Thursday, August 16, 2018


"I think it’s the nature of things that some businesses die. It’s also in the nature of things that, in some cases, you shouldn’t fight it. There is no logical answer, in some cases, except to wring the money out and go elsewhere." --Charlie Munger

Baupost's Tesla Convertible Bonds Are Said to Be Bearish Wager [H/T Linc] (LINK)

‘Mega-Round’ investors shower start-ups with millions [H/T Matt] (LINK)

A trade war won’t fix Turkey - by Sebastian Mallaby (LINK)

Deja Vu In Turkey: Currency Crisis and Corporate Insanity! - by Aswath Damodaran (LINK)

The Bank for International Settlements has an interesting tool: Which banks are the largest creditors to a particular country? (video) (LINK)

Breakfast With a Dose of Roundup? (LINK)

Joe Moglia: Double Reinvention: From Football Coach to CEO of TD Ameritrade & Back to Football (The James Altucher Show) (LINK)

Ryan Holiday's Ultimate List Of Books To Base Your Life On (LINK)

Elephants Have a Secret Weapon Against Cancer - by Ed Yong (LINK)

Scientists Finally Crack Wheat’s Absurdly Complex Genome - by Ed Yong (LINK)

An Unprecedented Look at a Young Woman’s Face Transplant [H/T @Atul_Gawande] (LINK)

Wednesday, August 15, 2018


"Competency is a relative concept.... What I needed to get ahead was to compete against idiots, and luckily there’s a large supply." --Charlie Munger

Not enough people are paying attention to this economic trend - By Bill Gates (LINK)
Related book: Capitalism without Capital: The Rise of the Intangible Economy
Are diesel’s days numbered? A view from a trip to BYD’s electric bus factory [H/T Linc] (LINK)

The Trajectory of Great Ideas - by Morgan Housel (LINK)

Lies, Damned Lies, And Heuristics [H/T @jasonzweigwsj] (LINK)

How a Billion-Dollar Autonomous Vehicle Startup Lost Its Way [H/T @wolfejosh] (LINK)
Troubles at lidar company Quanergy point to difficulties in a highly-hyped industry.
What a Grieving Orca Tells Us - by Ed Yong (LINK)

A talk by Benjamin Grant -- Overview: Earth and Civilization in the Macroscope (video) (LINK)
Related book: Overview: A New Perspective of Earth

Tuesday, August 14, 2018


"I’ve always said that the way to get a reputation for being a good businessman is to buy a good business.... It’s much easier than taking a lousy business...and showing how wonderful you are at it, because I haven’t seen that done very often." --Warren Buffett

The Race of Our Lives Revisited  - by Jeremy Grantham (LINK)
As a follow on to the original “Race of Our Lives” as part of the GMO Quarterly Letter from April 2013, Jeremy Grantham provides a detailed discussion of the long-term, slow-burning problems that threaten us today: climate change, population growth, increasing environmental toxicity. The piece focuses on the impact of all these three on the future ability to feed the 11 billion people projected for 2100, and highlights the severe implications of these issues if they are not resolved. One material advantage in addressing these issues is in the accelerating burst of green technologies, which may in the future be able to offset much of the accelerating damage from climate change and other problems. Yet despite these surprising technological advances, we have still been losing ground for the last few decades, particularly in the last few years. Somehow or other we must find a way to do better. We will need all the leadership, all the science and engineering, all the effort, and all the luck we can muster to win this race. It really is the race of our lives.
Facebook’s Story Problem — and Opportunity - by Ben Thompson (LINK)

Can The SEC Model Help Cure American Democracy? - by Carson Block (LINK)

The BABA 20-F....Financial Comedy Gold!! [H/T @wolfejosh] (LINK)

Turkey’s Growing Pains - by Peter Zeihan (LINK)

Latticework of Mental Models: Lollapalooza Effect (LINK)

5 Mental Models to Remove (Some of) the Confusion from Parenting (LINK)

Invest Like the Best Podcast: Boyd Varty – Track Your Life (LINK)

NASA launches a probe to study the most dangerous star in the sky: The Sun (LINK)

How To Read More Books — A Lot More - by Ryan Holiday (LINK)

Book of the day [H/T 25iq]: The Membership Economy: Find Your Super Users, Master the Forever Transaction, and Build Recurring Revenue – by Robbie Kellman Baxter

Sunday, August 12, 2018


The Leader of the Future: Why Sergio Marchionne Fit the Profile ($) (LINK)

John Morgan: Operating With An Ace Up His Sleeve (LINK)

The Broyhill Mid-Year Letter (LINK)

The Equilibrium Delusion - by Frank Martin (LINK)

13D Research: Investors are desperately trying to cut through the glut of information in search of meaning and knowledge (LINK)

How Subscription Business Models are Changing Business and Investing (the Microeconomics of Subscriptions) - by Tren Griffin (LINK)

The 21 Uncomfortable Truths That I Have Learned About the Travel Industry - by Rafat Ali (LINK)

a16z Podcast: The Basics of Growth — User Acquisition (LINK)

a16z Podcast: The Basics of Growth — Engagement & Retention (LINK)

Masters in Business podcast: Lee Cooperman of Omega Advisors (LINK)

Thursday, August 9, 2018


The Dangers of Persistence - by Vishal Khandelwal (LINK)

The above reminded me of a Kahneman quote worth frequently thinking about:
"When I work I have no sunk costs. I like changing my mind. Some people really don’t like it but for me changing my mind is a thrill. It’s an indication that I’m learning something. So I have no sunk costs in the sense that I can walk away from an idea that I’ve worked on for a year if I can see a better idea. It’s a good attitude for a researcher. The main track that young researchers fall into is sunk costs. They get to work on a project that doesn’t work and that is not promising but they keep at it. I think too much persistence can be bad for you in the intellectual world." --Daniel Kahneman (Source)
Natural Maniacs - by Morgan Housel (LINK)

Musk’s Money Mystery Intrigues SEC (LINK)

American Innovations Podcast: The Future Of | Health | 2 (LINK)

Scientists Take a Harder Look at Genetic Engineering of Human Embryos (LINK)

An Ancient Genetic Quirk Could Doom Whales Today - Ed Yong (LINK)

The Wonder Plant That Could Slash Fertilizer Use - by Ed Yong (LINK)

Wednesday, August 8, 2018


Rare Charlie Munger and Li Lu Interview - Part I [H/T Linc] (LINK)

Li Lu on Charlie Munger's Greatest Influence (LINK)
I’ve witnessed him recovering from such hard blows one by one. Yet throughout all these blows, I’ve never seen him being pessimistic or desperate. He’s never complained about those terrible blows either. His attitude towards them is to take them as graceful and competent as he can. He’s objective and rational in everything. 
There is a Chinese saying that goes, "One should neither be pleased by external gains, nor be saddened by personal losses." Charlie is one of those people who can achieve such a state of mind.
Patreon Acquires Memberful, An Interview with Patreon CEO Jack Conte and Memberful CEO Drew Strojny (LINK)

Facebook’s Broken Censorship Machine - by Parker Thompson (LINK)

The Knowledge Project Podcast: Thinking in Algorithms (Ali Almossawi) (LINK)

Tuesday, August 7, 2018


A previously unpublished interview (until a couple of weeks ago) with Steve Jobs from exactly 10 years ago today (audio and transcript) ($) (LINK)
MR. JOBS: How serious will mobile be relative to desktop is your question.... I think there are a lot of people, and I’m one of them, who believe that mobile’s going to get quite serious because there are things you can do...Obviously, mobile’s with you all the time, but there’s services you can provide with mobile that obviously are not relevant on a desktop, such as location-based services integrated into your application. 
They can be mighty useful and we’re just at the tip of that. That’s going to be huge, I think.
Why the Most Important Idea in Behavioral Decision-Making Is a Fallacy - by David Gal (LINK)
The popular idea that avoiding losses is a bigger motivator than achieving gains is not supported by the evidence
New Details About Wilbur Ross’ Business Point To Pattern Of Grifting (LINK)

China Thoughts and the Circle of Competence - by John Huber (LINK)

Country Risk: A Midyear Update for 2018 - by Aswath Damodaran (LINK)

Strategy vs. Tactics: What’s the Difference and Why Does it Matter? (LINK)

Big Questions with Cal Fussman (podcast) -- Jocko Willink: On Going to War with Your Weaknesses (LINK)

Women More Likely to Survive Heart Attacks If Treated by Female Doctors - by Ed Yong (LINK)

Monday, August 6, 2018


GMO Quarterly Letter: Emerging Markets—No Reward Without Risk (LINK)

The Incredible Story of Gert Boyle and Columbia Sportswear (LINK)

For Real Vision subscribers, Jean-Marie Eveillard makes an appearance in a chat with Jim Grant (LINK) [If you're not a subscriber and would to join or take a free trial, you can sign up HERE.]

Lessons from Michael Batnick (Big Mistakes) - by Tren Griffin (LINK)
Related book: Big Mistakes: The Best Investors and Their Worst Investments
Worth paying for - by Seth Godin (LINK)
When you bring a product or service to the free market, the market decides what it’s worth. If you don’t want to be treated like a commodity (a race to the bottom), there are two paths: 
Through scarcity: This is worth extra because there’s not a lot of it or we’re the only one who’s got it. 
Through connection: This is worth extra because everyone else is already using it. 
A little or a lot.
a16z Podcast: Earned Secrets (LINK)
What does it really take to start a startup (or work at one)? In this episode of the a16z Podcast — based on a Q&A with Ben Horowitz as part of an event hosted by a16z’s Technical Talent and People Practices team for a16z portfolio company summer interns 2018 — Ben shares quick thoughts and advice geared towards those early in their tech careers.
EconTalk Podcast: Frank Dikotter on Mao's Great Famine (LINK)
Related book: Mao's Great Famine
The Art of Manliness Podcast: The Life of a Dragon — The Untold Story of Bruce Lee (LINK)
Related book: Bruce Lee: A Life
Scientists Have Uncovered a Disturbing Climate Change Precedent - by Peter Brannen (LINK)

Book of the day (will be released next month): 21 Lessons for the 21st Century - by Yuval Noah Harari

Friday, August 3, 2018


"Some of the worst business decisions I’ve ever seen are those that are done with a lot of formal projections and discounts back.... The trouble is that you get to believe the figures. And it seems that the higher mathematics, with more false precision, should help you. But it doesn’t. The effects, averaged out, are negative when you try and formalize it to the degree you’re talking about." --Charlie Munger

"It’s a terrible mistake to think that mathematics will take you a long place in investing. You have to understand certain aspects of mathematics. But you don’t have to understand higher mathematics. And higher mathematics may actually be dangerous and it will lead you down pathways that are better left untrod." --Warren Buffett

Appealing Fictions - by Morgan Housel (LINK)

The Behavioral Science Behind "Share A Coke" (LINK)

On-Stage Videos from Skift Tech Forum 2018 (LINK)

Matt Mullenweg, the co-founder of WordPress, on the Recode Decode Podcast (LINK)

Adam Fisher on the Recode Decode Podcast discussing his book Valley of Genius: The Uncensored History of Silicon Valley (LINK)

Alain de Botton chats with Krista Tippett (podcast) (LINK)

Diverse genome study upends understanding of how language evolved (LINK)

Sex Makes Naked Mole Rats Live Longer (LINK)

Thursday, August 2, 2018


The Amazing Story of the Car Bumper King - by Ian Cassel (LINK)
In November 2011, Shahid Khan bought the Jacksonville Jaguars for $770 million. He was the first ethnic minority to own a team in the NFL. Forbes lists Shahid Khan’s net worth at $7.4 billion. 
Who is Shahid Khan?
John Hempton's thoughts on Xero (LINK)
I was quoted in the Australian Financial Review on Monday stating that Xero is the only Australian company with the potential to be a $100 billion global tech behemoth. 
As the market cap is less than USD5 billion now I am saying a 20 bagger is possible.
Greenlight Capital's Q2 Investor Letter (LINK)

Reversing Trends at the RVIA? - by Frank K. Martin (LINK)

American Innovations Podcast: The Future Of | Food | 1 (LINK)

Tom Peters on The Art of Manliness Podcast discussing his book The Excellence Dividend (LINK)

The European Union rejected genome edited crops - by Matt Ridley (LINK)

Double Hubble Planets - by Phil Plait (LINK)