University Of Auckland Investment Club Q&A With Mohnish Pabrai (LINK)
Latticework of Mental Models: Mean Reversion (LINK)
The Brooklyn Investor comments on Berkshire Hathaway and the annual meeting (LINK)
Meet the World's Most Bearish Investment Manager, Mark Spitznagel (video) [H/T ValueWalk] (LINK)
Related book: The Dao of CapitalMorgan Creek Capital's Q1 Letter (LINK)
Julian Robertson has gotten extremely Bearish three times since I have known him, once in 1999 leading up to the Tech Bubble in 2000, a second time in 2007 leading up to the sub-prime melt-down and Global Financial Crisis in 2008 and late last year (and becoming increasingly more concerned this year). In each instance, he started off mildly concerned about imbalances that were building and then he became increasingly vocal in his public appearances, as the situation grew increasingly dire. On each occasion he made significant adjustments to his portfolios that ultimately preserved capital and generated superior returns over the course of the entire event and we would all be wiser, and wealthier, had we followed his lead when the Big Tiger turned into a Bear. The challenging part of the story is that on each occasion he was early in his calls for caution and the funds experienced less favorable performance either in the form of actual losses or perceived opportunity costs (the dreaded Fear Of Missing Out) during the lead up to the actual event. The problem with the big crisis events is that you can be hours early, but you can’t be one minute late on getting out of the way as the corrections happen too quickly and come at the precise time when everyone has convinced themselves that nothing bad could possibly happen.Stan Druckenmiller Sees ‘Massive' Problem Caused by Aging (LINK)
Bond Market Plunge Shows How Stability Can Breed Instability (LINK)
Steve Keen talk on Minsky's Financial Instability Hypothesis & the crisis of 2008 (video) (LINK)
Mark Hanson: Housing Bubble 2.0 at Peak Sphericity; the Kardashian’s are now house flippers (LINK)
10 Writing Tips from Legendary Writing Teacher William Zinsser, May He Rest in Peace (LINK)
Related book: On Writing Well
Related link: A Guide to Writing Well