Thursday, September 15, 2016


Farnam Street: Gradually Getting Closer to the Truth (LINK) [I've always loved this Munger and Buffett exchange, as it clearly makes the point about 1-foot hurdles and things needing to scream out at you in order to be worth doing.... “Warren often talks about these discounted cash flows, but I’ve never seen him do one. If it isn’t perfectly obvious that it’s going to work out well if you do the calculation, then he tends to go on to the next idea.” Buffett retorted: “It’s true. If (the value of a company) doesn’t just scream out at you, it’s too close.”]

Bill Belichick (invert, always invert) (LINK)

Dead as a Severed Horse’s Head - by David Merkel (LINK)
Tonight, I am talking about a different sort of scam that sucked in a different class of people.  This scam was a corporation where the management took a firm into bankruptcy that could easily pay its debts, at least in the short-run.  The management likely conspired with the bondholders against its shareholders, seemingly in an effort to gain a greater reward from the bondholders who would own the firm post-bankruptcy than they could from operating the firm outside of bankruptcy.  The name of this firm is Horsehead Holdings [ZINCQ].
Episode 1 of Patrick O’Shaughnessy's new podcast: Jeff Gramm – Activist Investing (LINK)
Related book: Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism
George Magnus recommends the best books on Emerging Markets [H/T @chriswmayer] (LINK)

Redefining limits: how new-market innovations deliver hope in healthcare (LINK)

Paul Graham 2004 essay about Internet/technology trends (he got 9 out of 10 correct) (LINK)

Wonderland Podcast with Steven Johnson [currently 2 episodes] (LINK)
Related book (out later this year): Wonderland: How Play Made the Modern World