Wednesday, September 19, 2018


I'm back in Charlotte after a great couple of weeks traveling. As often happens, I brought way more to read with me than I actually had time to read, but I did catch up on some podcasts, started a couple of new things, and was able to get through Bethany McLean's latest book, Saudi America, which I thought was especially good, well-balanced, and timely. It pairs well with Jeremy Grantham's "The Race of Our Lives Revisited," as well as the shale section in the first part of Peter Zeihan's book The Absent Superpower.

One of the Grant's podcasts also mentioned two books on cycles—one by Jim Grant himself, The Trouble With Prosperity, as well as Economics and the Public Welfare by Benjamin Anderson, which Amazon tells me I bought in 2012 and yet wasn't kind enough to also let me know where I seem to have placed it. And those books both reminded me that we are only a couple of weeks away from the book many of us have been eagerly awaiting: Mastering the Market Cycle by Howard Marks.


"Machines are there to help people, not replace them. Humans should never wait for machines. Machines wait for people. And so in this way, I find myself so far outside of the world of technology. I see so much 'technology over everything' kind of thinking where those people are like, it’s all there....I don’t even think there’s such a thing as, truly, the technology industry, right? It’s a weird construct. It’s like, technology is’s not an industry. It’s not even a strategy. It’s sort of a tactic. It’s like a tool that you use to give people more skills." --Tobi Lütke

Tobi Lütke, founder and CEO of Shopify, talks with Shane Parrish on The Knowledge Project Podcast (LINK) [In addition to the quote above, this conversation also has some great insights on culture and on creating the right environment at a company.]

Predicting the Future with Bayes’s Theorem (LINK)

You Can Time The Market, Just Not All The Time - by Jason Zweig (LINK)
Howard Marks has made a few market calls in his day, but warns that it’s harder than it looks
How Jim Chanos Uses Cynicism, Chutzpah — and a Secret Twitter Account — to Take on Markets (and Elon Musk) (LINK)

Grant’s Interest Rate Observer's piece on municipal bonds, featuring Chris Pavese of Broyhill Asset Management (LINK)

Amazon Data Leaks and Bribes Have Consequences (LINK)

How to keep up progress on global health - by Bill Gates (LINK)

For Real Vision subscribers, Michael Mauboussin had a video released discussing "The Five Behavioral Mistakes Investors Make" (LINK), and the final episode of The Jim Grant Series also aired, which was an interview with Dan Rasmussen (LINK) [If you're not a subscriber and would to join or take a free trial, you can sign up HERE.]

Ben Thompson's article from last week, as well as his latest:

The iPhone Franchise (LINK)

The European Union Versus the Internet (LINK)

And Ed Yong has continued his productive ways, writing about the latest and/or more interesting science stories of the day...

Bacteria in a Dinosaur Bone Reignite a Heated Debate (LINK)

The Genes That Never Go Out of Style (LINK)

The Three Major Cartels Behind the Downfall of Africa’s Elephants (LINK)

Wiping Out the Brain’s Retired Cells Prevents a Hallmark of Alzheimer's (LINK)