"I realized the great investment arbitrage – the biggest source of alpha of all – was time horizon. The longer-term time horizon you have, the more probability you'll have of success if you have a framework that is true and robust and realistic. Those two things married together just shift the balance of probabilities in your favor." -Raoul Pal (source)
What We Said When the World Changed - by Morgan Housel (LINK)
Few things transformed the 20th century like the car and the airplane.
Both set the stage for the modern world, completely changing family life, politics, war, culture, business, leisure time, and communication.
But we only know how important the car and the plane are with hindsight. We had no idea how big they’d become when they made their first appearance.
The $90 Billion Investor Who’s Out to Fire Wall Street [H/T Matt] (LINK)
How Hackers Hijacked a Bank's Entire Online Operation (LINK)
Adventures in Finance podcast -- Carson Block: Short-selling Legend and Market Vigilante (audio plays) (LINK)
Planet Money podcast -- Episode 761: The Bank War [H/T @BaseHitInvestor] (LINK)
Banks and governments have been fighting each other for hundreds of years, but never more dramatically than during the showdown between President Andrew Jackson and Nicholas Biddle, the president of the Second Bank of the United States.Exponent Podcast: Episode 109 — Screw-ups Are Fun! (LINK)
Ben and James discuss Apple’s Mac Pro screw-up and what it might say about the company and its culture.Tropical MBA podcast: Brent Beshore and the 50 Year Private Equity Plan (LINK)
A girl was found living among monkeys in an Indian forest. How she got there is a mystery. [H/T Linc] (LINK)
Octopuses Do Something Really Strange to Their Genes - by Ed Yong (LINK)