Thursday, January 8, 2015


James Grant discusses his book The Forgotten Depression on the McAlvany podcast (audio -- and also available on iTunes) [H/T ValueWalk] (LINK)

The Q Ratio and Market Valuation: Monthly Update (LINK)

For curiosity, and to some extent to show the importance of ignoring the headlines and focusing on valuation, here are the Yahoo! Finance front pages both today and exactly 5 years ago. You can see the prices of a few stocks (Berkshire included) on the right of the 2010 file, and on the upper left for the 2015 file.

A candid conversation with Pixar's philosopher-king, Ed Catmull [H/T Abnormal Returns] (LINK)
Related book: Creativity, Inc.
Scott Adams: Attention All Smart, Cheap Bastards! [i.e. Those waiting for the paperback version of How to Fail at Almost Everything and Still Win Big.] (LINK)

Farnam Street: Vincent van Gogh on How To Live (LINK) [I especially like the excerpt Shane posted from van Gogh below.]
The sooner one seeks to become competent in a certain position and in a certain profession, and adopts a fairly independent way of thinking and acting, and the more one observes fixed rules, the stronger one’s character becomes, and yet that doesn’t mean that one has to become narrow-minded. 
It is wise to do that, for life is but short and time passes quickly. If one is competent in one thing and understands one thing well, one gains at the same time insight into and knowledge of many other things into the bargain. 
It’s sometimes good to go about much in the world and to be among people, and at times one is actually obliged and called upon to do so, or it can be one way of ‘throwing oneself into one’s work unreservedly and with all one’s might’, but he who actually goes quietly about his work, alone, preferring to have but very few friends, goes the most safely among people and in the world. One should never trust it when one is without difficulties or some worry or obstacle, and one shouldn’t make things too easy for oneself. Even in the most cultured circles and the best surroundings and circumstances, one should retain something of the original nature of a Robinson Crusoe or a savage, for otherwise one hath not root in himself, and never let the fire in his soul go out but keep it going, there will always be a time when it will come in useful.