Tuesday, November 15, 2016


Warren Buffett's Berkshire makes surprise U.S. airline bet (LINK) [While Mr. Buffett may have just changed his mind, it seems likely it was Todd Combs or Ted Weschler that made the investment, given Buffett's comments over the years on airlines.... Such as: 1) "We have no ability to forecast the economics of the investment banking business, the airline industry, or the paper industry."; 2) "When Richard Branson, the wealthy owner of Virgin Atlantic Airways, was asked how to become a millionaire, he had a quick answer: 'There’s really nothing to it. Start as a billionaire and then buy an airline.'"; 3) "The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money.  Think airlines.  Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers.  Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down."; 4) "I have an 800 number now that I call if I get the urge to buy an airline stock. I call at 2 in the morning and I say: 'My name is Warren, and I'm an aeroholic.' And then they talk me down."]

Chris Mayer's September MicroCap Leadership Summit presentation on 100-Baggers (video) (LINK)
Related books: 1) 100 Baggers: Stocks That Return 100-to-1 and How To Find Them; 2) 100 to 1 in the Stock Market 
Related video presentation: Mohnish Pabrai's Lecture at Peking University: "The Quest for 10-100 Baggers"
Sanjay Bakshi: Rental Yield vs. Dividend Yield (LINK)

Bill Gates Talks to Dr. Siddhartha Mukherjee (LINK)
Related book: The Gene: An Intimate History
Marc Andreessen on Change, Constraints, and Curiosity (video) [H/T ValueWalk] (LINK)

How Two Trailblazing Psychologists Turned the World of Decision Science Upside Down - by Michael Lewis (LINK)
Related book: The Undoing Project - by Michael Lewis
Book of the day (just released): Payoff: The Hidden Logic That Shapes Our Motivations - by Dan Ariely