Thursday, December 7, 2017


Bill Gates: Holiday Reading 2017 (video) (LINK)
The books: 1) Evicted: Poverty and Profit in the American City; 2) The Sympathizer; 3) The Best We Could Do; 4) Energy and Civilization: A History; 5) Believe Me: A Memoir of Love, Death, and Jazz Chickens
Howard Marks at the Goldman Sachs US Financial Services Conference (LINK)
Everybody who manages money has to end up somewhere on the spectrum between cautious and aggressive, and I don't see any encouragement for aggressiveness today. I'm not worried about missing opportunities today. I'm worried about losing money. And so in my opinion, that calls for caution. Not out of the market. Oaktree's mantra is and has been for a while move forward but with caution. Move forward means make investments. We're not terrified. We're not hesitant to make investments. We are, in most of our accounts, we are fully invested, but with caution. And we are a cautious firm, so that means more caution than usual. And fully invested with caution has actually been a good posture for the last several years. You look at last year, you look at this year, I think that in both years, the returns have come as a surprise. So the point is, we would've had a somewhat higher return if we hadn't been cautious, but our caution gave us the courage to be fully invested, which was the right thing.
Howard Marks says tax cut won't trickle down 'too much' to regular worker (LINK)

Muddy Waters Shorts OSI Systems on Bribery Concerns (video) (LINK)

How To Read Financial News - by Morgan Housel (LINK)

Mary Hull – One of the First Female Intelligent Fanatics - by Sean Iddings (LINK)

Andrew Lo on the Odd Lots Podcast (LINK)
Related book: Adaptive Markets: Financial Evolution at the Speed of Thought
Grant’s Podcast: Value Hunt (LINK)

Freakonomics Radio (podcast): Why Is the Live-Event Ticket Market So Screwed Up? (LINK)

Masters of Scale with Reid Hoffman (podcast): Infinite Learner (Part I) — with IAC's Barry Diller (LINK)

Benedict Evans presentation: 10 Year Futures (vs. What's Happening Now) (video) (LINK)
This autumn I gave the keynote at Andreessen Horowitz's annual 'Tech Summit' conference, talking about the state of tech today and what's likely to happen in the next decade: mobile, Google / Apple / Facebook / Amazon, innovation, machine learning, autonomous cars, mixed reality and crypto-currencies. 
Max Tegmark: "Life 3.0: Being Human in the Age of AI" | Talks at Google (LINK)

Apparently This Is What a Swimming Dinosaur Looks Like - by Ed Yong (LINK)