Saturday, September 23, 2017

You can't save time...

From The Tao of Pooh:
The main problem with this great obsession for saving time is very simple: you can't save time, you can only spend it. But you can spend it wisely or foolishly. The Bisy Backson has practically no time at all, because he's too busy wasting it by trying to save it. And by trying to save it, he ends up wasting the whole thing. 
Henry David Thoreau put it this way, in Walden:  
Why should we live with such hurry and waste of life? We are determined to be starved before we are hungry. Men say that a stitch in time saves nine, and so they take a thousand stitched to-day to save nine tomorrow.

Friday, September 22, 2017

Links

"As long as I am back in my military life for a second, I should like to observe one thing about leadership that one of the great has said -- Napoleon. He said, the great leader, the genius in leadership, is the man who can do the average thing when everybody else is going crazy." -Dwight D. Eisenhower

Chris Davis and Danton Goei on WealthTrack (LINK)
A rare interview with two top global investors: Davis Funds’ Chris Davis and Danton Goei explain where they are finding world-class growth at value prices.
The Coming Bear Market? - by Robert Shiller (LINK)
The US stock market today looks a lot like it did at the peak before all 13 previous price collapses. That doesn't mean that a bear market is imminent, but it does amount to a stark warning against complacency.
Exponent Podcast: Episode 125 — The Super-Aggregators (LINK)
Ben and James discuss the different levels of aggregation, Facebook and Russian ads, and why it’s worth defending the future.
Adventures in Finance Podcast -- Jim Rogers: The Investment Biker Rides Again (LINK)
Investing legend Jim Rogers joins Grant Williams to talk about the defining moments in his life which took him to Wall Street in the 1960s and to Russia and China on a motorbike in the 1980s. Jim talks about how important non-consensus thinking has been throughout his career, explains how the current troubles in North Korea could provide the investment opportunity of a lifetime … and let’s Hugh Hendry know exactly what’s in his pocket.
FT Alphachat Podcast: The science behind our addictions to social media and tech (LINK)
Robert Lustig, a pediatric endocrinologist and author known for his work on the addictive properties of sugar and its effect on the brain, joins Alphaville's Izabella Kaminska to discuss his latest book, which applies his work on addiction to the technological realm. The book is called The Hacking of the American Mind.
O Behave Podcast: The Persuasive Power of Play (with Andrew Sheerin) (LINK)
Listen to Andrew Sheerin of Terrorbull Games talk with O Behave's Julia Stainforth about the theory of play and the psychological power of games.
Sinica Podcast: North Korea behind the scenes, with Evan Osnos (LINK)
Former China correspondent for the New Yorker, and now the magazine’s man in D.C., Evan Osnos talks us through his recent front page article on how badly North Korea and the U.S. understand one another.

Links

"A person understands himself not thru thoughts, but with actions. It is only thru making an effort that a person will understand his worth." — Johann Wolfgang von Goethe (Source)

Shane Parrish talks with Adam Grant on The Knowledge Project Podcast (LINK)

Paul Sonkin and Paul Johnson discuss their book, Pitch the Perfect Investment, at NYU (videos) (LINK)

Sam Harris speaks with Siddhartha Mukherjee about his Pulitzer Prize winning book, The Emperor of All Maladies: A Biography of Cancer (podcast) (LINK)

Ken Burns and Lynn Novick discuss their 10-part, 18-hour documentary series, “The Vietnam War,” with Charlie Rose (video) (LINK)

Infants Can Learn the Value of Perseverance by Watching Adults - by Ed Yong (LINK)

Even Jellyfish Sleep - by Ed Yong (LINK)

Wednesday, September 20, 2017

Tuesday, September 19, 2017

Links

Ray Dalio on Charlie Rose discussing his book, Principles: Life and Work (video) (LINK)

Ray Dalio on CNBC (Video 1 [Bridgewater], Video 2 [economy], Video 3 [Bitcoin])

Risk Management in the Long Term - by Rick Bookstaber (LINK)

Andrew W. Lo: "Adaptive Markets: Financial Evolution At The Speed Of Thought" | Talks at Google (LINK)

The Investors Podcast: Small Cap Investing w/ Eric Cinnamond (LINK)

Invest Like the Best Podcast: Tech Investing Outside of Silicon Valley, w/ David Tisch (LINK)

Scientists Can Now Repaint Butterfly Wings - by Ed Yong (LINK)

Annual JPMorgan Energy Issue, Wednesday, June 14th, 2017 [Vaclav Smil helped in the preparation of the report.] (LINK)

Book of the day: Energy and Civilization: A History - by Vaclav Smil

Monday, September 18, 2017

Links

"I call this life a happy one in which I do one good deed after another, with no intervals between them." -Marcus Aurelius

The World Turned Upside Down (and what to do about it) - by Russ Roberts [H/T @BrentBeshore] (LINK)
So we manage to convince ourselves that the evidence speaks so loudly, so emphatically, that we have no choice but to declare our allegiance to a particular tribe as a result of that evidence. The red tribe. Or the blue one. Or the white one. Or the black one. It rarely crosses our minds to notice that causation is probably going the opposite direction — the tribe we are in determines the evidence we notice and accept.
The Difference Between Open-Minded and Close-Minded People (LINK)

Ray Dalio on a Lifetime of Principles (video) [H/T The Big Picture] (LINK)
Related book (released tomorrow): Principles: Life and Work
Ray Dalio Says He's Ready to Give Away Bridgewater's Secrets (LINK)

A Dozen Lessons from Murray Gell-Mann that Apply to Business, Investing and Life - by Tren Griffin (LINK)

The Super-Aggregators and the Russians - by Ben Thompson (LINK)

Why Facebook’s Russia revelation may trigger a global regulatory backlash against platform monopolies (LINK)

What’s the True TAM of Search? (LINK)

Victor Niederhoffer talks with Barry Ritholtz on the Masters in Business podcast (LINK)

Grant's Podcast: 20-20 Vison (LINK)

Scott Malpass, Vice President and CIO of Notre Dame University, talks to Ted Seides (podcast) (LINK)

Social Influences Affect Your New Employee's Safety Behavior [H/T Linc] (LINK)

Bill and Melinda Gates: Let's Keep Investing in the World's Poor (LINK)

Bill & Melinda Gates: The Stories Behind the Data (video) (LINK)

Approach Technology Like the Amish - by Cal Newport (LINK)

The Case Against Civilization: Did our hunter-gatherer ancestors have it better? (LINK)

Friday, September 15, 2017

Links

"The virtue of a person is measured not by his outstanding efforts, but by his everyday behavior." -Blaise Pascal

Private-Equity for Cheapskates Like You - by Jason Zweig ($) (LINK)

In China, tech giants take the retail battle to convenience stores (LINK)

Why Bonobos thought selling to Walmart was better than going public (LINK)

Exponent podcast: Episode 124 — The Watch, The Phone, The Beatles (LINK)

Hugh Hendry on Bloomberg discussing his decision to close his flagship hedge fund (video) (LINK)

Hugh Hendry's parting commentary to investors (LINK)

Hugh Hendry on the Adventures in Finance podcast (LINK)

Hugh Hendry on the Macro Voices podcast (LINK)

Review | Yes, America, PBS’s ‘The Vietnam War’ is required viewing — all 18 hours of it (LINK)

Sam Harris speaks with Ken Burns and Lynn Novick about their latest film, The Vietnam War (podcast) (LINK)

Gary Taubes on Calories vs. Carbs, The Case Against Sugar, and More (LINK)
Related book: The Case Against Sugar
Cassini Spacecraft: Top Discoveries (LINK)

Good night, Saturn (LINK)

Warren Buffett on not getting in your own way...

From July 1998 (via Tap Dancing to Work):
"So why do smart people do things that interfere with getting the output they’re entitled to? It gets into the habits and character and temperament, and behaving in a rational manner. Not getting in your own way. As I said, everybody here has the ability absolutely to do anything I do and much beyond. Some of you will, and some of you won’t. For the ones who won’t, it will be because you get in your own way, not because the world doesn’t allow you."

Thursday, September 14, 2017

Links

"Like other practicing historians, I am often asked what the 'lessons of history' are. I answer that the only lesson I have learnt from studying the past is that there are no permanent winners and losers." —Ramachandra Guha

Howard Buffett to be sworn in Friday as Macon County sheriff [H/T @NicoleFriedman] (LINK)

Ray Dalio talks with Tim Ferriss (podcast) (LINK)
Related book (released next week): Principles: Life and Work
You Need To Do What Others Don’t - by Ian Cassel (LINK)

How Bacteria Could Protect Tumors From Anticancer Drugs - by Ed Yong (LINK)

Gregg Popovich on the Spurs' philosophy and culture (video) [H/T @mlombardiNFL] (LINK)

***

In the video above, Gregg Popovich made this particular comment: 
"We talk a lot about character, and can you really change someone. If someone is selfish, can you change that and make him or her a part of the team? My bottom is, usually, they am what they am."
While it's possible to change cultures and people, and plenty of people have made huge changes in many areas of life, that comment reminded me of some things Warren Buffett and Charlie Munger have said over the years, with the particular quotes below taken from Peter Bevelin's All I Want To Know Is Where I'm Going To Die So I'll Never Go There
Buffett: "Management changes, like marital changes, are painful, time-consuming and chancy.... We don't try to change people. It doesn't work well...We accept people the way they are." 
Munger: "The failure rate at trying to change a culture is likely to be 100%." 
Buffett: "Changing cultures is really tough. I've had a little experience with that. The trick in business is to get in with a culture that's already the right kind."

Wednesday, September 13, 2017

Links

Home Capital plans to keep rebuilding the lender after Buffett's second tranche rejected (LINK)

The Lessons and Questions of the iPhone X and the iPhone 8 - by Ben Thompson (LINK)

Delivering Alpha Conference Notes 2017: Robertson, Dalio, Chanos, Cooperman & More (LINK)

Jim Chanos is skeptical on shale, betting against Continental Resources (video plays) (LINK)

JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up (video plays) (LINK)

Beyond blockchain: what are the technology requirements for a Central Bank Digital Currency? (LINK)

Evan Osnos talks to Charlie Rose about his article "The Risk of Nuclear War with North Korea" (video) (LINK)

General and Surprising - by Paul Graham (LINK)

There’s a Speeding Mass of Space Junk Orbiting Earth, Smashing Into Thing [H/T Matt] (LINK)

The Kakapo Is The First Species to Have Every Individual’s Genome Sequenced - by Ed Yong (LINK)

***

The books and/or audiobooks on my short list related to China that I'm about to start going through are listed below. If you have any other great recommendations, please let me know via email or Twitter. Thanks.

Destined for War: Can America and China Escape Thucydides's Trap?

Age of Ambition: Chasing Fortune, Truth, and Faith in the New China

Poorly Made in China: An Insider's Account of the China Production Game

The Fall and Rise of China