Thursday, June 28, 2018


Mohnish Pabrai's Advice For Value Investors (LINK)
One of the big issues investors face is preconceived perspectives.  When we look at a stock, what goes on in our brains when we encounter a company for the first time?  For the first 30, 60 seconds, or first couple minutes? That has a huge impact on our financial well being and how our portfolio does.  In the first few minutes, you’re making a decision on whether you’re going to take a pass at a company, or spend another 15 minutes. And at the end of that 15 minutes, you’re going to make another decision as to whether you’re going to take a pass or spend an hour or two, and so on.  No investor has enough time in the day, week or year, to look at anything more than a small handful of businesses in some depth. 
Even if I look at the United States with its 3500 some odd publicly traded businesses, an investment manager can really not drill down on more than a few dozen of them every year.  So they have to make a decision relatively quickly on which ones they are or are not going to focus on.  Commitment bias that comes in once we start spending time on something, our brains play games with us.  One of the games our brain plays is that we feel entitled. “Hey, if I spent some time on it, I ought to make money on it”. 
And that’s really not how investing works. I think it’s very important to be aware of commitment bias, and to be very aware that the first two or three minutes that when you’re looking at a company are when you have to make the call.  It’s okay to let a winner go, but more important not to let a loser stay.
The Nutella Billionaires: Inside The Ferrero Family’s Secret Empire (LINK)

Amazon to acquire online pharmacy PillPack in a deal that could disrupt the US drugstore business (LINK)

Jim Chanos and James Grant talk about fraud (video) [H/T ValueWalk] (LINK)
Sophisticated investors have been the victims of deception throughout our nation's history. Celebrated financial experts Jim Chanos and James Grant explore historical examples of businesses that became notorious after having been accused or convicted of defrauding their shareholders.
Moving the Needle on a Portfolio - by Frank K. Martin (LINK)

Robert Greene on The Knowledge Project Podcast (LINK)

Talks at GS: Malcolm Gladwell on the Art of Storytelling – From Print to Podcasts (video) (LINK)

Revisionist History Podcast: Malcolm Gladwell's 12 Rules for Life (LINK)

Aspen Ideas Festival -- Jordan Peterson: From the Barricades of the Culture Wars (video) (LINK)

Aspen Ideas Festival -- Democracy Dies In Darkness: An Interview with The Washington Post's Martin Baron (video) (LINK)

Aspen Ideas Festival -- On the Road with Rise of the Rest (video) (LINK)
Entrepreneur Steve Case and "Hillbilly Elegy" author-turned-venture-capitalist J. D. Vance have taken their investment mission on a bus tour they’re calling “Rise of the Rest.” They are travelling around Middle America, identifying and rewarding entrepreneurs who exhibit the kinds of talent and ingenuity that many mistakenly believe only happens in Silicon Valley. What are they learning about the US innovation economy? Joining them in discussion is Katie Couric, who herself has been crisscrossing America to find out what makes us tick.
Trailblazers with Walter Isaacson (podcast): Timing the Market (LINK)

American Innovations Podcast: Nuclear Energy | Atoms For Peace | 3 (LINK)

The last couple of Crazy Genius podcasts are complementary... Why Haven’t We Found Aliens? and Should We Go to Mars?

The Smithsonian Had To Dig Up Their Dinosaurs Again - by Ed Yong (LINK)

Book of the day: Mises: The Last Knight of Liberalism – by Jörg Guido Hülsmann