Monday, September 26, 2016


The Chessboard Fallacy (LINK)

Latticework of Mental Models: Scarcity Bias (LINK) [Also from Vishal: Mental Models, Investing, and You (Special E-Book)]

The Fight to Keep It Simple (LINK)
Related previous post: If it's not simple, then I'm not interested...
Comments on investment philosophy - part one -- by John Hempton (LINK)

The ~30-minute CNBC video interview with Bruce Berkowitz [H/T Will] (LINK)

Why Getting Rich Quick Doesn’t Sound Crazy - by Jason Zweig (LINK)

Self-made billionaire Jim Koch says this book taught him more than Harvard did [H/T Matt] (LINK)
Related book: How to Master the Art of Selling
Peter Diamandis’s 9 Rules For Building A Successful Business (LINK)

Snapchat Releases First Hardware Product, Spectacles (LINK)

What’s the Best Safe Haven for Investors? - by Mark Spitznagel [H/T Jim] (LINK)

Hussman Weekly Market Comment: Structural Growth and Dope Dealers on Speed-Dial (LINK)
Presently, the Shiller CAPE stands at close to 26, which is already well above historical norms, and above anything seen prior to the sequential bubbles (and collapses) of recent cycles. But the CAPE only captures part of the risk, because that 10-year average of inflation-adjusted earnings actually embeds the highest profit margin in history. By accepting the CAPE at face-value, investors are quietly assuming that profit margins will remain at this level permanently. On the basis of normalized profit margins, which systematically produce a more reliable valuation measure across history, the CAPE would presently be at 36.
Richard Duncan posted the final chapter of his book The Dollar Crisis, written in December 2004, which was interesting to read nearly 12 years later (LINK) [And if you want to subscribe to Richard Duncan's Macro Watch newsletter, you should also still be able to use the coupon code 'valueinvestingworld' to get 50% off.]

Exponent podcast: Episode 089 — Move On from the 80s (LINK)

The Cato chronicles, part I: young Cato (LINK)
Related book: Rome's Last Citizen: The Life and Legacy of Cato, Mortal Enemy of Caesar
How To Overcome Addiction And Make Lasting Changes In Your Life [H/T @AdamMGrant] (LINK)