Thursday, July 5, 2018


 "I don’t look at the primary message...of [Ben] Graham, really, as being...anything to do with formulas. In other words, there’s three important aspects to it.... One is your attitude toward the stock market. That’s covered in chapter eight of The Intelligent Investor. If you’ve got that attitude toward the market, you start ahead of 99 percent of all people who are operating in the market. So, you have an enormous advantage. Second principle is the margin of safety, which again, gives you an enormous edge, and actually has applicability far beyond just the investment world. And then the third is just looking at stocks as businesses, which gives you an entirely different view than most people that are in the market. And with those three sort of philosophical benchmarks, the exact — the evaluation technique you use is not really that important. Because you’re not going to go way off the track, whether you use Walter’s approach — Walter Schloss’s — or mine, or whatever." --Warren Buffett

1991 Barron's interview with Seth Klarman [H/T @NeckarValue] (LINK)

If You Say Something Is “Likely,” How Likely Do People Think It Is? - by Andrew Mauboussin and Michael J. Mauboussin (LINK)

Investing and the Art of Catching Falling Knives - by Vishal Khandelwal (LINK)

The Absolute Return Letter, July 2018: The Italian Job (LINK)

29 Life-Changing Lessons That Will Make You Successful And More Strategic - by Ryan Holiday (LINK)

Your company’s culture is not unique, psychologist Adam Grant says (LINK)

Invest Like the Best Podcast: The Future of Media, with Niel Roberson (LINK)

Grant's Podcast: Nobody knows notin' (LINK)

American Innovations Podcast: Nuclear Energy | Meltdown | 4 (LINK)

Revisionist History Podcast: The Imaginary Crimes of Margit Hamosh (LINK)

TED Talk: How we're saving one of Earth's last wild places | Steve Boyes (LINK)

A Game-Changing AI Tool for Tracking Animal Movements - by Ed Yong (LINK)

How to Grow Old: Bertrand Russell on What Makes a Fulfilling Life (LINK)

"The best Armour of Old Age is a well spent life preceding it; a Life employed in the Pursuit of useful Knowledge, in honourable Actions and the Practice of Virtue; in which he who labours to improve himself from his Youth, will in Age reap the happiest Fruits of them; not only because these never leave a Man, not even in the extremest Old Age; but because a Conscience bearing Witness that our Life was well-spent, together with the Remembrance of past good Actions, yields an unspeakable Comfort to the Soul." --Cicero (via "Praising Old Age" in Poor Charlie's Almanack)