16z Podcast: High Growth in Companies (and Tech) (LINK)
Related book: High Growth Handbook – by Elad Gil 
Y Combinator Podcast: Helping Veterans Transition into the Private Sector – Jocko Willink and Mike Sarraille (LINK)

The secret lives of seabirds - by Matt Ridley (LINK)

Humans Have Unleashed a ‘Landscape of Fear’ - by Ed Yong (LINK)

John Sellars on Marcus Aurelius (LINK)

"Of man’s life, his time is a point, his substance flowing, his perception faint, the constitution of his whole body decaying, his soul a spinning wheel, his fortune hard to predict, and his fame doubtful; that is to say, all the things of the body are a river, the things of the soul dream and delusion, life is a war and a journey in a foreign land, and afterwards oblivion." --Marcus Aurelius

Thursday, July 19, 2018


"So, I urge you, if you’re trying to decide on the wisdom of repurchases, or of share issuances, that you don’t think in terms of book value. You don’t think in terms of specific P/Es. You don’t think in terms of any little model. But you think in terms of.... A) pick businesses you can understand and, then, think what you really would pay to be in those businesses. And...what counts over time is whether the repurchases are made at a discount from that figure." --Warren Buffett (1996)

"I think the best use of cash, if you don’t have a good use for it in the business, if the stock is underpriced, is to repurchase it. And if it’s overpriced, you got no business buying in a single share. But a lot of companies do it." --Warren Buffett (2004)

Thoughts on Share Repurchases and Capital Allocation (LINK)

Oaktree's Marks: Stocks are probably fairly priced here (video) (LINK)

The European Commission Versus Android - by Ben Thompson (LINK)

Grant’s Podcast: Summertime and the living is easy (LINK)

Revisionist History Podcast: Analysis, Parapraxis, Elvis (LINK)

American Innovations Podcast: Nuclear Energy | A Glowing Future | 6 (LINK)

There Is No Escape for Corals - Ed Yong (LINK)

How Viruses Cooperate to Defeat CRISPR - by Ed Yong (LINK)

Wednesday, July 18, 2018


"The most important thing in investments is not having a high IQ, thank God. I mean, the important thing is realism and discipline. And you don’t need to be extraordinarily bright to do well in investments, if you are realistic and disciplined." --Warren Buffett

Buffett's Berkshire Hathaway loosens policy on stock buybacks (LINK)
Related previous post: Warren Buffett on Share Repurchases
O’Shaughnessy Quarterly Investor Letter Q2 2018 (LINK)

Mindsets: Optimism vs. Complacency vs. Pessimism - by Morgan Housel (LINK) [This reminded me of Charlie Munger's labeling of himself as a "cheerful pessimist," as well as the story Bill Miller told about Warren Buffett in Miller's Q2 2008 letter.]

Short-selling legend Chanos says short Envision Healthcare (video) (LINK)

Top short seller Chanos' strategy for shorting stocks (video) (LINK)

Facebook CEO Mark Zuckerberg on the Recode Decode Podcast (LINK)

George Soros Bet Big on Liberal Democracy. Now He Fears He Is Losing. (LINK)

Why diagnosing Alzheimer’s today is so difficult—and how we can do better - By Bill Gates (LINK)

What Can Odd, Interesting Medical Case Studies Teach Us? - by Siddhartha Mukherjee (LINK)

Tuesday, July 17, 2018


WORKING CAPITAL: An Essay on Bodies, Blood, and Buckets (LINK)

Polaroid, Apple’s spiritual successor (LINK)

Business Lessons from Rob Hayes (First Round Capital) - by Tren Griffin (LINK)

Jack Laporte's Biggest Investment Mistake - by Lewis Johnson (LINK)

The Future of America’s Economy… - by Frank K. Martin (LINK)

If You Watch “THE NEWS”… I Have Some Bad News For Your Success & Happiness - by Ryan Holiday (LINK)

Five ways to make your presentation better - by Seth Godin (LINK)

Invest Like the Best Podcast: Value is Dead, Long Live Value (LINK)

NPR Planet Money Podcast: Episode 853 - Peak Sand (LINK)

EconTalk Podcast: Russ Roberts on the Information Revolution, Politics, Yeats, and Yelling (LINK)

Dan Carlin's Hardcore History Podcast: Show 62 - Supernova in the East I (LINK)

Book of the day (released today): High Growth Handbook – by Elad Gil 

Friday, July 13, 2018


"The history that Charlie and I have had of persuading decent, intelligent people, who we thought were doing unintelligent things, to change their course of action has been poor.... So I would say that if you really think you’re in with people that have got a good business, but they’re going to keep doing dumb things with your money, you’ll probably do better to get out and get in with people who’ve got a good business and you think they’re going to do sensible things with it. I mean, you’ve got that option. Now, you also have the option of trying to persuade them to change their mind. But it’s just very, very difficult." --Warren Buffett

The Lifecycle of Greed and Fear - by Morgan Housel (LINK)

Of China and Oil - by Peter Zeihan (LINK)
Related book: The Absent Superpower: The Shale Revolution and a World Without America
Walt Disney had a vision for tomorrow—and the means to sell it (LINK)

Anne Wojcicki: "Co-Founder and CEO of 23andMe" | Talks at Google (LINK)

Failing Upwards: Science Learns by Making Mistakes. | Phil Plait | TEDxBoulder (video) (LINK) [He also wrote a follow-up blog post on his talk, with a transcript, HERE.]

"You have to let go of ideas that don’t pan out or else you’ll never see the bigger picture. And if you let it go you’ve learned from it, and won’t make that same mistake again." --Phil Plait

Thursday, July 12, 2018

Intelligent Fanatics

I'm  pleased to announce that, if you have been planning to become a member of the Intelligent Fanatics website and haven't yet done so, you can now support this blog by signing up for Intelligent Fanatics using THIS LINK. I signed up shortly after the site started and have been a happy customer. If you do sign up now, you'll get locked in at the current price ($59.99) for life. For more information on the site, click on the link and check it out. The referral link will also be posted on the right side of this blog's home page, under the Support section.


"The game in our kind of life is being able to recognize a good idea rarely is presented to you. And I think that’s something you have to prepare for over a long period. What is the old saying? That opportunity comes to the prepared mind? And I don’t think you can teach people in two minutes how to have a prepared mind. But that’s the game." --Charlie Munger

How 20-Year-Old Kylie Jenner Built A $900 Million Fortune In Less Than 3 Years (LINK) [I think the mental model for understanding the business success revolves around understanding the way the internet has changed the competitive advantages around supply and demand relationships. As Ben Thompson has written: "The most successful companies no longer control supply but rather demand; moreover, that shift is not due to the actions of any one company but rather to the fundamentally changed structure of the market.... This is the critical insight: it has always been obvious that owning all customers is preferable to owning all suppliers; before the Internet, though, that was impossible. There was too much friction. In other words, the implication of the Internet is the enablement of new models that actually make much more sense, yet were previously unviable because of said friction."]

Ruane, Cunniff & Goldfarb Investor Day Transcript (May 2018) [H/T Eli] (LINK)

Journalist Elon Musk questioned over Tesla reporting speaks (video) (LINK)
Scott Wapner is joined by Linette Lopez, the Business Insider senior finance reporter whom Elon Musk criticized over Twitter on her Tesla reporting. With Yale's Jeffrey Sonnenfeld and Bethany McLean, Vanity Fair.
The Knowledge Project Podcast: The Science of Doing Good, with William MacAskill (LINK)

Revisionist History Podcast: Strong Verbs, Short Sentences (LINK)

American Innovations Podcast: Nuclear Energy | Backlash | 5 (LINK)

An interview with George Church: Reversed Aging, Pig Organs, and the Future of Humankind (LINK)

A Hallmark of Alzheimer's May Actually Begin as a Defense Against Viruses - by Ed Yong (LINK)

Wednesday, July 11, 2018


"Study the past record of the stock market, study your own capabilities, and find out whether you can identify an approach to investment you feel would be satisfactory in your own case. And if you have done that, pursue that without any reference to what other people do or think or say." --Benjamin Graham [Source]

Ben Graham's 1955 Senate Testimony (LINK)

I was reminded of the above after reading this comment from Warren Buffett at the 1997 Berkshire Hathaway Annual Meeting:
What two years in this century has the Dow had the greatest overall gain? The two years in the 1900s are 1933, which most of you don’t think of as a banner year, and 1954. And in both of those years, the Dow was up over 50 percent, counting dividends. 
In March of 1955, because of that, the fact that the Dow had gone up — bear in the mind that the high on the Dow was 381 in 1929 and it took 25 years before that was surpassed. And in 1954, the Dow went from, say, 280 up to 404, or something like that, just a little over 50 percent.  
So what did they decide to do? They decided to have congressional hearings about it. And they did.  
In March of 1955, they had hearings in the Senate Banking and Currency Committee, Chairman Fulbright. And my boss, Ben Graham, was called down to testify. And it’s fascinating reading. Bernard Baruch was there, all kinds of people. 
Where’s the value in value investing? [H/T @williamgreen72] (LINK)

Worthless Just Two Years Ago, West Texas Sand Now Brings in Billions (LINK)

Required reading for marketplace startups: The 20 best essays (LINK)

TED Talk: How to build synthetic DNA and send it across the internet | Dan Gibson (LINK)

How Rats Remake Coral Reefs - by Ed Yong (LINK)

The New Story of Humanity's Origins in Africa - by Ed Yong (LINK)
Several new discoveries suggest that our species didn’t arise from a single point in space. Instead, the entire continent was our cradle.
The Long Now Foundation event -- Chris D. Thomas: Are We Initiating The Great Anthropocene Speciation Event? (video) (LINK) [also available as a podcast]
Related book: Inheritors of the Earth: How Nature Is Thriving in an Age of Extinction [This book earned quite the praise from Stewart Brand: "...the best book on evolution since Darwin."]

Tuesday, July 10, 2018


"There are no secrets in [the investing] business that only the priesthood knows.... It’s all out there in black and white. It’s a simple business.... It requires qualities of temperament way more than it requires qualities of intellect...You do need a certain temperament that enables you to think for yourself. And then you have to develop a framework — and I developed it from reading Ben Graham, I didn’t come up with it myself — very simple framework. And then you have to look for opportunities that fit within that framework as you go through life, and you can’t do something every day...You can learn every day, but you can’t act every day." --Warren Buffett

Buffett Starts to Say Goodbye to a Pile of Equity-Index Options [H/T Linc] (LINK)

I Can’t Hear You: How the New Information Landscape Fuels Tribalism - by Russ Roberts (LINK)

Nassim Nicholas Taleb on the Likeville Podcast (LINK)
Related book: Skin in the Game
Grant's Podcast: Mix and match (LINK)

Jordan Peterson talks with Lewis Howes (podcast) (LINK)

David Graeber in conversation with Rory Sutherland (podcast) (LINK)
Related book: Bullshit Jobs
TED Talk: The rapid growth of the Chinese internet -- and where it's headed | Gary Liu (LINK)

The evolution of ancient Stoicism, and why it matters today (LINK)

Book(s) of the day: Penguin Little Black Classics Box Set


For qualified candidates, is looking to fill a role that might just be "the best CFO job in Private Equity" (LINK)

Sunday, July 8, 2018


a16z Podcast: Beyond Zero-Sum Thinking in the Game of Tech… and Life (with Marc Andreessen, Ben Horowitz, and Steven Johnson ) (LINK) [Marc Andreessen also Tweeted a bunch of book recommendations, HERE.]

Lessons from Josh Wolfe (Lux Capital) - by Tren Griffin (LINK)

Something I Changed My Mind About Recently - by Ben Carlson (LINK)

Masters in Business Podcast: Paul Vigna on Blockchain & Cryptocurrency (LINK)

Recode Decode Podcast: Box CEO Aaron Levie talks tech regulation and the future of jobs (LINK)

Open Offices Make You Less Open - by Cal Newport (LINK)

Why Are We So Certain About Our Mistakes? - by Ryan Holiday (LINK)

How to Undertake the Artist’s Journey - by Steven Pressfield (LINK)
Related book: The Artist's Journey
Spiders Can Fly Hundreds of Miles Using Electricity - by Ed Yong (LINK)

The Original American Dogs Are Gone - by Ed Yong (LINK)