Friday, May 11, 2018


"All we want to be in is businesses that we understand, run by people that we like, and priced attractively compared to the future prospects." --Warren Buffett (1994)

The 2018 Berkshire Hathaway Annual Meeting video and transcript (LINK)

How To Acquire Your First Small(er) Company (LINK)

Nikola Tesla Could Have Been The Richest Man Ever (LINK)

The World According to Boyar Podcast: Episode 3 with Steve Einhorn (LINK)

Adventures in Finance Podcast --  Collective Wisdom: The best pieces of advice ever received by Real Vision contributors (LINK)

Why Walmart bought Flipkart — in five charts (LINK)

Crypto’s Big Lie - by Parker Thompson [H/T Collaborative] (LINK)
As I was reflecting on the hype and greed in the crypto market this weekend, I was reminded of an amazing Buffett quote (not about crypto) I think about often during hype cycles, as relayed by Brian Chesky: 
Chesky to Bezos: “Jeff, what’s the best advice Warren Buffett ever gave you?” 
Bezos: “[I asked Warren,] your investment thesis is so simple…you’re the second richest guy in the world, and it’s so simple. Why doesn’t everyone just copy you?” 
Buffett: “Because nobody wants to get rich slow.”
Exponent Podcast: Episode 151 — Two by Twos (LINK)
The differences between Facebook, Google, Microsoft and Apple specifically, and the differences between aggregators and platforms generally.
The myopia boom (from 2015) [H/T Linc] (LINK)
Short-sightedness is reaching epidemic proportions. Some scientists think they have found a reason why. 
In honor of his centennial, the Top 10 Feynman quotations (LINK)


"The cardinal defect of instability may not be regarded, therefore, as menacing the long-range development of common stocks as a whole. It does indeed exert a powerful temporary effect upon all business through the variations of the economic cycle, and it has permanently adverse effects upon individual enterprises and single industries. But of these two dangers, the latter may be offset in part by careful selection and chiefly by wide diversification; the former may be guarded against by unvarying insistence upon the reasonableness of the price paid for each purchase." --Benjamin Graham & David Dodd, Security Analysis