Friday, February 9, 2018


Michael Mauboussin on the Future of Active Management (LINK)

Polleit & Riechert Investment Management's H2 2017 Letter (LINK)

Why Competitive Advantages Die - by Morgan Housel (LINK)

Has Anyone Seen the President? - by Michael Lewis (LINK)

Latticework of Mental Models: Hot Hand Fallacy (LINK)

Jimmy Buffett Does Not Live the Jimmy Buffett Lifestyle (LINK)
He’s so rich that he’s done a 23andMe DNA test with Warren Buffett because in addition to sharing a last name, the mutual ability to sustain such mind-boggling wealth is so otherworldly that it could surely only be the result of the same extremely rare and fortunate genetic mutation. The test showed no biological relationship, but they stayed friends. Jimmy calls Warren “Uncle Warren” and Warren, who has been a business mentor to Jimmy, calls him “Cousin Jimmy.” 
Uncle Warren gave Cousin Jimmy some advice while he was growing the Margaritaville empire: “Management in place,” he said. Find a good business that makes sense, and make sure there are good people running it. Jimmy Buffett didn’t just want to license his name around. He wanted to work only with people who would give the customer a great experience: “If you like what I do in goods and services, if we make you feel better after a hard day of work and you want to come blow off some steam and you pay for that, I’m going to give you your money’s worth and have a good time doing it.”
Amazon to Launch Delivery Service That Would Vie With FedEx, UPS ($) (LINK) Inc. is preparing to launch a delivery service for businesses, positioning it to directly compete with United Parcel Service Inc. and FedEx Corp. 
Dubbed “Shipping with Amazon,” or SWA, the new service will entail the tech giant picking up packages from businesses and shipping them to consumers, according to people familiar with the matter.
Facebook’s Desperate Smoke Screen (LINK)

The Rise of China and the Fall of the ‘Free Trade’ Myth [H/T @ProfSteveKeen] (LINK)

Natural gas: the longest bear markets with the greatest over-supply always lead to long bull markets with shortages. (LINK)

Macro Voices Podcast: The week short vol imploded (LINK) [Chris Cole, whose interviews and papers I've linked to the last couple of days, also joins the show for an update, at the 50:38 mark.]

Exponent Podcast: Episode 140 — The Products They Built Along the Way (LINK)

Talks at GS – Jonathan Haidt: The Psychology of Partisanship & Ethical Leadership (video) [H/T Tamas] (LINK)

What Scientists Learned From Putting 3-D Glasses on Praying Mantises - by Ed Yong (LINK)