Friday, March 9, 2018


The Greatest Mentor-Mentee Relationship Ever - by Ian Cassel (LINK)
Related book: Edison As I Know Him - by Henry Ford
Buybacks & the Instant Gratification of Financial Engineering - by Frank Martin (LINK)

Amazon's Checking Account Push Shows Next Target: Swipe Fees [H/T Matt] (LINK)

Adventures in Finance Podcast: Blue Steel: Tariffs, Trade and Trump (LINK)
Related books: 1) The Accidental Superpower; 2)  The Absent Superpower
Jim Grant on the Macro Voices Podcast [The Grant segment starts around the 14-minute mark] (LINK)

Exponent Podcast: Episode 144 — 90s Alt Forever (LINK)

Wei’s Wisdom: How to read broadly (LINK)

Book of the day (to be released next month): The Warren Buffett Shareholder: Stories from inside the Berkshire Hathaway Annual Meeting


"Most of economics is perceived to be incentives and disincentives. So, skin in the game would be to incentivize people if they do well, and also disincentivize them. But that's not it. No. Skin in the game for me is about filtering. It's evolution. You cannot have evolution if you don't have skin in the game. In other words, you are filtering people out of the system. And I give the example of bad drivers. Now, why is it that on a highway, when I drive on a highway, you don't, I don't really encounter people who are, you know, go tapioca and drive crazily, kill 30 people? Why doesn't it happen? Well, it doesn't happen because bad drivers kill themselves. Partly because they kill themselves, and also partly because, okay, we catch them....we filter them out of the system by taking away their driver's license. And we're good at doing that, for those who have survived. So...this is filtering. Filtering is necessary for the functioning of nature. Necessary for the functioning of anything. And that's called evolution." -Nassim Taleb (Source)