Wednesday, October 3, 2018


"We’ve done a lot of that, scrambled out of wrong decisions. I’d argue that’s a big part of having a reasonable record in life. You can’t avoid the wrong decisions. But if you recognize them promptly and do something about them, you can frequently turn the lemon into lemonade." --Charlie Munger

"We do find, if you just show up every day, like Woody Allen said, and you answer the phone and read the paper, every now and then, you see something that makes sense to do." --Warren Buffett

Bill Gates' Goalkeepers presentation: Is poverty inevitable? (video) (LINK)

Oaktree's Howard Marks Calls for Caution in the Markets (video) (LINK)
Related memo: The Seven Worst Words in the World
Howard Marks talks with Meb Faber (podcast) (LINK)
Related book: Mastering the Market Cycle
Offering Inspiration and Advice, Real Vision Is HGTV for Hedge Fund Hopefuls (LINK)

Is Amazon Woke Now? - by Derek Thompson (LINK)

Patrick Collison, the founder Stripe, on running a startup company for success (video) (LINK)

Fantastic Beasts and How to Rank Them - by Kathryn Schulz (LINK)
The relative plausibility of impossible beings tells you a lot about how the mind works.
Fruit has become so sugary that animals at one zoo can no longer eat it [H/T @B3_MillerValue] (LINK)

The Game-Changing Technique Behind an Amazing New Archaeological Discovery - by Ed Yong (LINK)

Kelly, the Sassy Dolphin [H/T @edyong209] (LINK)

"I think curiosity and character are the two most important attributes to have. I’m not sure how to best build curiosity in people, but I’d say the habit of asking a lot of questions like “why” in order to make sense of things is good. As for character, the most important habit is to go to the pain because it will strengthen you which will give you the power you need to be successful. Pain + Reflection = Progress.  With practice the pain won’t be as painful and you will begin to see the pleasures of the successes so that going to the pain will make you feel good rather than bad." --Ray Dalio (Source)