Monday, January 30, 2017


"A wise man seeks wisdom; a madman thinks that he has found it." 
-Persian proverb (via A Calendar of Wisdom)

The video of Warren Buffett and Bill Gates on Charlie Rose (LINK)

'Becoming Warren Buffett' Goes Beyond a $74 Billion Fortune [H/T Linc] (LINK)

‘Becoming Warren Buffett’ is a timely reassurance that some billionaires have a heart [H/T Linc] (LINK)

The $99 Billion Idea: How Uber and Airbnb Won (LINK)
Related book (released tomorrow): The Upstarts: How Uber, Airbnb, and the Killer Companies of the New Silicon Valley Are Changing the World - by Brad Stone
James Grant on WealthTrack (video) (LINK)

The Hidden Fees Inside Managed-Future Funds - by Jason Zweig (LINK)

Everyone Poops and has Customer Churn (and a Dozen Notes) - by Tren Griffin (LINK)

Billionaire Steve Wynn: Building Las Vegas (2014 video) [H/T @iancassel] (LINK) ["We never risked the firm. Never risked the firm. My responsibility to my employees, my stockholders and such; that I can't promise to be right all the time. No one can. You make calls. Sometimes they're right, sometimes they're wrong. But capital structure allows you to survive the inevitable cycles of business, which go up and down as surely as sunrise and sunset, except we don't know the timing. They allow you to survive your own miscalculations. Capital structure, I learned at a young age, thanks to Mike Milken who taught me this story; capital structure is everything. And I've always had a capital structure that was bulletproof."] [Wynn's answer about building a good company culture from the 33:50-40:58 mark is also worth a close listen.]

Hussman Weekly Market Comment: On Governance (LINK)
Those who aspire to “right speech” often measure their words with four questions: Is it true? Is it kind? Is it necessary? Is it the right time? Right speech should not escalate conflict, but it doesn’t retreat from necessary truth, and criticisms don’t always seem kind. The question of right speech is the question of how one might best serve others. Criticism with the intent to offend is not constructive, but silence is equally detrimental when it quietly endorses a pattern of offense, or encourages the silence of others. 
Those of you who have followed my work over the decades know that I look at the world holistically in terms of the interconnection and responsibility we have toward others, and I’ve never been much for separating “business” from those larger values. After all, most of my income regularly goes to charity, and nearly everything that remains follows our own investment discipline. Whether my comments on matters like peace, civility, economic policy or governance are well-received or not (and I'm grateful that they have been over the years), there are moments when one has the responsibility to speak if one has a voice.
How Mark Sisson grew a loyal tribe before launching a niche health food line (podcast) (LINK)
Related book: The New Primal Blueprint
Amor Fati: The Immense Power of Learning To Love Your Fate (LINK)
Related previous post: Friedrich Nietzsche quotes on amor fati ("love of fate")
Book of the day (mentioned by Warren Buffett at Columbia): Essays In Persuasion – by John Maynard Keynes