Tuesday, January 23, 2018


The Playing Field - by Graham Duncan [H/T @AlexRubalcava] (LINK)
Over the last decade, I’ve interviewed and assessed more than 5,000 investment managers. One of the most important things I’ve learned in that process is what separates the great investors from the rest. The great ones view investing as a game, and they know exactly what game they’re playing. It brings to mind an observation from the philosopher Kwame Anthony Appiah: “In life the challenge is not so much to figure out how best to play the game; the challenge is to figure out what game you’re playing.”
Amazon Go and the Future - by Ben Thompson (LINK)

Michael Mauboussin returns for another chat with Shane Parrish on The Knowledge Project Podcast (LINK)

Ray Dalio on CNBC (LINK)

Robert Shiller on CNBC (Video 1, Video 2)

Elliott Is Doing Pretty Nicely in the Power Business [H/T Linc] (LINK)

Burger King Owner Appoints Tech Czar in Bid to Modernize Chain [H/T Linc] (LINK)

The Meb Faber Show (podcast): Dan Rasmussen - “The Crown Jewel of the Alternative Universe is Private Equity" [H/T Steve] (LINK) [This podcast has given me some stock-screening ideas, especially as it relates to the small and micro-cap world of investing.]
He tells us that PE has been considered the crown jewel of the alternative world, then provides a wonderful recap of its evolution – how this market outperformed for many years (think Mitt Romney in the 80s, when he was buying businesses for 4-6 times EBIT), yet its outsized returns led to endowments flooding the market with capital ($200 - $300 billion per year, which was close to triple the pre-Global Financial Crisis average), driving up valuations. Today, deals are getting done at valuations that are nowhere near as low as in the early days. And so, the outsized returns simply haven’t existed. Yet that hasn’t stopped institutional investors from believing they will.
Invest Like the Best podcast: Dr. Ben Hunt - The Three-Body Portfolio (LINK)

a16z Podcast: Beyond CES: Connected Home Devices, Voice, and More (LINK)

Heraclitus, the weeping philosopher (LINK)