Thursday, December 5, 2019

Links

Here's an example of how great of a resource Twitter can be at times.... Cliff Asness and Tren Griffin were disagreeing about the source of Berkshire Hathaway's outperformance over the years, and then Chris Bloomstran—who is probably the world expert on Berkshire Hathaway outside a handful or two of company insiders—chimes in with a 22-Tweet thread on the topic.

Conover Investment Advisory's December 2019 Newsletter: Inside the Great Wall (LINK)

Unintended Perk of the Online Mattress Boom: Never-Ending Free Trials ($) (LINK)

Superinvestors and the Art of Worldly Wisdom Podcast: #31: Rob Arnott On Engineering A Better Index (LINK)

Freakonomics Radio (podcast): 399. Honey, I Grew the Economy (LINK)

The Tim Ferriss Show (podcast): #399: Adam Grant — The Man Who Does Everything (LINK)

Conversations with Tyler (podcast): Daron Acemoglu on the Struggle Between State and Society (LINK)

A white dwarf is cooking a giant planet and slowly eating it - by Phil Plait (LINK)

Why Smallpox Is No More but Polio and Other Diseases Persist (LINK)

Book of the day: The World in a Grain: The Story of Sand and How It Transformed Civilization

Tuesday, December 3, 2019

Links

"I think that the most important investment you can make is in yourself. Very, very, very few people get anything like their potential horsepower translated into the actual horsepower of their output in life. Potential exceeds realization to just an enormous factor with so many people.... Your best asset is your own self. And you can become, to an enormous degree, the person you want to be." --Warren Buffett (2008)

Portability and Interoperability - by Ben Thompson (LINK)

How Spices Have Made, and Unmade, Empires [H/T @wolfejosh] (LINK)

Prime Mover: How Amazon Wove Itself Into the Life of an American City (LINK)

The One-Traffic-Light Town with Some of the Fastest Internet in the U.S. (LINK)

The Absolute Return Letter - December 2019: A Future Embedded in the Present (LINK)

Michael Lewis on CNBC (LINK)

My Decade - by Michael Batnick (LINK)

The ergodicity problem in economics - by Ole Peters (LINK) [Mostly technical. For some non-technical thoughts on ergodicity, see Nassim Taleb's Skin in the Game, Blas Moros' summary of the book, or the recent Sanjay Bakshi presentation.]

Invest Like the Best Podcast: Vaughn Tan – Quality and Innovation (LINK)

Programming Biology: Read (r), Write (w), Execute (x) (LINK)

Monday, December 2, 2019

Links

"I'm not saying there's no such thing as genius. But if you're trying to choose between two theories and one gives you an excuse for being lazy, the other one is probably right." --Paul Graham ("What You'll Wish You'd Known")

Overconfidence: An Autobiography - by Jason Zweig (LINK)

How to Read: Lots of Inputs and a Strong Filter - by Morgan Housel (LINK)

Survivorship Bias: The Tale of Forgotten Failures (LINK)

Yes, You Can Get Free Trading. But There’s Often a Catch. (LINK)

Startups and Uncertainty - by Jerry Neumann (LINK)

Blood and Soil in Narendra Modi’s India - by Dexter Filkins (LINK)

Masters in Business Podcast: Joe Ricketts Discusses Trade and Deregulation (LINK)

Starting Greatness Podcast: Sarah Leary of Nextdoor: “The Moment You Know You’ve Created Something Valuable” (LINK)

EconTalk Podcast: Gerd Gigerenzer on Gut Feelings (LINK)

COMPLEXITY Podcast: Olivia Judson on Major Energy Transitions in Evolutionary History (LINK)

Friday, November 29, 2019

Links

"It’s not any goal of ours to double the revenues or increase them 20 percent, even, or anything. We just try to do whatever comes along that makes sense. And if there’s a lot that comes along in one year that makes sense, we’ll do a lot. And if there’s nothing that comes along that makes sense, we’ll do nothing. So there’s a lot of accident in it." --Warren Buffett (1996)

Warren Buffett's latest attempt to put his cash to work is thwarted (LINK)

Chris Bloomstran of Semper Augustus Investments Group doesn't like the price being offered by Kyocera for the rest of AVX. He posted some thoughts and his letter to the CEO and Special Committee on Twitter, which you can also find HERE.

Mohnish Pabrai's Annual Talk at Boston College (video) (LINK)

Josh Wolfe's Lux 2019 Annual Meeting Talk (video) (LINK)

Paul Tudor Jones and Ray Dalio at the Greenwich Economic Forum earlier this month (video) [H/T Linc] (LINK)

The Greatest Value Investor You’ve Never Heard (LINK)

Risky Business - by Frank K. Martin (LINK)

The Complete Guide To Drilling (LINK)

Value Investing with Legends Podcast: Matthew McLennan - The Power of Selectivity and Patience (LINK)

Invest Like the Best Podcast: Gavin Baker – Tech and Consumer Growth Investing (LINK)

Value: After Hours Podcast: Taylor, Brewster and Carlisle discuss Rentec, Chanos, and value (LINK)

Conversations with Tyler (podcast): Mark Zuckerberg Interviews Patrick Collison and Tyler Cowen on the Nature and Causes of Progress (LINK)

The Tim Ferriss Show (podcast): #398: Peter Attia, M.D. — Fasting, Metformin, Athletic Performance, and More (LINK)

The Beirut Banyan Podcast: 81: Nassim Nicholas Taleb & Local Solutions for Lebanon (LINK)

Origin Stories Podcast: 40: The Denisovans (LINK)

Tuesday, November 26, 2019

Links

"To discover new things, you have to work on ideas that are good but non-obvious; if an idea is obviously good, other people are probably already working on it. One common way for a good idea to be non-obvious is for it to be hidden in the shadow of some mistaken assumption that people are very attached to." --Paul Graham

Novelty and Heresy - by Paul Graham (LINK)

Bill Gates on AI, Climate, Carbon Tax, Nuclear Power, China (video) (LINK)

Oaktree’s Marks on Global Economic Outlook, Recession (video) (LINK)

No More Gurus - by Morgan Housel (LINK)

EBITDA Definition Danger (LINK)

Infinite Loops Podcast with Jim O'Shaughnessy -- Behind the Curtains: Ramp Capital and Super Mugatu (LINK) [New podcast, available via Spotify]

Acquired Podcast: Disney, Plus (LINK)

Full Interview: Tom Hanks On ‘A Beautiful Day In The Neighborhood’ (video) (LINK)

The World’s Biggest Heart Can Beat Just Twice a Minute - by Ed Yong (LINK)

Monday, November 25, 2019

Links

"You can, of course, pay too much for even the best of businesses.... Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid. A far more serious problem occurs when the management of a great company gets sidetracked and neglects its wonderful base business while purchasing other businesses that are so-so or worse. When that happens, the suffering of investors is often prolonged.... Loss of focus is what most worries Charlie and me when we contemplate investing in businesses that in general look outstanding. All too often, we've seen value stagnate in the presence of hubris or of boredom that caused the attention of managers to wander." --Warren Buffett (1996 Letter to Shareholders)

“You Don't Bring Bad News to the Cult Leader”: Inside the Fall of WeWork (LINK)

How Performance Reviews Can Kill Your Culture (LINK)

Venture Stories Podcast: Keith Rabois on How He Invests, Forming a Founding Team, and Funding “Ridiculous” Ideas (LINK)

How to Win in the Startup World — Mike Maples and Andy Rachleff (The Tim Ferriss Show podcast) (LINK)

The Plate Climatology Theory (video) (LINK)
A video that summarizes the building block principles of the Plate Climatology Theory and provides specific research proven examples supporting these principles.  The viewer will learn how geological forces affect or control climate and climate related events of Antarctica, the Arctic, El Nino's / La Nina's, so-called Ice Ages, or land volcanic eruptions.  
CBS This Morning Podcast: Becoming Friends with Mister Rogers [H/T @BrentBeshore] (LINK)
Related articles: 1) Can You Say...Hero? (1998); 2) My Friend Mister Rogers (2019) 

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For Audible Members, the current Black Friday Week sale has many titles of note:

















*****

It's not included in the sale, but I also noticed that Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger is now on Audible.

Sunday, November 24, 2019

Links

The Bus Ticket Theory of Genius - by Paul Graham (LINK)

It’s Slow Going, but Stuff Like Wheat and Oil Can Spice Up Your Returns - by Jason Zweig ($) (LINK)
The best time to get interested in an investing strategy is when its performance is at its worst. By that standard, commodities are starting to look intriguing.
Everyone Gets Paid in CBS-Viacom Except Shareholders [H/T @JohnHuber72] (LINK)

Health Care Without (much) Government - by Russ Roberts (LINK)

How to Reverse Engineer Biology (LINK)

Full Disclosure Podcast: The Overachieving Underwriter [H/T @rationalwalk] (LINK)
Markel Corp vice chairman Steve Markel on the insurer and investment shop as it approaches its 90th year in business. Worth $15 million when its shares debuted on Wall Street in 1986, Markel Corp is now a Fortune 500 member in 18 countries that is valued at more than $16 billion.
Grant’s Current Yield Podcast: It’s a gusher (LINK)

Exponent Podcast: 178 — More Ergonomic (LINK)

The Knowledge Project Podcast -- Scott Adams: Avoiding Loserthink (LINK)

One Man's Wild Quest to Reach the Bottom of Every Ocean [H/T @MebFaber] (LINK)

Thursday, November 21, 2019

Links

CNBC’s full interview with Liberty Media Chairman John Malone (LINK)

Disney’s Kevin Mayer | Full interview | Code Media 2019 (video) (LINK)

WarnerMedia CEO John Stankey | Full interview | Code Media 2019 (video) (LINK)

This Man Is a Junkyard Billionaire (LINK)

Lessons From 24 Years of Operating: Bowl America, Inc. (LINK)

Banking on the Future: Why our most hated institutions will become our most beloved (LINK)

The Long View Podcast: Charles de Vaulx: Why Value Investing Has Slumped but Will Rebound (LINK)

Planet Money Podcast: #953: Three Sides Of A Car Loan (LINK)

Kyle Bass: "China: The Most Reckless Financial Experiment In History" (Hedgeye Investing Summit Video) (LINK)

Health Care Lessons from Dr. Keith Smith - by Russ Roberts (LINK)

Here’s to the Crazy Ones (LINK)

The Fascination With the Skin of a Dead French Revolutionary - by Sarah Zhang (LINK)

Whack 'em or nuke 'em: How to deflect a killer asteroid - by Phil Plait (LINK)

Tuesday, November 19, 2019

Links

"Throughout the careers Charlie and I have had in investing, there have always been hundreds of cases, or thousands of cases, of things that are ridiculously priced, and phony stock promotions, and the gullible being led to believe in things that just can’t come true. So that’s always gone on. It always will go on. And it doesn’t make any difference to us. We are not trying to predict markets. We never will try and predict markets. We’re trying to find wonderful businesses. And the fact that a part of the market is kind of screwy, that’s unimportant to us." --Warren Buffett (1996)

Integration and Monopoly - by Ben Thompson (LINK)

Oaktree Insights: A Place for Real Estate Debt in Global Credit Investing (LINK)

The Greatest Money-Making Machine of All Time: On Renaissance Technologies and the Medallion Fund (LINK)

Aswath Damodaran on Aramco's IPO (Part 1, Part 2)

Invest Like the Best Podcast: Kevin Systrom and Mike Krieger – How to Build a Great Product (LINK)

EconTalk Podcast: Keith Smith on Free Market Health Care (LINK)

Hidden Forces Podcast: The Present Danger: America, China, and the Second Cold War | Kyle Bass (LINK)

‘Absolutely No Mercy’: Leaked Files Expose How China Organized Mass Detentions of Muslims (LINK)

Elastic: Flexible Thinking in a Constantly Changing World (LINK)

Algorithmic Blindspots - by David Perell (LINK)

The Greatest Shortcut for Leaders Is Reading Books - by Ryan Holiday (LINK)

Why polio is still around—and why we can eradicate it - by Bill Gates (LINK)

What America Lost When It Lost the Bison - by Ed Yong (LINK)

Saturday, November 16, 2019

David Goggins quote

From the audiobook version of Can't Hurt Me:
You have to turn that around yourself. No one is coming to save you. We have this mentality of "I'm going to wait to be saved. I'm going to wait for someone to come and help me." And I'm telling you right now, I believe in God—a lot of us believe in praying on it and stuff like that. Yeah, you can pray on it. But if you sit in a room and pray on it and do nothing about it, nothing's gonna happen. You have to put work behind everything in life. You have to put effort. You have to put friction behind something for something to change.