Sunday, August 30, 2015


A Dozen Things Learned from Charlie Munger About Benjamin Graham’s Value Investing System (LINK)
Related book: Charlie Munger: The Complete Investor
Tren Griffin talks with Forbes about his book on Charlie Munger (LINK)

James Chanos discusses China on the Full Disclosure podcast (audio) (LINK)

A 'Black Swan' Fund Makes $1 Billion (LINK) [Related book: The Dao of Capital]
“This is just the beginning,” said Universa founder Mark Spitznagel, referring to the market volatility last week. His longtime collaborator, Mr. Taleb, who advises Universa, is a professor at New York University and is known for his pessimistic forecasts on the global economy. 
“The markets are overvalued to the tune of 50%, and I’ve been saying that for some time,” said Mr. Spitznagel, who has spent the past several years warning of a coming correction he viewed as inevitable given the easy-money policies by central banks around the world.
The Power Revolutions (LINK)
Natural gas, solar power and data-driven efficiency are making big gains, but history shows that the shift away from coal and oil won’t be fast or neat
Masters in Business podcast: Paul McCulley (audio) (LINK)

PHILOSOPHICAL ECONOMICS: Fiscal Inflation Targeting and the Cost of Large Government Debt Accumulation (LINK)

Hussman Weekly Market Comment: If You Need to Reduce Risk, Do it Now (LINK)
It’s important to recognize that the S&P 500 is down only about 6% from its record high, while the most historically reliable valuation measures are double their historical norms; a level that we still associate with expected 10-year S&P 500 nominal total returns of approximately zero. We fully expect a 40-55% market loss over the completion of the present market cycle. Such a loss would only bring valuations to levels that have been historically run-of-the-mill. Investors need not expect, but should absolutely allow for, a market loss of that magnitude. If your investment portfolio is well-aligned with your actual risk tolerance and the horizon over which you expect to spend the funds, do nothing. Otherwise, use this moment as an opportunity to set it right. Whatever you're going to do, do it. You may not get another opportunity, and if you're taking more equity risk than you wish to carry over the completion of this cycle, you still have the opportunity to adjust at stock prices that are close to the highest levels in history.
Oliver Sacks, Neurologist Who Wrote About the Brain’s Quirks, Dies at 82 (LINK)
Related book: On the Move