Wednesday, July 19, 2017


"While it's true that only large positions can get you into trouble, it's equally true that only large positions can make a big contribution. (This is one of the great dilemmas in investing.)" -Howard Marks (Source)

Apollo Asia Fund: the manager's report for 2Q17 (LINK)
We are patient with companies which are having short-term difficulties - perhaps to a fault, but when managers respond to each setback with sensible steps, the results are usually good in the end, and we sometimes learn more about the business characteristics during such periods. When our confidence dwindles, however, we pay more and more attention, and may trim; if it is lost, we try to exit completely, rather than trying to be too clever about the price.
Conversations with Tyler (podcast): Atul Gawande on Priorities, Big and Small (LINK)

How Digital Platforms Increase Inequality (LINK)

Waking Up podcast: Sam Harris talks with Geoffrey West (LINK)
Related book: Scale
Waking Up podcast: Sam Harris talks with Scott Adams (LINK)

The Tim Ferriss Show: Morning Routines and Strategies (podcast) (LINK)
This is a special episode of the podcast. After more than 200 conversations with the world's top performers, you start to spot certain patterns. These are the shared habits, hacks, philosophies, and tools that are the common threads of success, happiness, health, and wealth. These commonalities were the premise of my most recent book, The New York Times #1 bestseller Tools of Titans -- a compilation of my favorite lessons, routines, and tips of many of my guests. In this episode, I've gathered some of the best advice from past guests about morning routines.