Sunday, April 16, 2017


"When we can’t find anything exciting in which to invest, our “default” position is U.S. Treasuries, both bills and repos. No matter how low the yields on these instruments go, we never “reach” for a little more income by dropping our credit standards or by extending maturities. Charlie and I detest taking even small risks unless we feel we are being adequately compensated for doing so. About as far as we will go down that path is to occasionally eat cottage cheese a day after the expiration date on the carton." -Warren Buffett (2003 Letter to Shareholders)

BC2017 - Nitin Nohria Interviews Jorge Paulo Lemann and Warren Buffett (full video interview, starting at about the 5:15 mark) [H/T ValueWalk] (LINK)

A Dozen Lessons about Business Valuation from the Iridium Debacle - by Tren Griffin (LINK)
Related video: "Eccentric Orbits: The Iridium Story" | Talks at Google (BOOK)
The Marketing Genius of the Toothpick King (LINK)

Is American Retail at a Historic Tipping Point? (LINK)

Amex, Challenged by Chase, Is Losing the Snob War [H/T Linc] (LINK)

Linamar: Driving for More of the Auto-Parts Market [H/T @chriswmayer] (LINK)
Related book: Driven to Succeed: How Frank Hasenfratz Grew Linamar from Guelph to Global 
Related previous post: Linamar and being entrepreneurial
One of the Best Investment Books I’ve Read in a While - by Ben Carlson (LINK)
Related book: Bull: A History of the Boom and Bust, 1982-2004 [Warren Buffett also mentioned this book in his 2003 Letter to Shareholders.]
India’s ID system is reshaping ties between state and citizens (LINK)
Related link: Raoul Pal, Paying Attention
Exponent podcast: Episode 110 — Moral Hazard (LINK)

Audiobook of the day (I believe this is the audio of the PBS program mentioned by Boyd Varty in his fantastic chat with Patrick O’Shaughnessy.): The Power of Myth