Thursday, November 15, 2018


"You may delay, but Time will not." --Ben Franklin

Berkshire invests in JPMorgan, Oracle as Buffett puts cash to work (LINK)

The GE End Game: Bataan Death March or Turnaround Play? - by Aswath Damodaran (LINK)

CNBC's full interview with Ray Dalio (~16 minutes) (LINK)

Short-seller Bass says China needs 'reset' as Trump talks tariffs (LINK)

Is there a financial time bomb in sight? - by Sebastian Mallaby (LINK)

Delay, Deny and Deflect: How Facebook’s Leaders Fought Through Crisis (LINK)

Who does Facebook fire after a bombshell New York Times investigation? (LINK)

Michael Lewis, whose books often highlight the growing role of data, sees the opportunity in trucking [H/T Linc] (LINK)

4 Strategies For Becoming a Master Persuader - by Robert Greene (LINK)

Deep freeze impact: Scientists find a huge asteroid impact crater under Greenland’s ice (LINK)

A Bold New Strategy for Stopping the Rise of Superbugs - by Ed Yong (LINK)

"A Change of Fortune hurts a wise Man no more than a Change of the Moon." --Ben Franklin

Wednesday, November 14, 2018


CNBC's full interview with John Malone (~55 minutes) (LINK)

Real Vision has made the full interview with Stanley F. Druckenmiller, which was filmed in early September, freely available for all (LINK)

How This All Happened - by Morgan Housel (LINK)
The story of how America evolved from 1945 to 2018.
How Warren Buffett Is Expanding His Overseas Real Estate Empire [H/T Linc] (LINK)

Why I love fertilizer - by Bill Gates (LINK)

How to Weigh Your Options and Decide Wisely: Benjamin Franklin’s Pioneering Pros and Cons Framework (LINK)

How Amazon Picked HQ2 and Jilted 236 Cities ($) (LINK)

A Reckoning With the Dark Side of the Restaurant Industry ($) [H/T @trengriffin] (LINK)
On the other hand, young cooks’ heightened expectations don’t always take into account low wages or difficult labor, restaurateurs say. Dreams of fame and fortune have driven growth in culinary schools and programs and encouraged thousands of students to finance this education with debt. 
Last year, 672 culinary programs were accredited by the ACF, compared with roughly 100 in 1998, Ms. Brust says. More than 39,000 students matriculated from two-year or four-year culinary degree programs accredited by the ACF last year. Yet the Bureau of Labor Statistics forecasts the creation of only 14,100 new chef and head-cook jobs by 2026. There will be 10 times as many “cook” jobs, but these pay half as much. 
Restaurant cooks make a median wage of $12.10 an hour, according to the Bureau of Labor Statistics. Culinary-school graduates are no exception, even at top-tier restaurants in expensive cities, a number of restaurateurs say. While some top chefs can earn six figures, the median annual wage for chefs and head cooks is $45,950, according to the BLS.
Focused Compounding Podcast: Talking MicroCap Investing with MicroCapClub's Ian Cassel (LINK)

Capital Allocators Podcast: Michael Lombardi – Leadership Through Football (LINK)
Related book: Gridiron Genius
Seth Godin talks about his new book on his podcast (LINK)

Jocko Podcast 151: How to Really Implement Change. Different Leadership Styles. Balancing Discipline. Different Jiu Jitsu Styles. (LINK)

The Myth Of the Traumatized Neanderthal - by Ed Yong (LINK)

Tuesday, November 13, 2018


"Human history is a fragment of biology. Man is one of countless millions of species and, like all the rest, is subject to the struggle for existence and the competition of the fittest to survive. All psychology, philosophy, statesmanship, and utopias must make their peace with these biological laws. Man can be traced to about a million years before Christ. Agriculture can be traced no farther back than to 25,000 B.C. Man has lived forty times longer as a hunter than as a tiller of the soil in a settled life. In those 975,000 years his basic nature was formed and remains to challenge civilization every day." --Will Durant, "Heroes of History"

How mobile phones are helping farmers grow bigger harvests - by Bill Gates (LINK)

How Google and Amazon Got So Big Without Being Regulated (LINK)
Related book: The Curse of Bigness
Record Biotech IPO May Be Worth the $7 Billion - by Charley Grant ($) (LINK)
Moderna is slated to offer the largest biotech IPO on record, and a $7 billion valuation isn’t as crazy as it sounds
Mohnish Pabrai's keynote speech at the 8th Morningstar Investment Conference in Mumbai, India (video) (LINK)

Invest Like the Best Podcast: Cliff Asness – The Past, The Present & Future of Quant  (LINK)

Grant’s Current Yield Podcast: Curated content (LINK)

6 Biases Holding You Back From Rational Thinking - by Robert Greene (LINK)
Related book: The Laws of Human Nature
TED Talk: My journey to thank all the people responsible for my morning coffee | AJ Jacobs (LINK)

Released today: This Is Marketing - by Seth Godin (who also reads the audiobook)

Monday, November 12, 2018


How an Intelligence Expert Helps Wall Street Mavens Think Smarter (LINK)

Defensive Decision Making: What IS Best v. What LOOKS Best (LINK)

Balance Is Underrated - by Sean Iddings (LINK)

How One Family Built $8 Billion Startup Far From Silicon Valley (LINK)

The Experience Economy - by Ben Thompson (LINK)

Inside John Malone’s World ($ Barron's) (LINK)

Productivity Growth II: Can the U.S. Economy Stay Airborne Without It? - by Frank Martin (LINK)

Marathon's Richards Has a Recession Warning for Overleveraged Companies (video) [H/T @valueshadow] (LINK)

Has the “Everything Bubble” begun to deflate everything? (LINK)

Be Afraid of Economic ‘Bigness.’ Be Very Afraid. - by Tim Wu (LINK)
Related book (just released): The Curse of Bigness: Antitrust in the New Gilded Age
Ray Dalio on the Masters in Business podcast (LINK)

Ray Dalio reflects on today’s great powers and how they will handle their deep-seated differences (LINK)

Inside Bill Browder’s War Against Putin (LINK)

The next great war - by Graham Allison (LINK)

Saturday, November 10, 2018


"In economics, it’s far easier to tell what will happen than when it will happen. I mean, you can see bubbles develop and things, but you do not know how big the bubble will get." --Warren Buffett (2005)

A Fifth of China's Homes Are Empty. That's 50 Million Apartments (LINK)

Google in China: When ‘Don’t Be Evil’ Met the Great Firewall (LINK)

Kate Welling discusses Merger Masters on the According to Sources podcast (LINK)

Reflections on the Bank of England’s History (LINK)
Related book: Till Time's Last Sand: A History of the Bank of England 1694-2013
Tony Robbins & Peter H. Diamandis: Vitality, Longevity, Education & Human Purpose during our Exponential Age (LINK)

The Longevity Opportunity (LINK)

How to Engineer Biology (LINK)

Tim Berners-Lee launches campaign to save the web from abuse [H/T @jasonzweigwsj] (LINK)

Tech C.E.O.s Are in Love With Their Principal Doomsayer (LINK)
The futurist philosopher Yuval Noah Harari thinks Silicon Valley is an engine of dystopian ruin. So why do the digital elite adore him so?
Book of the day: Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies

Friday, November 9, 2018


"I think you can only plan in broad terms where you want to go and what are the major pieces which you want to put in place. And then you have to leave a lot of space for the economy to develop, for people to pursue their passions, and for technology to unfold. But you do have to do things with a long-term perspective." --Lee Hsien Loong 

Singapore Prime Minister Lee Hsien Loong Speaks at New Economy Forum (video) [H/T Cathy] (LINK)

The Tim Ferriss Show: Doug McMillon — CEO of Walmart (podcast) (LINK)

Disruptive Innovation: The Role of Hospitals, Integration, and the Value-Added Process (LINK)

Sam Altman on Choosing Projects, Creating Value, and Finding Purpose (video and podcast) (LINK)

The Extremely Fast Peopling of the Americas - by Ed Yong (LINK)

Thursday, November 8, 2018

Nassim Nicholas Taleb: "Skin in the Game" | Talks at Google

Link to video


Related book: Skin in the Game: Hidden Asymmetries in Daily Life


I Can’t See Berkshire’s Bottom Line - by Donald E. Graham ($) (LINK)
A new accounting rule makes it difficult for investors to make sense of annual reports.
Buffett’s Underrated Investment Attribute - by John Huber (LINK)

Making Sense Of Multiples: Mauboussin On EV/EBITDA (LINK)

Once an Optimist on U.S.-China Relations, Henry Paulson Delivers a Sobering Message ($) (LINK)
The former Treasury secretary warns that Chinese behavior and U.S. miscalculation could bring down an ‘economic Iron Curtain’ between the two global superpowers
On Physician Burnout and the Plight of the Modern Knowledge Worker - by Cal Newport (LINK)

Eric Schmidt chats with Tyler Cowen (podcast) (LINK)

Hard Words: Why aren't kids being taught to read? (LINK)
Scientific research has shown how children learn to read and how they should be taught. But many educators don't know the science and, in some cases, actively resist it. As a result, millions of kids are being set up to fail.
Book of the day (was released this week): Merger Masters: Tales of Arbitrage - by Kate Welling and Mario Gabelli

Tuesday, November 6, 2018


" If you stop to think about it, the ordinary result when a big publicly-held corporation buys another corporation is that, maybe two-thirds of the time, it’s a terrible deal for the buying corporation and yet the people have taken an enormous time doing it. And we’ve bought all these businesses taking practically no time in doing it, and on average they’ve worked out wonderfully. Why is that? That’s a good question. The answer is we wait for the no-brainers. We’re not trying to do the difficult things....  And we have the patience to wait. And then we’re so peculiar that there actually are a good number of businesses in America where they prefer selling to us than to other people. That’s very helpful." --Charlie Munger (2002 Berkshire Hathaway Annual Meeting)

All it Takes is One - by Ian Cassel (LINK)

State of the Cloud Report 2018 - Bessemer Venture Partners [H/T @ChrisPavese] (LINK)

Grant’s Current Yield Podcast: Read the fine print (LINK)
Related book: Financial Fine Print
The Problem Behind a Viral Video of a Persistent Baby Bear - by Ed Yong (LINK)

Monday, November 5, 2018


"Controlling risk is the mark of a professional. Anybody can make money when the market goes up. And most of the time the market goes up. And anybody who takes above-average risk can do above average when the market rises. So achieving returns is not a point of distinction in good times. In my opinion, the distinction of a superior investor is achieving returns in good times with the risk under control, because you never know when the environment is going to shift from favorable to unfavorable. And the question is: are you prepared?" --Howard Marks

Why Doctors Hate Their Computers - by Atul Gawande (LINK)

Cycles with Howard Marks, Julio Herrera, Jordon Kruse and Robert O'Leary (video) (LINK)

Greenhaven Road Capital Q3 2018 Letter [with an overview of new holding Box, Inc.] (LINK)

Apple’s Social Network - by Ben Thompson (LINK)

Sometimes, It’s Bonds For the Long Run - by Jason Zweig ($) (LINK)

How Tesla Made a Record Profit - by Charley Grant ($) (LINK)

Avenue’s Marc Lasry Sees Reckoning for Investment-Grade Company Bonds [H/T @ShaiDardashti] (LINK)

Book review: “The Myth of Capitalism” by Jonathan Tepper (LINK)

What’s Staying the Same (LINK)

5 Tactics Used By Passive-Aggressive Arguers (And The Best Forms of Defense) - by Robert Greene (LINK)

The Most Misread Poem in America [H/T @kevin2kelly] (LINK)

Why the Long Face, Extinct Dolphin? - by Ed Yong (LINK)

Bill Gates talks toilets (video) (LINK)