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.

Friday, November 15, 2019

Links

"We could make a lot of decisions about a lot of things very fast and very easily. And we’re unusual in that respect. And the reason we’re able to do that is there’s such an enormous other lot of things that we won’t allow ourselves to think about at all. It’s just that simple. I have a little phrase when people make pitches to me, and about halfway through the first sentence, I say, 'We don’t do startups.' They don’t exist. Well, if you blot out startups, there’s a whole layer of complexity that goes out of your life. And we’ve got other little blotter-out systems. And using those, we finally find out that what remains is still a pretty large territory that we can handle." --Charlie Munger (2008)

Value Investing with Legends Podcast: Joel Greenblatt - Investing Off the Beaten Path (LINK)

Scaling Fallacy in Investing (LINK)

The Softbank-WeWork End Game: Savior Economics or Sunk Cost Problem? - by Aswath Damodaran (LINK)

The Brooklyn Investor blog: What It Takes, Dimon, Twitter etc. (LINK)

The Acquirers Podcast: Growth Underwriter: Marcelo Lima on valuing SaaS businesses Amazon, Facebook, and Netflix (LINK)

Five Good Questions Podcast: Alan Klement - When Coffee and Kale Compete (LINK)

The Disruptive Voice Podcast: Disruption and electrification in the auto industry featuring Cliff Maxwell and Ned Calder (LINK)

Apes Might Know That You Don’t Know What They Know - by Ed Yong (LINK)

Thursday, November 14, 2019

Links

"I would say that I like a certain amount of social intervention that takes some of the inequality out of results in capitalism. But I hate, with a passion, rewarding anything that can be easily faked. Because I think then people lie, and lying works, and the lying spreads. And I think your whole civilization deteriorates." --Charlie Munger (1996)

Sam Zell on Bloomberg TV discussing buying distressed oil assetsdiscussing WeWork, and discussing why he's not investing in Hong Kong.

Past as Prologue - by Frank K. Martin (LINK)

The Case Against Boeing (LINK)

Stephen Schwarzman on The David Rubenstein Show (video) (LINK)
Related book: What It Takes: Lessons in the Pursuit of Excellence
Planet MicroCap Podcast: 100 - Investing: It’s All About the Journey with Ian Cassel (LINK)

The Joe Rogan Experience (podcast): #1383 - Malcolm Gladwell (LINK)
Related book: Talking to Strangers
The Tim Ferriss Show (podcast): #395: Jocko Willink Takeover — On Quitting, Relationships, Financial Discipline, Contrast Baths, and More (LINK)

Wednesday, November 13, 2019

Sorfis is now on Schwab

I'm pleased to announce that we've added Charles Schwab & Co., Inc. as a second custodian for offering our services. Given the extent of the Schwab platform, as well as the desire of some potential clients we've spoken with for a more diversified product than the Absolute Return Strategy, we are also now willing and able to offer more customized accounts.

For more details, please see the Services section of the website.

Tuesday, November 12, 2019

Links

"Charlie and I spend a lot of time thinking about things that could hit us out of the blue that other people don’t include in their thinking. And we may miss some opportunities because of that, but we feel it’s essential when managing other people’s money or, for that matter, managing our own money." --Warren Buffett (2008)

Common Plots of Economic History - by Morgan Housel (LINK)

The Google Squeeze - by Ben Thompson (LINK)

Oaktree Insights: A Deeper Dive into Structured Credit (LINK)

The Knowledge Project Podcast: What It Takes with Stephen Schwarzman (LINK)
Related book: What It Takes: Lessons in the Pursuit of Excellence
Invest Like the Best Podcast: Daniel Ek – The Future of Audio (LINK)

Business Casual Podcast -- Risk it all: Matt Ball dissects the streaming wars (LINK)

Signaling: The Language Peacocks, Gazelles, and Humans All Speak (LINK)

How the Nile River Has Stayed In One Place for 30 Million Years (LINK)

Monday, November 11, 2019

Links

"We really like things that you don’t have to carry out to three decimal places, you know. If you have to carry it out to three decimal places, it’s not a good idea.... It’s like if somebody walked in the door here and they weighed somewhere between 300 and 350 pounds. I might not know how much they weigh, but I would know they were fat. That’s all I’m looking for, is something that’s financially fat." --Warren Buffett (2008)

Jamie Dimon on "60 Minutes" (video) (LINK)

Chuck Akre and John Neff of Akre Capital Management on WealthTrack (video) (LINK)

Ironing Out an Investing Mystery - by Jason Zweig ($) (LINK)
‘Earnings management’ has become even more widespread in emerging markets than in developed markets like the U.S.
Pensions Venture Into Risky Corners of the Market in Hunt for Returns ($) (LINK)

Wise fiscal policy is not about helicopter money - by Claudio Borio (LINK)

The new dot com bubble is here: it’s called online advertising (LINK)

What is the endgame for Disney+? (LINK)

EconTalk Podcast: Rory Sutherland on Alchemy (LINK)
Related book: Alchemy: The Dark Art and Curious Science of Creating Magic in Brands, Business, and Life 
Exponent Podcast: 177 — Principle Stacks (LINK)

Odd Lots Podcast: Why The Repo Markets Went Crazy, And Why December Could Be Even Worse (LINK)

Grant’s Current Yield Podcast: Let the analytics department pitch to Drumbowski (LINK)

Short Wave Podcast: Can Global Shipping Go Zero Carbon? (LINK)

The New Yorker: Politics and More Podcast: How Facebook Continues to Spread Fake News [with Evan Osnos] (LINK)

For the golf fans out there.... Are You Not Entertained? Podcast: 208 - Jeehae Lee & Craig Connolly (the wee man) on the future of golf (LINK)

The ‘Ghost’ Genes of a Nearly Extinct Animal Live on in Texas - by Sarah Zhang (LINK)
A photographer began shooting unusual-looking coyotes on Galveston Island. They turned out to be descended from a very rare wolf species.

Thursday, November 7, 2019

Links

"It’s crazy to have people get so big and so important that you can’t allow them to fail, and allow them to be run with as much knavery and stupidity as permeated the major investment banks. It’s not that Berkshire hasn’t had wonderful service from investment banking all these years, because we have. It’s just that, as an industry, this crazy culture of greed and overreaching and overconfidence in trading algorithms and so on creeps in. I would argue it’s quite counterproductive for the country, and it ought to be reigned way back. These institutions are too big to fail, and it was demented to allow derivative trading to end up the way it’s ended up and with the current risks that are embedded in the present system. And it’s amazing how few people spoke against it as it was happening. There was just so much easy money to be reported. A lot of the money that was reported as being earned wasn’t really being earned. It was in that wonderful category of assets that I call 'good until reached for.' They sit there on the balance sheet, and when you reach for it, it just fades away like — mist." --Charlie Munger (May 3, 2008)

Bill Gates at the DealBook conference (video) (LINK)

Reed Hastings at the DealBook conference (video) (LINK)

[The rest of the DealBook conference videos can be found HERE.]

The World Has Gone Mad and the System Is Broken - by Ray Dalio (LINK)

Three Things I Think I Think – Has The World Gone Mad? - by Cullen Roche (LINK)

The Acquirers Podcast: Ian Cassel turns the tables and interviews Tobias Carlisle (LINK)

Masters of Scale with Reid Hoffman (podcast): Bill Gates — How to accelerate history (LINK)

The Hazards of Talking to Strangers (LINK)

Tuesday, November 5, 2019

Links

How to Build Your Own BRK [via @Sanjay__Bakshi] (LINK)

The Popular Delusions newsletter relaunches (Dylan Grice) (LINK) [To subscribe, go HERE.]

Secrets of the Greatest Hedge Fund of All Time (video) (LINK)
Related book: The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution
Boyar Value Group's Q3 Letter (LINK)

Tech and Liberty - by Ben Thompson (LINK)

De Beers Cuts Diamond Prices by About 5% as Industry Crisis Deepens (LINK)

Invest Like the Best Podcast: George Rzepecki – Investing in Africa (LINK)

EconTalk Podcast: Venkatesh Rao on Waldenponding (LINK)

Big Questions with Cal Fussman Podcast: Charles Schwab: How To Own Your Tomorrow (LINK)

Making Sense with Sam Harris Podcast: #174 — Richard Dawkins (LINK)

The James Altucher Show (podcast): 503 - The Path to Stillness: Ryan Holiday on How to Develop Self-Discipline & Reduce Overwhelm (LINK)
Related book: Stillness Is the Key

Sunday, November 3, 2019

Links

"In general terms, unless you find the prices of a great company really offensive.... I think it’s better just to own them. We could attempt to buy and sell some of the things that we own that we think are fine businesses. But they’re too hard to find.... So, to sit there and hope that you buy them in the throes of some panic, that you sort of take the attitude of a mortician, waiting for a flu epidemic or something.... I’m not sure that will be a great technique....  I think the main thing to do is find wonderful businesses.... We’ve had our share of flu epidemics. But you don’t want to spend your life waiting around for them." --Warren Buffett (1996)

"By definition, a great company is one that’s going to remain great for 30 years. If it’s going to be a great company for three years, it ain’t a great company. So, you really want to go along with the idea of something that, if you were going to take a trip for 20 years, you wouldn’t feel bad leaving the money in with no orders with your broker and no power of attorney or anything, and you just go on the trip. And you know you come back, and it’s going to be a terribly strong company." --Warren Buffett (1996)

Berkshire Hathaway's Cash Pile Hits a Record ($) (LINK)

The Making of the World’s Greatest Investor ($) (LINK)
Related book: The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution
Masters in Business Podcast: Gregory Zuckerman on the Quant Revolution (LINK)

Sometimes the Stock Market Needs ‘Knights of Faith’ - by Jason Zweig ($) (LINK) [Zweig also added some more detail HERE.]

The Absolute Return Letter - November 2019: How to invest in a low growth world (Part 2 of 2) (LINK)

Ray Dalio on The David Rubenstein Show (video) (LINK)

Value Investing with Legends Podcast: Leon Cooperman - Looking For More For Less (LINK)

a16z Podcast: Come for the Games, Stay for the Party (LINK)

Think Again Podcast: 218. Bill Bryson – the most extraordinary machine (LINK)
Related book: The Body: A Guide for Occupants 
A ‘Horror Movie’ Fish That Moves on Land—Or Does It? (LINK)

Thursday, October 31, 2019

Links

The Latticework Podcast, presented by MOI Global: William Green with Arnold Van Den Berg at Latticework New York 2019 (LINK)

Rob Arnott Video: Past Is Not Prologue (LINK)
Chasing returns can be very costly. High valuations can go higher, but not indefinitely. At Research Affiliates’ recent Investment Symposium in London, Rob Arnott explains how the link between starting valuations and subsequent returns is powerful, and examines which investments look attractive today.
The Spectrum of Wealth - by Morgan Housel (LINK)

Value investor Joel Greenblatt says this company could solve a key hurdle in esports’ growth [H/T Linc] (LINK)

Barry Diller on CNBC (LINK)

Apollo Asia Fund: the manager's report for 3Q19 (LINK)

Remember QR Codes? They’re More Powerful Than You Think (LINK)

Venture Stories Podcast: Jerry Yang on China, Yahoo!, and Early-Stage Investing (LINK)

What is Chasing You? - by Ian Cassel (LINK)