Thursday, April 19, 2018


"Well, we do have filters. And sometimes those filters are very irritating to people who check in with us about businesses - because we really can say "no" in 10 seconds or so to 90%+ of all of the things that come along simply because we have these filters. First, we want businesses that we can understand. And that filters out a lot of things. Second, we want 'em to be good businesses. How do our filters deal with fast changing technology? Very simply. If something has a significant technological component or we think future technology could hurt its business as it presently exists, we look at it as something to worry about. And it won't make it through our filters. But we have some filters in regard to people, too. We want businesses that are being run by people who we’re very comfortable with - which means people with ability and integrity. And we can do that very fast. We've heard a lot of stories in our lives." --Warren Buffett (1998 Berkshire Hathaway Annual Meeting, via Outstanding Investor Digest)

"We have to have an idea that is (A) a good idea and (B) a good idea that we can understand. It's that simple. So our filters are filters against consequences from our own lack of talent." --Charlie Munger (1998 Berkshire Hathaway Annual Meeting, via Outstanding Investor Digest)

The Walter Schloss Archive [H/T Linc] (LINK)

Why All My Books Are Now Free (Aka A Lesson In Amazon Money Laundering) - by Meb Faber (LINK)

EconTalk Podcast: Jerry Muller on the Tyranny of Metrics (LINK)
Related book: The Tyranny of Metrics
Freakonomics Radio: Why the Trump Tax Cuts Are Terrible/Awesome (Part 2) (LINK)

What Tennis Can Teach Us About Technology - by Jonah Lehrer (LINK)

How Good Do You Want To Be? - by Ryan Holiday (LINK)

Scientists Genetically Engineered Flies to Ejaculate Under Red Light - by Ed Yong (LINK)