Wednesday, September 7, 2016


Seth Klarman's 2015 Year-End Letter [I've seen this linked to in a couple of places, but it probably won't be available for long.] (LINK)

GMO Whitepaper: An Investment Only a Mother Could Love: The Case for Natural Resource Equities - by Lucas White and Jeremy Grantham (LINK)

How Elizabeth Holmes's House of Cards Came Tumbling Down - by Nick Bilton (LINK)

Survivorship Bias Explained - by Ben Carlson (LINK)

Pershing Square buys nearly 10% of Chipotle (LINK)

Goldman Sachs Has Started Giving Away Its Most Valuable Software [H/T @jasonzweigwsj] (LINK)

Now Companies Are Getting Paid to Borrow [H/T Matt] (LINK)
Investors are now paying for the privilege of lending their money to companies, a fresh sign of how aggressive central-bank policy is upending conventional patterns in finance. 
German consumer-products company Henkel AG and French drugmaker Sanofi SA each sold no-interest bonds at a premium to their face value Tuesday. That means investors are paying more for the bonds than they will get back when the bonds mature in the next few years. 
A number of governments already have been able to issue bonds at negative yields this year. But it is a rare feat for companies, which also ask investors to bear credit risk.
There Are No Truffles in Truffle Oil (LINK)

How It`s Made | Bricks (video) (LINK)

a16z Podcast: Sleep! (LINK)
Related book: The Sleep Revolution