Thursday, April 5, 2018


"As long as the odds are in our favor and we're not risking the whole company on one throw of the dice or anything close to it, we don't mind volatility in results. What we want are the favorable odds." --Charlie Munger

"If we have a business about which we're extremely confident as to the business results, we'd prefer that its stock have high volatility. We'll make more money in a business where we know what the end game will be if it bounces around a lot." --Warren Buffett 

Jamie Dimon's 2017 Shareholder Letter (LINK)

The eroding purchasing power of the dollar and its implications for consumption (LINK)

Why the Standard Model of Future Energy Supply Doesn’t Work (LINK)

Elroy Dimson chats with Meb Faber (podcast) (LINK)

Carl Sagan on Mystery, Why Common Sense Blinds Us to the Universe, and How to Live with the Unknown (LINK)

Book of the day [H/T Taleb]: Who We Are and How We Got Here: Ancient DNA and the New Science of the Human Past - by David Reich