Wednesday, March 29, 2017


Bill Gates and Ed Yong Talk About Microbes (LINK)
Related book: I Contain Multitudes
Small Things that Make a Big Difference - Peace of Mind -- by Ian Cassel (LINK)

Planet MicroCap Podcast Ep. 41 - The Art of Value Investing with Sanjay Bakshi, Professor and Value Investor (LINK)

At BlackRock, Machines Are Rising Over Managers to Pick Stocks (LINK)

Building online marketplaces: a checklist for disruption (LINK)

The Arrival of Artificial Intelligence - by Ben Thompson (LINK)

Bill Browder's Real Vision TV interview is free online (video) (LINK)
Related book: Red Notice (the audiobook also received great reviews)
Today's Audible Daily Deal ($2.95) might be of interest, as I've enjoyed some of the podcast interviews Daymond John has given: The Power of Broke

Rare sighting reveals deep-sea octopus's unusual breakfast (LINK)

Tuesday, March 28, 2017


Warren Buffett’s Brief Career as an Ad Man [H/T Linc and Vishal] (LINK)

The Full See’s Candies Story: People & Product (LINK)
Related case studies: 1) See’s Candies Case Study Prepared by John Chew; 2) Quality Without Compromise - by Max Olson
David Einhorn on CNBC (videos) (LINK)

Greenlight Capital's presentation on GM (LINK)

Arlington Value Capital’s 2016 Letter to Investors (LINK)

Invest Like the Best podcast: Ted Seides and Brent Beshore – The Future of Asset Management (LINK)

Freakonomics Radio (podcast): “Tell Me Something I Don’t Know” on the topic of Collections (LINK)
Hear live journalism wrapped in a game show package and hosted by Stephen J. Dubner. In this episode, Tim Ferriss, Eugene Mirman and Anne Pasternak are panelists. The self-help guru, the comedian and the Brooklyn Museum director talk about brainwaves, sugar, stars and — thanks to fact-checker AJ Jacobs — barf bags.
The largest dinosaur footprint ever found has been discovered in 'Australia's own Jurassic Park' [H/T Linc] (LINK)

No, We Can’t Say Whether Cancer Is Mostly Bad Luck - by Ed Yong (LINK)

Monday, March 27, 2017


A Trap for a Trader: How did authorities zero in on Tom Hayes, the disheveled, socially awkward mastermind of the Libor scandal? [H/T @jasonzweigwsj] (LINK)
Related book: The Spider Network
GMO white paper: Six Impossible Things Before Breakfast - by James Montier (LINK)
In this white paper, James Montier, a member of GMO’s Asset Allocation team, explains why he believes that in order to make sense of today’s market valuations, you need to believe six impossible things.
Amazon’s Ambitions Unboxed: Stores for Furniture, Appliances and More (LINK)

Are investors too optimistic about Amazon? [H/T @HurriCap] (LINK)

Elon Musk's Billion-Dollar Crusade to Stop the AI Apocalypse (LINK)

Nassim Taleb's Keynote at the India Risk Management Awards (video) (LINK)

How I Built This podcast -- Power Rangers: Haim Saban (LINK)

Sunday, March 26, 2017


"People like to look for systems that have worked over the past 20 years or so. If you could make money based on what has worked the past 20 years, all of the richest people would be librarians." -Warren Buffett (via Seeking Wisdom)

RV Capital Emerging Manager Day 2017 [H/T @Wexboy_Value] (Part 1, Part 2) [There is also some specific RV Capital Annual Meeting Q&A HERE, and the entire meeting appears to be HERE, though the audio isn't all that great.] 

Why do cities live forever and companies don't? (LINK)
Related book: Scale: The Universal Laws of Growth, Innovation, Sustainability, and the Pace of Life in Organisms, Cities, Economies, and Companies 
Core Product Value and Entrepreneurial Success (LINK)

An Inside Look at the Ups and Downs of Walmart's Journey [H/T @HurriCap] (LINK)

The High-Speed Trading Behind Your Amazon Purchase [H/T Linc] (LINK)

This Hedge Fund Manager Bets He Can Dull Your Sweet Tooth [H/T Linc] (LINK)

A 3 billion solar mass black hole rockets out of a galaxy at 8 million kilometers per hour. Yes, seriously. (LINK)

Q&A: Lawrence Krauss on The Greatest Story Ever Told (LINK)
Related book: The Greatest Story Ever Told—So Far: Why Are We Here? 

Friday, March 24, 2017


"For me, the real key to happiness is to know the truth; about yourself and about the world." -Yuval Noah Harari (source)

GMO whitepaper: The Deep Causes of Secular Stagnation and the Rise of Populism - by James Montier and Philip Pilkington (LINK) [It might be good to pair this with the recent Bridgewater report.]

A Valeant Update: Damaged Goods or Deeply Discounted Drug Company? - by Aswath Damodaran (LINK)

Carson Block Is Up All Night Watching Huishan Rout He Called (audio/video) (LINK)

The Blockchain Will Do to the Financial System What the Internet Did to Media [H/T @Wexboy_Value] (LINK)

Ravi Nagarajan reviews the book A Man for All Markets (LINK)

Exponent podcast: Episode 107 — Smiling Curves and Self-Driving Cars (LINK)
Ben and James discuss the concept of The Smiling Curve and how it applies to various industries. Then, where value might be found in self-driving cars, and why both Uber and Google are getting it wrong.
Artificial Intelligence: The Park Rangers of the Anthropocene - by Ed Yong (LINK)

Dramatic evolution within human genome may have been caused by malaria parasite (LINK)

Carl Sagan Explains How the Ancient Greeks, Using Reason and Math, Figured Out the Earth Isn’t Flat, Over 2,000 Years Ago (video) (LINK)

One book recommendation by Charlie Munger that I haven't gotten to yet is How the Scots Invented the Modern World. It was also added to Audible last year, HERE. I was reminded of the book after reading the paragraph below, from Thomas Sowell's recent interview with the WSJ
“One of the most miraculous advances of a people occurred in Scotland from the 18th century into the 19th,” Mr. Sowell says. “A wholly disproportionate share of the leading British thinkers was Scottish. I mean Adam Smith in economics, Hume in philosophy, Sir Walter Scott in literature, James Watt in engineering. You can run through the whole list. A people who were really far behind in one century had suddenly come out of nowhere and were on the forefront of human progress.”

Thursday, March 23, 2017


"Ideas change the world only when they change our behaviour." -Yuval Noah Harari (Homo Deus)

"'The world is changing faster than ever before, and we are flooded by impossible amounts of data, of ideas, of promises and of threats. Humans relinquish authority to the free market, to crowd wisdom and to external algorithms partly because they cannot deal with the deluge of data. In the past, censorship worked by blocking the flow of information. In the twenty-first century, censorship works by flooding people with irrelevant information. People just don’t know what to pay attention to, and they often spend their time investigating and debating side issues. In ancient times having power meant having access to data. Today having power means knowing what to ignore." -Yuval Noah Harari (Homo Deus)

The Art of Finding Your Focus - by Shane Parrish (LINK)
Productivity systems help you get lots of task-oriented work done. The table stakes. The busywork. The stuff you need to do to keep your job. You might move more widgets faster but this isn’t the stuff that really moves the needle for you or your employer. 
Productivity systems don’t answer the larger question, which is: What do you do that creates value in your career? And more than that, what are you doing that’s going to have a cumulative effect? What are you doing that’s really going to matter not tomorrow but years down the road?  
I see these two concepts as intertwined and incredibly important. Yet, they are ignored by overly task-oriented productivity methods. There is a simple two stage approach that will however work wonders.  
If you really want to get ahead, the first thing you need to do is figure out where you’re going to create a massive amount of value in your career. The second thing, is figuring out how you’re going to carve out the time and energy to focus on the first.
The Incredible Shrinking Universe of Stocks: The Causes and Consequences of Fewer U.S. Equities - by Michael Mauboussin, et al. (LINK)

Ian Cassel with a great post on Jeff Bezos and scale economies shared (LINK)

The Behavior of Stock Market Manias - by John Huber (LINK)
Related book: Bull - by Maggie Mahar
Bridgewater report -- Populism: The Phenomenon [H/T @M_C_Klein] (LINK)

Jason & Scot Show Episode 73: Evercore ISI Softlines Analyst Omar Saad (audio) [H/T @rtclark] (LINK)
Episode 73 is an  interview with Evercore ISI Softlines Analyst Omar Saad, about his recent report “Softline wholesale channel must evolve or die.”
Andrew Haldane at the LSE: The Productivity Puzzle (video/audio) (LINK)

How to Buy (and Appreciate) Eggs - by Mark Sisson (LINK)

A 130-Year-Old Fact About Dinosaurs Might Be Wrong - by Ed Yong (LINK)

Book of the day [H/T Jim O’Shaughnessy]: Adventures of a Bystander - by Peter F. Drucker

Wednesday, March 22, 2017


"My laziness serves as a filter. Something has to be really good before I'll decide to work on it." -Michael Lewis (source)

Mohnish Pabrai talks with John Mihaljevic (video) (LINK)

The ‘Terminator’ of startups says he’s seeing two to four wind-downs a week [H/T @chriswmayer] (LINK)

Sears Plummets After Citing ‘Substantial Doubt’ About Its Future (LINK)

Patrick O’Shaughnessy speaks with his father Jim O’Shaughnessy on the Invest Like the Best podcast (LINK)

[From 2015] 10,000 Hours with Reid Hoffman: What I Learned - by Ben Casnocha [H/T @sarthakgh] (LINK)
4.5 years of working with Reid as co-author and Chief of Staff. Here are some lessons I learned about business and life from an amazing man.
 a16z Podcast: From Hidden Figure to Sonic BOOM (LINK)
Related book: Hidden Figures
A groundbreaking study on the dangers of 'microplastics' may be unraveling [H/T @edyong209] (LINK)

What It's Like to Watch Your Life's Work Blow Up on a Rocket  [H/T @edyong209] (LINK)

A 5-minute overview of Seneca's On the Shortness of Life (video) [H/T @Sanjay__Bakshi] (LINK)

Tuesday, March 21, 2017


Mohnish Pabrai's Interview with The Industry Show (LINK)

Being Lazy Is the Key to Success, According to Michael Lewis [H/T @ChrisPavese] (LINK)

Markel's 2016 Letter to Shareholders [H/T The Rational Walk] (LINK)

5 Questions Every Investor Should Ask According to Howard Marks (LINK)

Accounting Change On Operating Leases To Add $3 Trillion In Debt To Corporate Balance Sheets [H/T @ChrisPavese] (LINK)

How Aristotle Created the Computer - by Chris Dixon (LINK)

a16z Podcast: The Storage Renaissance (LINK)

The Only Thing You Need to Get Good At (LINK)
A tiny article about Stoicism has had a significant influence on my life since I read it. Maybe for the first time in my adult life, I don’t feel like I’m wasting much of my time. I feel unusually prepared to do difficult things.
The speeches of Marcus Aurelius (LINK)
Related book: Delphi Complete Works of Marcus Aurelius
Economic Frontiers podcast: Platforms with Marshall Van Alstyne (LINK)
Related book: Platform Revolution
Ian Cassel reviews the book The Great Beanie Baby Bubble (LINK)

Currently on sale (Kindle version) for $1.99: Barbarians at the Gate: The Fall of RJR Nabisco

The Parrot With a Call as Infectious as Laughter - by Ed Yong (LINK)

Monday, March 20, 2017


Warren Buffett on the Dan Patrick show (audio/video) [H/T Linc] (LINK)

Ricardo Semler on The Tim Ferriss Show (podcast) (LINK)
Related books: 1) Maverick; 2) The Seven-day Weekend 
Related link: Ricardo Semler's LeadWise podcast 
Related previous post: Ricardo Semler Lecture: Leading by Omission
Busy vs. Productive - by Morgan Housel (LINK)

Complacency and Cheeseburgers - by Mike Dariano (LINK)

A Dozen Ways “Virality” Can be Misused and Misunderstood - by Tren Griffin (LINK)

A few presentations are available from the recent Grant's Conference [H/T @StaleyRdCap] (LINK)

Brave Warrior's Glenn Greenberg reveals his big market bet right now in rare interview (LINK)

The Education of an American Sage (LINK)

How I Built This is a podcast -- Kendra Scott Design: Kendra Scott (LINK)

Ad Agencies and Accountability - by Ben Thompson (LINK)

Yuval Noah Harari talks with Barry Ritholtz on the Masters in Business podcast (LINK)
Related books: 1) Sapiens; 2) Homo Deus
Yuval Noah Harari talks with Sam Harris on the Waking Up podcast (LINK)

Shocking stories tell tale of London Zoo’s founding (LINK)
Related book: The Zoo: The Wild and Wonderful Tale of the Founding of London Zoo: 1826-1851
A review of the book But What If We're Wrong? (LINK)
Related video: Chuck Klosterman: "But What If We're Wrong" | Talks At Google
An ancient memorization strategy might cause lasting changes to the brain [H/T @ChrisPavese] (LINK)
Related book: Moonwalking with Einstein 
Related previous post: Memortation, or One Way to Put What You Learn to Practical Use [At the end of this post, I mentioned that I had started to create a memory palace for all of Charlie Munger’s misjudgments in his speech “The Psychology of Human Misjudgment.” For those golfers out there, the front nine of the golf course I grew up playing proved to be the perfect thing to use as a memory palace for this; moving from tee to fairway to green, etc. ]

Friday, March 17, 2017


"That's how history unfolds. People weave a web of meaning, believe in it with all their heart, but sooner or later the web unravels, and when we look back we cannot understand how anybody could have taken it seriously." -Yuval Noah Harari (Homo Deus) [Related previous post: Harari on hindsight...]

Li Lu: The Prospects for Value Investing in China (2015 talk) [H/T @CataumetCap] (LINK)

Giverny Capital 2016 Annual Letter to Partners [H/T ValueWalk] (LINK)

From Bonds To Equities, Howard Marks And Joel Greenblatt Preach The Gospel Of Patience (LINK)

Howard Marks on CNBC (video) (LINK)

Joel Greenblatt on CNBC (video) (LINK)

FT Alphachat podcast: How economics has evolved since the crisis (LINK)

How a North Carolina trucker changed the transportation industry (LINK)