Saturday, March 30, 2013

Seneca quote

“Happy is the man who can make others better, not merely when he is in their company, but even when he is in their thoughts! And happy also is he who can so revere a man as to calm and regulate himself by calling him to mind! One who can so revere another, will soon be himself worthy of reverence.”

Thinking Fast and Slow - Daniel Kahneman in conversation with Richard Layard



Related book: Thinking, Fast and Slow

Friday, March 29, 2013

Nassim Taleb quote

 “…it is the suppressed risk in the statistical “tails” that matters—not the failure to see the last grain of sand. One analogy to economics: after the inception of the financial crisis in 2007–2008, many people thought that predicting the subprime meltdown (which seemed in their mind to have triggered it) would have helped. It would not have, for Baal’s sake, since it was a symptom of the crisis, not its underlying cause.” –Nassim Taleb, Antifragile

Michael Hudson interview with The Real News


Thursday, March 28, 2013

Learning and Exhaustion...

“But when it comes to learning, the science is clear: Exhaustion is the enemy. Fatigue slows brains. It triggers errors, lessens concentration, and leads to shortcuts that create bad habits. It’s no coincidence that most talent hotbeds put a premium on practicing when people are fresh, usually in the morning, if possible. When exhaustion creeps in, it’s time to quit.” –Daniel Coyle, The Little Book of Talent: 52 Tips for Improving Your Skills

Mohnish Pabrai - Columbia Compounding Presentation (video of slides)



Some of the key points from the slides on Mohnish's portfolio strategy since 2009:

• Do not invest in anything that does not look like a 2-3x in 2-3 years.
• If a stock trades at 10, it is a pass if intrinsic value is 13 or 14 or 17 or even 19.
• There are 50,000+ publicly-traded business around the globe…You just need to find 2-4 annually that meet this criteria.
• 1st 75% of cash – minimum 2x in 2-3 years
• Next 10% of cash – minimum 3x in 2-3 years
• Next 5% of cash – minimum 4x in 2-3 years
• Next 5% of cash – minimum 5x in 2-3 years
• Last 5% of cash – more than 5x in 2-3 years

Wednesday, March 27, 2013

Nassim Taleb quote

 “In medicine, we are discovering the healing powers of fasting, as the avoidance of the hormonal rushes that come with the ingestion of food. Hormones convey information to the different parts of our system, and too much of them confuses our biology. Here again, as with news received at too high a frequency, too much information becomes harmful—daily news and sugar confuse our system in the same manner.” –Nassim Taleb, Antifragile

John Mauldin: You Can’t Be Serious

Tuesday, March 26, 2013

Danny Meyer speaks to GWU students

Restaurateur Danny Meyer joined José Andrés for the second "The World on a Plate" food class to discuss the food industry. Meyer, who is the CEO of Union Square Hospitality Group in New York, told students about his experiences and how the food industry has evolved. "Hospitality is being on the other person's side," said Meyer. "And food is love."



Related previous posts:

Danny Meyer on Charlie Rose

Business Insider Interview With Danny Meyer: The Truth About The Restaurant Industry

Related articles:

A Movable Feast: Danny Meyer on a Roll

You Can’t Stop Shake Shack

Related book: Setting the Table

Related DVD: The Restaurateur

Barron’s Interviews David Winters

Why the chief of the Wintergreen Fund avoids leveraged financials and health-care stocks, but loves Swatch, Richemont, Canadian Natural Resources, and Wynn Macau.

Monday, March 25, 2013

Steve Jobs quote

“Whenever you do any one thing intensely over a period of time you have to give up other lives you could be living. You have to have a real single-minded kind of tunnel vision if you want to get anything significant accomplished. Especially if the desire is not to be a businessman, but to be a creative person.” -Steve Jobs, Esquire, 1986

Mark Sellers explains how Irish on Ionia grew into Michigan's largest St. Patrick's Day party

Thanks to Lincoln for passing this along.

Hussman Weekly Market Comment: The Hook

We are in very familiar – if frustrating – terrain here. While valuations are not as extreme as they were in 2000, the level of investor confidence in “free money” is nearly identical, as is my conviction that this belief in free money will end in tears. Even on the optimistic assumption of 6.3% nominal economic growth for the indefinite future, we estimate a probable 10-year nominal total return on the S&P 500 averaging just 3.6% annually (see Investment, Speculation, Valuation and Tinker Bell for a set of historically accurate models that share that conclusion).  Above, I’ve chosen quotations spanning several months in 2000 to emphasize the drawn-out nature of the 2000 peak – the seeming “resilience” of the market above the 1400 level certainly did not prevent the market from losing half of its value over the following 2-year period, wiping out the entire total return of the S&P 500 – in excess of Treasury bill returns – all the way back to May 1996.

Sunday, March 24, 2013

Eric Hoffer quote

Thanks to Daniel for passing this quote along.

"It goes without saying that the fanatic is convinced that the cause he holds on to is monolithic and eternal - a rock of ages. Still, his sense of security is derived from his passionate attachment and not from the excellence of his cause. The fanatic is not really a stickler to principle. He embraces a cause not primarily because of its justness and holiness but because of his desperate need for something to hold on to. Often, indeed, it is his need for passionate attachment which turns every cause he embraces into a holy cause.

The fanatic cannot be weaned away from his cause by an appeal to his reason or moral sense. He fears compromise and cannot be persuaded to qualify the certitude and righteousness of his holy cause. But he finds no difficulty in swinging suddenly and wildly from one holy cause to another. He cannot be convinced but only converted. His passionate attachment is more vital than the quality of the cause to which he is attached."

- Eric Hoffer, The True Believer

TED Talk - Francis Collins: We need better drugs -- now



Related link: The future of medicine (8 talks)

Jeffrey Hammerbacher on Charlie Rose

Saturday, March 23, 2013

Nassim Taleb quote

“Since procrastination is a message from our natural willpower via low motivation, the cure is changing the environment, or one’s profession, by selecting one in which one does not have to fight one’s impulses. Few can grasp the logical consequence that, instead, one should lead a life in which procrastination is good, as a naturalistic-risk-based form of decision making….Using my ecological reasoning, someone who procrastinates is not irrational; it is his environment that is irrational. And the psychologist or economist calling him irrational is the one who is beyond irrational….In fact we humans are very bad at filtering information, particularly short-term information, and procrastination can be a way for us to filter better, to resist the consequences of jumping on information…” –Nassim Taleb, Antifragile

In Praise of Idleness – By Bertrand Russell (1932)

Like most of my generation, I was brought up on the saying: 'Satan finds some mischief for idle hands to do.' Being a highly virtuous child, I believed all that I was told, and acquired a conscience which has kept me working hard down to the present moment. But although my conscience has controlled my actions, my opinions have undergone a revolution. I think that there is far too much work done in the world, that immense harm is caused by the belief that work is virtuous, and that what needs to be preached in modern industrial countries is quite different from what always has been preached. Everyone knows the story of the traveler in Naples who saw twelve beggars lying in the sun (it was before the days of Mussolini), and offered a lira to the laziest of them. Eleven of them jumped up to claim it, so he gave it to the twelfth. this traveler was on the right lines. But in countries which do not enjoy Mediterranean sunshine idleness is more difficult, and a great public propaganda will be required to inaugurate it. I hope that, after reading the following pages, the leaders of the YMCA will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.

Weekend Reading


Blackstone Crowds Housing Market as Rental Gains Slowing (A realtor I know was hired by a fund to buy single-family homes to rent. The rental yield they want on their money after purchasing the property and putting whatever money needs to be spent to make it rentable: 5.5 to 6% . He said that if an asking price will yield 7-8%, they just pay the asking price. My impression is that until about 6-12 months ago, these numbers were in the low double-digit range.)

Friday, March 22, 2013

Thursday, March 21, 2013

To Beat Amazon, Walmart Is Treating Its Stores Like Apps

This reminds me of a Warren Buffett comment from a recent interview:

“The pace of change in terms of what customers are doing, how they pay us, how they come to us – it’s breathtaking,” said Buffett. “Any company that interacts with consumers and thinks that last week’s technology and approach is going to work five years from now is probably making a mistake.

The Stockholder in the Sand

Jeff Bezos recovers Apollo rocket engines


Wednesday, March 20, 2013

Nassim Taleb quote

“There is an element of deceit associated with interventionism, accelerating in a professionalized society. It’s much easier to sell “Look what I did for you” than “Look what I avoided for you.” Of course a bonus system based on “performance” exacerbates the problem. I’ve looked in history for heroes who became heroes for what they did not do, but it is hard to observe nonaction; I could not easily find any….The true hero in the Black Swan world is someone who prevents a calamity and, naturally, because the calamity did not take place, does not get recognition—or a bonus—for it.” –Nassim Taleb, Antifragile

Bill Ackman's Latest Herbalife Presentation

Via Market Folly:

Butler has found secret weapon in statistical guru Drew Cannon

Thanks to Lincoln for passing this along.

Fireside Chat With Warren Buffett and Cathy Baron Tamraz, CEO of Business Wire

Steve Romick on CNBC


John Mauldin: Will the Real Unemployed Please Raise Your Hands?

Tuesday, March 19, 2013

Nigel Farage: EU wants to steal money from Cypriots bank accounts

Found via Zero Hedge. Felix Salmon also had a good update on the Cyprus situation HERE. I have very little opinion on the topic, but my guess is that we may soon start seeing references to "fingers of instability", similar to what I remember seeing in a great letter from John Mauldin about 3 years ago (HERE) that was discussing Greece and its chance of turning contagious.


Nassim Taleb quote

“In business and economic decision making, reliance on data causes severe side effects—data is now plentiful thanks to connectivity, and the proportion of spuriousness in the data increases as one gets more immersed in it. A very rarely discussed property of data: it is toxic in large quantities—even in moderate quantities…. The more frequently you look at data, the more noise you are disproportionally likely to get (rather than the valuable part, called the signal); hence the higher the noise-to-signal ratio.” –Nassim Taleb, Antifragile

Steve Keen on CNBC


Monday, March 18, 2013

Manual of Ideas Conversation: Lawrence Cunningham on the Essays of Warren Buffett

Mr. Cunningham also recently released the third edition of The Essays of Warren Buffett, which is one worth having on the bookshelf and a must-read if you've never read all of Warren Buffett's letters to shareholders.



We don’t think it is a coincidence that the flaws in Canada’s banking system are being exposed at the same time China’s appetite for natural resources is being suppressed by a glass ceiling on capital misallocation.  In fact, while traveling through China last year, we learned that many of Chinese refer to one particularly popular Canadian city as “Hongcouver” – hence, our strong interest in Canada and in meeting new friends up north. Today, the world’s “healthiest” economies are closely tied to the insatiable Chinese demand for resources.  This is the part of the world that is supposed to be healthy.  These are the countries the rest of us are counting on for growth.  Yet, as noted in a recent report outlining the short thesis for iron ore, “The transmission mechanism that will take this disease that started quietly in the summer of 2011 and spread it globally are CRABS.  The CRABS are the commodity rich countries that are riding China’s spending spree.  They are Canada, Russia, Australia, Brazil and South Africa.”  This is absolutely perfect.  We think the CRABS will ultimately be a much bigger problem than the PIGS.  If for no other reason, we understand that CRABS are highly contagious.

Mohamed El-Erian on CNBC discussing Cyprus



Related link: Cyprus Update: Delay

JPMorgan’s Follies, for All to See

60 Minutes: The Innovator: Jack Dorsey


Hussman Weekly Market Comment: Investment, Speculation, Valuation, and Tinker Bell

Sunday, March 17, 2013

Arthur Schopenhauer quote

“Men of learning are those who have read the contents of books. Thinkers, geniuses, and those who have enlightened the world and furthered the race of men, are those who have made direct use of the book of the world.” –Arthur Schopenhauer

Top Books for the New Investor, or Great Books to Read or Review for the Not-So-New Investor

[Update: This was originally a list of 10 books, but I felt compelled to add some that I thought couldn't be left out.]

Just a list of recommendations I thought I’d try and put together.

Saturday, March 16, 2013

"If at first you do succeed, quit trying."

As re-read in the newly released third edition of Lawrence Cunningham’s The Essays of Warren Buffett: Lessons for Corporate America. This excerpt is from Warren Buffett’s 1991 shareholder letter:
We continually search for large businesses with understandable, enduring and mouth-watering economics that are run by able and shareholder-oriented managements. This focus doesn't guarantee results: We both have to buy at a sensible price and get business performance from our companies that validates our assessment. But this investment approach - searching for the superstars - offers us our only chance for real success. Charlie and I are simply not smart enough, considering the large sums we work with, to get great results by adroitly buying and selling portions of far-from-great businesses. Nor do we think many others can achieve long-term investment success by flitting from flower to flower. Indeed, we believe that according the name "investors" to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a romantic. 
If my universe of business possibilities was limited, say, to private companies in Omaha, I would, first, try to assess the long-term economic characteristics of each business; second, assess the quality of the people in charge of running it; and, third, try to buy into a few of the best operations at a sensible price. I certainly would not wish to own an equal part of every business in town. Why, then, should Berkshire take a different tack when dealing with the larger universe of public companies? And since finding great businesses and outstanding managers is so difficult, why should we discard proven products? (I was tempted to say "the real thing.") Our motto is: "If at first you do succeed, quit trying."
John Maynard Keynes, whose brilliance as a practicing investor matched his brilliance in thought, wrote a letter to a business associate, F. C. Scott, on August 15, 1934 that says it all: "As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.  It is a mistake to think that one limits one's risk by spreading too much between enterprises about which one knows little and has no reason for special confidence. . . . One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence."

What if money was no object?

Found via Farnam Street.


Friday, March 15, 2013

Nassim Taleb quote

“A main source of the economic crisis that started in 2007 lies in the iatrogenics of the attempt by Überfragilista Alan Greenspan—certainly the top economic iatrogenist of all time—to iron out the “boom-bust cycle” which caused risks to go hide under the carpet and accumulate there until they blew up the economy. The most depressing part of the Greenspan story is that the fellow was a libertarian and seemingly convinced of the idea of leaving systems to their own devices; people can fool themselves endlessly…..These attempts to eliminate the business cycle lead to the mother of all fragilities. Just as a little bit of fire here and there gets rid of the flammable material in a forest, a little bit of harm here and there in an economy weeds out the vulnerable firms early enough to allow them to “fail early” (so they can start again) and minimize the long-term damage to the system…An ethical problem arises when someone is put in charge. Greenspan’s actions were harmful, but even if he knew that, it would have taken a bit of heroic courage to justify inaction in a democracy where the incentive is to always promise a better outcome than the other guy, regardless of the actual, delayed cost.” –Nassim Taleb, Antifragile

Wednesday, March 13, 2013

Keeping it Simple...

Quotes from the section on 'Simplification' in Seeking Wisdom - from Darwin to Munger by Peter Bevelin.

"We have a passion for keeping things simple." -Charles Munger

"It's amazing how many people even today use a computer to do something you can do with a pencil and paper in less time." -Richard Feynman (from No Ordinary Genius)

"The art of being wise is the art of knowing what to overlook." -William James

"Part of that [having uncommon sense], I think, is being able to tune out folly, as distinguished from recognizing wisdom. You've got whole categories of things you just bat away so your brain isn't cluttered with them. That way, you're better able to pick up a few sensible things to do." -Charles Munger

"Yeah, we don't consider many stupid things. I mean, we get rid of 'em fast...Just getting rid of the nonsense -- just figuring out that if people call you and say, 'I've got this great, wonderful idea', you don't spend 10 minutes once you know in the first sentence that it isn't a great, wonderful idea...Don't be polite and go through the whole process." -Warren Buffett

"The harder you work, the more confidence you get. But you may be working hard on something that is false." -Charles Munger


Related previous posts:

Video Summaries of Peter Bevelin's "Seeking Wisdom - from Darwin to Munger"

2007 and 2009 Interviews with Peter Bevelin

Related letter: Filters

TED Talk - Stewart Brand: The dawn of de-extinction. Are you ready?


InvestorGuide’s Interview with Jim Rogers

Thanks to Tom for passing this along.

Broyhill Asset Management: Put Me In Coach!!

Coach is a classic compounder, not to be confused with certain pyramid schemes, selling magic weight loss potions and masquerading as growth stories. From 2002 to 2012, the company's sales increased at a compound annual rate of 21.1%, while earnings per share grew 31.1%. However, in the past year, shares have slid 35.4% while the S&P 500 has generated a 13.4% total return, providing investors with a rare opportunity to own a high quality business at a significant discount to intrinsic value. Coach currently trades at 8.3x EBIT, 13.0x current and 11.7x forward earnings. In other words, the stock is priced as if Coach’s growth is long in its past. At its peak in 2001, shares fetched 32 times earnings. If we assume that Coach ultimately trades back towards its average forward multiple of 15x over the next three years, we estimate the stock is worth $76.60 in our base case, which represents more than 50% upside potential. In our bull case, upside is significantly greater.

Kyle Bass’ Presentation at Chicago Booth

Found via Zero Hedge. This took place last week. In response to a question about one investment for the next 10 yeas: "I would buy Gold in JPY and go to sleep... Sell JPY, Buy Gold, Go to sleep, and wake up ten years later and you'll be fine. Don't put all your money in it but that is the single best investment you can make today."

John Mauldin: Argentina on Sale

Competitive Strength vs. Sustainable Competitive Advantage

“It is important for you to distinguish a business’s competitive strength from a sustainable competitive advantage. If a business has good customer service, a quality product, and knowledgeable workforces, those are all strengths, but those can often be duplicated.” –Michael Shearn, The Investment Checklist

The State of Long-Term Expectation

Chapter 12 (“The State of Long-Term Expectation”) of John Maynard Keynes’ The General Theory of Employment, Interest and Money is one that seems good to go back and re-read every now and then. Jeremy Grantham mentioned it in his interview with Charlie Rose, and Warren Buffett has mentioned it on several occasions (and mentioned the quote below in his 1991 Letter).


Related Keynes quote (which he wrote in a letter to a business associate): “As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence….One’s knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.”

Tuesday, March 12, 2013

Jeremy Grantham on Charlie Rose

Nassim Taleb quote

A little different take than Steven Pinker's case, as I understand it, in his book The Better Angels of Our Nature.

“Some people have fallen for the naive turkey-style belief that the world is getting safer and safer, and of course they naively attribute it to the holy “state” (though bottom-up Switzerland has about the lowest rate of violence of any place on the planet). It is exactly like saying that nuclear bombs are safer because they explode less often. The world is subjected to fewer and fewer acts of violence, while wars have the potential to be more criminal….When we look at risks in Extremistan, we don’t look at evidence (evidence comes too late), we look at potential damage: never has the world been more prone to more damage; never. It is hard to explain to naive data-driven people that risk is in the future, not in the past.” –Nassim Taleb, Antifragile

Monday, March 11, 2013

Video Summaries of Peter Bevelin's "Seeking Wisdom - from Darwin to Munger"

Links to videos:


Related previous post: 2007 and 2009 Interviews with Peter Bevelin

To purchase Seeking Wisdom, go to

Dylan Grice: Would the real Peter and Paul please stand up?

A big thanks to Barry for passing this along! You can sign up to receive Grice’s future letters HERE.

Prem Watsa's 2012 Shareholder Letter - Fairfax Financial

We continue to fully hedge our common stock portfolios because of the reasons first discussed in our 2010 and 2011 Annual Reports. Those reasons have not changed! Total debt (private and government) as a percentage of GDP in the U.S., Europe and the U.K. are at very high levels, thus limiting the options available to governments. Deleveraging in the private sector has only just begun. In spite of the significant deficit spending in the U.S. and Europe, high levels of unemployment prevail in both areas and economic growth continues to be very tepid. In fact, Europe and the U.K. appear to be heading for another recession. The markets are ignoring this as they believe the Fed and the European Central Bank will bail us out – again! Forgotten is the fact that the present Chairman of the Fed, in July 2008, yes July 2008, said that Fannie Mae and Freddie Mac were “adequately capitalized” and “are in no danger of failing”. In spite of QE1, QE2 and recently QE3, the economic fundamentals remain weak while stock markets and bond markets are back to near record levels, leading Gary Shilling, one of the best economists we know, to call this “the grand disconnect”. This “disconnect” or gap will be closed by either economic fundamentals rising to meet the financial markets or the markets coming down to meet the fundamentals. We think that the latter is likely and that the Fed has simply postponed the inevitable by its QE1, QE2 and QE3 actions.

"Fools give you reasons, wise men never try."

As found in the soon-to-be-released (later this week) third edition of Lawrence Cunningham’s The Essays of Warren Buffett: Lessons for Corporate America. This excerpt is from Warren Buffett’s 1999 shareholder letter:
Berkshire will someday have opportunities to deploy major amounts of cash in equity markets -- we are confident of that. But, as the song goes, "Who knows where or when?" Meanwhile, if anyone starts explaining to you what is going on in the truly-manic portions of this "enchanted" market, you might remember still another line of song: "Fools give you reasons, wise men never try."

Guru to the Stars

Howard Marks has made a killing on distressed debt. So, what does he think of the bond bubble? It's in only the "fifth inning."


Related link: Investing in Uncertain Times

Martin Capital Management: 2012 Annual Report

I saw this posted in a couple of different places. It is a great read, as always.

Hussman Weekly Market Comment: Two Myths and a Legend

Sunday, March 10, 2013

Nassim Taleb quote

“…the random element in trial and error is not quite random, if it is carried out rationally, using error as a source of information. If every trial provides you with information about what does not work, you start zooming in on a solution—so every attempt becomes more valuable, more like an expense than an error. And of course you make discoveries along the way.” –Nassim Taleb, Antifragile

Nassim Taleb quote

“Nature prefers to let the game continue at the informational level, the genetic code. So organisms need to die for nature to be antifragile—nature is opportunistic, ruthless, and selfish.” –Nassim Taleb, Antifragile

Saturday, March 9, 2013

Seth Klarman quote

“We clear a high bar before making an investment, and we resist the many pressures that other investors surely feel to lower that bar. The prospective return must always be generous relative to the risk incurred. For riskier investments, the upside potential must be many multiples of any potential loss. We believe there is room for a few of these potential five and ten baggers in a diversified, low-risk portfolio. A bargain price is necessary but not sufficient for making an investment, because sometimes securities that seem superficially inexpensive really aren’t. “Value traps” are cheap for a reason--perhaps an inept and entrenched management, a poor history of capital allocation, or assets whose value is in inexorable decline. A catalyst for the realization of underlying value is something we seek, but we will also make investments without a catalyst when the price is sufficiently compelling. It is easy to find middling opportunities but rare to find exceptional ones. We conduct an expansive search for opportunity across industries, asset classes, and geographies, and when we find compelling bargains we drill deep to verify the validity of our assumptions. Only then do we buy. As for what we own, we continually assess and reassess to incorporate new fundamental information about an investment in the context of market price fluctuations. When bargains are lacking, we are comfortable holding cash. This approach has been rewarding--as one would hope with a philosophy that is painstaking, extremely disciplined, and highly opportunistic.”

Content economics, part 2: payments – By Felix Salmon

I found the excerpt below especially interesting. And remember (warning: shameless plug to follow), you can always support this site by clicking on the SUPPORT VALUE INVESTING WORLD link on the homepage, or by clicking HERE.

TED Talk - Amanda Palmer: The art of asking


Friday, March 8, 2013

NOVA scienceNOW w/ Neil deGrasse Tyson: Where did we come from?


The Big Short War

Ed Thorp on NPR (2010)

Thanks to Lincoln for passing this along.

Michael Porter on Charlie Rose

Thursday, March 7, 2013

The Q Ratio and Market Valuation: Monthly Update

Via Doug Short:

U.S. Recession Began Middle of 2012, Achuthan Says (video)


Related previous post: ECRI: Recession in the Yo-Yo Years

Value Investor Insight Sample Issue: February 2013

Includes an excerpt from Seth Klarman’s 2012 year-end letter.

Even a subpar Sage is pure genius - By John Kay

Michael Mauboussin Interview: Untangling Skill and Luck in Business

Thanks to Lincoln for passing this along.



Related book: The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing

Related previous post: Simoleon Sense: Miguel Barbosa's Interview with Michael Mauboussin

Jim Chanos on CNBC

Links to videos: