Tuesday, June 26, 2018


"When the rules of the game change, the process with which you make decisions, the process with which you act, the value of information, the value of inputs, must change with it." --Tony Deden

"The first principle I operate from is the idea of exclusion. I exclude whole swaths of things from my universe of things. I think that, in the whole world, there are probably 150, 200 listed companies that I would even consider owning a piece of. It's a completely different way of looking at the world.... I think that when you start examining what it is you own—what happens if you're on a ship and it's going down, and you're in your cabin and you have five minutes to get out, to get up to the deck. You look at your possessions that are sitting in your cabinet and you say, what's worth taking with me? Not very many things, is it? And this is what I did, in essence." --Tony Deden

"Earlier, I talked to you about the idea of like-mindedness, for example. And so I'm serious about this in a sense that I want to own a participation—I don't call it a stock or equity—I want to own a business participation in a business that is run by owners whose motivation is the same as mine, who are responsible to their family and to their community and to the capital that they employ, as much as I would have been if I owned the same enterprise." --Tony Deden

How Atul Gawande landed perhaps the most extraordinary (or impossible) job in health care [H/T Linc] (LINK)

Atul Gawande at the Aspen Ideas Festival: Is Health Care a Human Right? (video -- starts at 2:23) (LINK)

Eric Topol chats with John Ioannidis (video and transcript) (LINK)

Memorizing these three statistics will help you understand the world (LINK)

Wells Fargo Brokers Loved Structured Notes (LINK)

Invest Like the Best Podcast: The Past, Present & Future of ETFs with Eric Balchunas (LINK)

The Male Echo Chamber of Political Twitter - by Ed Yong (LINK)

An asteroid impact triggered an avalanche on Mars! -  by Phil Plait (LINK)

Books of the day:

Frenemies: The Epic Disruption of the Ad Business (and Everything Else)

A Word from Our Sponsor: Admen, Advertising, and the Golden Age of Radio


I'm also pleased to announce that, if you have been planning to sign up for Real Vision and haven't yet done so, you can now support this blog by signing up for Real Vision using THIS LINK. As I mentioned before, I signed up for the free trial when they lowered the price, and ended up keeping my subscription. So I was happy to jump at the chance when they recently started offering a referral program for subscribers. My favorite interview so far is the one with Tony Deden (see quotes above for a sample), which you actually don't need a subscription to view, but there is plenty of other good content on there as well, for investment philosophies of all types. The referral link will also be posted on the right side of the blog's home page, under the Support section.