Friday, November 30, 2018


"All investment is, is laying out some money now to get more money back in the future. Now, there’s two ways of looking at the getting the money back. One is from what the asset itself will produce. That’s investment. One is from what somebody else will pay you for it later on, irrespective of what the asset produces, and I call that speculation. So, if you are looking to the asset itself, you don’t care about the quote because the asset is going to produce the money for you." --Warren Buffett

Hard Choices: The importance of thoughtful deliberation—and its implications for the future of capitalism - by Seth Klarman [H/T Linc and Will] (LINK)

Bogle Sounds a Warning on Index Funds [H/T Will] (LINK)

Brookfield Pulls Multibillion-Dollar U.K. Deal as Brexit Uncertainty Bites [H/T @rationalwalk] (LINK)

China is underestimating its US$3 trillion dollar debt and this could trigger a financial crisis, says economist [H/T @jasonzweigwsj] (LINK)

The Miseducation of Sheryl Sandberg  (LINK)

David Rosenberg chats with Meb Faber (podcast) (LINK)

a16z Video: When Software Eats the Real (Estate) World (LINK)

Freakonomics Radio (podcast): Should America Be Run by … Trader Joe’s? (LINK)

Good news in the fight to stop one of the world’s oldest diseases - By Bill Gates (LINK)

George Church takes a more nuanced view than many scientists on the recently revealed gene editing of human babies (LINK)

The Insect Apocalypse Is Here: What does it mean for the rest of life on Earth? (LINK)

There’s a Spider That Makes Milk - by Ed Yong (LINK)

2.4-Million-Year-Old Stone Tools Turn Up in an Unexpected Place - by Ed Yong (LINK)

Book of the day (released this week): The Model Thinker: What You Need to Know to Make Data Work for You - by Scott E. Page

"Rationality resides in what you do, not in what you think or in what you "believe" (skin in the game).... Rationality is about survival." --Nassim Taleb, "Skin in the Game" [Related previous post: Filters, Beliefs, Survival and Crotchets]

Wednesday, November 28, 2018


Brent Beshore's book, The Messy Marketplace: Selling Your Business in a World of Imperfect Buyers, will be released next week. Brent knows that space as well as anyone and, knowing him, I'm sure the book will be filled with plenty of wisdom even for those not selling their businesses. Amazon is also running a promotion for the rest of November where you can get $5 off by using the promo code NOVBOOK18.


Selfish Writing - by Morgan Housel (LINK)

Antitrust, the App Store, and Apple - by Ben Thompson (LINK)

Amazon Starts Selling Software to Mine Patient Health Records ($) (LINK)

Amazon May Be Hiding Its Plans to Test New Wireless Tech by Masquerading as a Massage Spa [H/T @pkedrosky] (LINK)

New at Amazon: Its Own Chips for Cloud Computing (LINK)

Inside an Amazon warehouse on Black Friday (LINK)

What’s Next for Marketplace Startups? (LINK)

4 Signs of Short-Term Thinking and Strategies to Overcome Them - by Robert Greene (LINK)

Paul Volcker’s Wisdom for America’s Rigged Economy (LINK)
Related book: Keeping At It
Invest Like the Best Podcast: Hunter Walk – Building Picks and Shovels (LINK)

Chris Voss talks to Cal Fussman (podcast) (LINK)
Related book: Never Split the Difference: Negotiating As If Your Life Depended On It
Exponential Wisdom Podcast: Accelerating Innovation (LINK)

The Northern Miner Podcast: The year of the lab-created diamond (LINK)

Jonathan Haidt at the LSE discussing his book The Coddling of the American Mind (podcast) (LINK)

The Tim Ferriss Show: LeBron James and His Top-Secret Trainer, Mike Mancias (LINK)

The Tony Robbins Podcast: Do you want to be happy? | Tony, Sage and Michael Singer on breaking patterns and finding inner peace (LINK)
Related book: The Untethered Soul
Beginnings - by Phil Plait (LINK)

“Executive Presence” for Introverts - by Susan Cain (LINK)

Monday, November 26, 2018


"What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.... That is a talent everyone seems to have mastered. And how do we guard ourselves against it? Well, we don’t achieve it perfectly. I mean, Charlie and I have made big mistakes because, in effect, we have been unwilling to look afresh at something.... That happens. [But] I think that reporting on yourself, and giving the report honestly, whether you do it through an annual report or do it through some other mechanism, is very useful....[And] I would say a partner, who is not subservient, and who himself is extremely probably the best mechanism you can have." --Warren Buffett

Why Warren Buffett is big on big banks (LINK)

What to look for while reading the annual report? (LINK)


On Writing Better: Sharpening Your Tools - by Jason Zweig (Part 2 of 3) (LINK)

Battling Entropy: Making Order of the Chaos in Our Lives (LINK)

U.S. Pension Funds Turn to Riskier Real-Estate Bets ($) (LINK)

Overdoses, bedsores, broken bones: What happened when a private-equity firm sought to care for society’s most vulnerable (LINK)

James Grant reviews Paul Volcker's book, Keeping At It: The Quest for Sound Money and Good Government (LINK)

An Interview with Tyler Cowen and Paul Krugman (video) (LINK)

Where Jonathan Haidt thinks the American mind went wrong (podcast) (LINK)
Related book: The Coddling of the American Mind
Birds Rub Ants on Themselves, and No One Knows Exactly Why (LINK)

Chinese scientists are creating CRISPR babies (LINK)

A Reckless and Needless Use of Gene-Editing on Human Embryos - by Ed Yong (LINK)

Wednesday, November 21, 2018


"Progress often comes from people who often came from life-circumstances that seemed impossible.... People who because of adversity, not in spite of it, have an inextinguishable flame that gets lit. This propulsive force—resilience—that against the seemingly impossible makes great achievement inevitable. And it makes the bad stuff of great adversity often lead to the good stuff of great ambition and achievement." --Josh Wolfe

Josh Wolfe's 2018 Lux Annual Dinner Talk (audio/video....and really fantastic) (LINK)

An Evolve-or-Die Moment for the World's Great Investors [H/T Linc] (LINK)
The dominance of tech stocks has forced some of the best investing minds—including Warren Buffett himself—to reexamine their thinking. Who will adapt and survive?
Why “Many-Model Thinkers” Make Better Decisions [H/T @mjmauboussin] (LINK)

Late Cycle Behavior (LINK)

The Predatory Lending Machine Crushing Small Businesses Across America [H/T @pkedrosky] (LINK)

Energy Losses Prompt Emotional Video to Options Firm’s Clients ($) (LINK)

Inside Elon Musk’s Forgotten Gigafactory 2 in Buffalo (LINK)

The Sun's long-lost sibling found in our own backyard - by Phil Plait (LINK)

The History of the Oceans Is Locked in Whale Earwax - by Ed Yong (LINK)

Monday, November 19, 2018


"Usually if [companies] can gain competitive advantage very quickly, you have to worry about them losing it quickly, too.... When an industry is in flux, there are a lot of people that think they’re the survivors, or the ones that are going to prosper, where it turns out otherwise." --Warren Buffett (2002)

On Writing Better: Getting Started - by Jason Zweig (Part 1) (LINK)

Which American industries are most in danger of monopoly? (LINK)

Annie Duke – Thinking More in Bets (Capital Allocators Podcast) (LINK)

5 Principles for Making Better Life Decisions - by Mark Manson (LINK)

If you want to understand Silicon Valley, watch Silicon Valley - by Bill Gates (LINK)

For 4,000 Years, Termites Have Been Building Something Incredible in Brazil - by Ed Yong (LINK)

Psychology's Replication Crisis Is Running Out of Excuses - by Ed Yong (LINK)


For Audible members, Audible's latest sale has some titles of note. Some of the ones that stood out to me are below...

The Intelligent Investor

Buffett: The Making of an American Capitalist

Long Walk to Freedom: The Autobiography of Nelson Mandela

Bruce Lee: A Life

Tribe: On Homecoming and Belonging

The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance

The Silk Roads: A New History of the World

The Goal

The Innovator's Dilemma

The Startup Way

Influence: Science and Practice

Drive: The Surprising Truth About What Motivates Us

To Sell Is Human: The Surprising Truth about Moving Others

The Life-Changing Magic of Tidying Up

Red Notice


An Astronaut's Guide to Life on Earth

Science in the Soul: Selected Writings of a Passionate Rationalist

Why Zebras Don't Get Ulcers

The Gene: An Intimate History

The Hero with a Thousand Faces

Saturday, November 17, 2018


From Gene Editing to A.I., How Will Technology Transform Humanity? (LINK)
Five big thinkers — Regina Barzilay, George Church, Jennifer Egan, Catherine Mohr and Siddhartha Mukherjee — puzzle over the future of the future.
The end of the beginning (video) (LINK)
In his now annual state-of-innovation talk at the a16z Summit in November 2018, Andreessen Horowitz’ Benedict Evans walks through where we are now in software eating the world… and how things may continue to change over the next 10 years.
Thoughts and notes from Liberty Investor Day 2018 (LINK)

Facebook and the Age of Manipulation - by Evan Osnos (LINK)

Pivot Podcast with Kara Swisher and Scott Galloway: Facebook’s dirty tricks (LINK)

The Complicated Legacy of Stewart Brand’s “Whole Earth Catalog” (LINK)

A massive change: Nations redefine the kilogram [H/T Linc] (LINK)

Friday, November 16, 2018

Rosetta Stones

Discovered in 1799, "the Rosetta Stone proved to be the key to deciphering Egyptian hieroglyphs, thereby opening a window into ancient Egyptian history."

A simple thing, a stone inscribed with three texts, led to a complete revelation in being able to understand the great civilization that was ancient Egypt. 

I bring this up because of a comment Warren Buffett made in 2002 that I've been thinking a lot about lately: 
I read Ben [Graham]’s book in 1949 when I was at University of Nebraska, and that actually just changed my whole view of investing. And it really did, basically, told me to think about a stock as a part of a business. 
Now, that seems so obvious. You can say, you know, that why should you regard that as the Rosetta Stone? But it is a Rosetta Stone, in a sense. 
Once you crank into your mental apparatus that you’re not looking at things that wiggle up and down on charts, or that people send you little missives on, you know, saying buy this because it’s going up next week, or it’s going to split, or the dividend’s going to get increased, or whatever, but instead you’re buying a business. 
You’ve now set a foundation for going on and thinking rationally about investing.
In another description of this investing Rosetta Stone, Allan Mecham, portfolio manager and partner at Arlington Value Capital, put in this way in a 2016 interview with The Manual of Ideas that I think sums it up well:
I approach investing like I’m buying the business outright and retaining management. This mindset ties valuation to understanding and forces me to think through qualitative factors and potential threats to long-term earnings power. It also effectively winnows the field of potential investments, as I’m incapable of gaining confidence in most businesses. 
For those investors that invest like the above, viewing stocks as businesses not only serves as a Rosetta Stone for thinking rationally about the relationship between price and value, but it also serves as a guide to one's preparation and to the type of professional network one may want to build, among other things.

In an answer to the same question in 2002, Charlie Munger gave a more generalized answer, which also serves as a Rosetta Stone for going through both investing and life: 
If you have a passionate interest in knowing why things are happening, you always are trying to figure out the world in terms of why is this happening or why is this not happening, that cast of mind, kept over long periods, gradually improves your ability to cope with reality. 
And if you don’t have that cast of mind, I think you’re destined, probably, for failure, even if you’ve got a pretty high IQ. 
And the more I think about it, there are probably all kinds of Rosetta Stones in life—simple things that, if discovered, can completely change one's understanding of something, and potentially change the work being done and the path on which it is being done.

For me, the wisdom of the Stoics to only focus on the things under one's control is a Rosetta Stone, as is Buffett's emphasis on having an inner scorecard:
You always want to consider your inner scorecard – how you feel about your own performance and success. You should worry more about how well you perform rather than how well the rest of the world perceives your performance. 
What are your Rosetta Stones as it relates to investing, business, life, relationships, etc.? For those that also think this through and would like to share, feel free to pass along your thoughts. 

Thursday, November 15, 2018


"You may delay, but Time will not." --Ben Franklin

Berkshire invests in JPMorgan, Oracle as Buffett puts cash to work (LINK)

The GE End Game: Bataan Death March or Turnaround Play? - by Aswath Damodaran (LINK)

CNBC's full interview with Ray Dalio (~16 minutes) (LINK)

Short-seller Bass says China needs 'reset' as Trump talks tariffs (LINK)

Is there a financial time bomb in sight? - by Sebastian Mallaby (LINK)

Delay, Deny and Deflect: How Facebook’s Leaders Fought Through Crisis (LINK)

Who does Facebook fire after a bombshell New York Times investigation? (LINK)

Michael Lewis, whose books often highlight the growing role of data, sees the opportunity in trucking [H/T Linc] (LINK)

4 Strategies For Becoming a Master Persuader - by Robert Greene (LINK)

Deep freeze impact: Scientists find a huge asteroid impact crater under Greenland’s ice (LINK)

A Bold New Strategy for Stopping the Rise of Superbugs - by Ed Yong (LINK)

"A Change of Fortune hurts a wise Man no more than a Change of the Moon." --Ben Franklin

Wednesday, November 14, 2018


CNBC's full interview with John Malone (~55 minutes) (LINK)

Real Vision has made the full interview with Stanley F. Druckenmiller, which was filmed in early September, freely available for all (LINK)

How This All Happened - by Morgan Housel (LINK)
The story of how America evolved from 1945 to 2018.
How Warren Buffett Is Expanding His Overseas Real Estate Empire [H/T Linc] (LINK)

Why I love fertilizer - by Bill Gates (LINK)

How to Weigh Your Options and Decide Wisely: Benjamin Franklin’s Pioneering Pros and Cons Framework (LINK)

How Amazon Picked HQ2 and Jilted 236 Cities ($) (LINK)

A Reckoning With the Dark Side of the Restaurant Industry ($) [H/T @trengriffin] (LINK)
On the other hand, young cooks’ heightened expectations don’t always take into account low wages or difficult labor, restaurateurs say. Dreams of fame and fortune have driven growth in culinary schools and programs and encouraged thousands of students to finance this education with debt. 
Last year, 672 culinary programs were accredited by the ACF, compared with roughly 100 in 1998, Ms. Brust says. More than 39,000 students matriculated from two-year or four-year culinary degree programs accredited by the ACF last year. Yet the Bureau of Labor Statistics forecasts the creation of only 14,100 new chef and head-cook jobs by 2026. There will be 10 times as many “cook” jobs, but these pay half as much. 
Restaurant cooks make a median wage of $12.10 an hour, according to the Bureau of Labor Statistics. Culinary-school graduates are no exception, even at top-tier restaurants in expensive cities, a number of restaurateurs say. While some top chefs can earn six figures, the median annual wage for chefs and head cooks is $45,950, according to the BLS.
Focused Compounding Podcast: Talking MicroCap Investing with MicroCapClub's Ian Cassel (LINK)

Capital Allocators Podcast: Michael Lombardi – Leadership Through Football (LINK)
Related book: Gridiron Genius
Seth Godin talks about his new book on his podcast (LINK)

Jocko Podcast 151: How to Really Implement Change. Different Leadership Styles. Balancing Discipline. Different Jiu Jitsu Styles. (LINK)

The Myth Of the Traumatized Neanderthal - by Ed Yong (LINK)

Tuesday, November 13, 2018


"Human history is a fragment of biology. Man is one of countless millions of species and, like all the rest, is subject to the struggle for existence and the competition of the fittest to survive. All psychology, philosophy, statesmanship, and utopias must make their peace with these biological laws. Man can be traced to about a million years before Christ. Agriculture can be traced no farther back than to 25,000 B.C. Man has lived forty times longer as a hunter than as a tiller of the soil in a settled life. In those 975,000 years his basic nature was formed and remains to challenge civilization every day." --Will Durant, "Heroes of History"

How mobile phones are helping farmers grow bigger harvests - by Bill Gates (LINK)

How Google and Amazon Got So Big Without Being Regulated (LINK)
Related book: The Curse of Bigness
Record Biotech IPO May Be Worth the $7 Billion - by Charley Grant ($) (LINK)
Moderna is slated to offer the largest biotech IPO on record, and a $7 billion valuation isn’t as crazy as it sounds
Mohnish Pabrai's keynote speech at the 8th Morningstar Investment Conference in Mumbai, India (video) (LINK)

Invest Like the Best Podcast: Cliff Asness – The Past, The Present & Future of Quant  (LINK)

Grant’s Current Yield Podcast: Curated content (LINK)

6 Biases Holding You Back From Rational Thinking - by Robert Greene (LINK)
Related book: The Laws of Human Nature
TED Talk: My journey to thank all the people responsible for my morning coffee | AJ Jacobs (LINK)

Released today: This Is Marketing - by Seth Godin (who also reads the audiobook)

Monday, November 12, 2018


How an Intelligence Expert Helps Wall Street Mavens Think Smarter (LINK)

Defensive Decision Making: What IS Best v. What LOOKS Best (LINK)

Balance Is Underrated - by Sean Iddings (LINK)

How One Family Built $8 Billion Startup Far From Silicon Valley (LINK)

The Experience Economy - by Ben Thompson (LINK)

Inside John Malone’s World ($ Barron's) (LINK)

Productivity Growth II: Can the U.S. Economy Stay Airborne Without It? - by Frank Martin (LINK)

Marathon's Richards Has a Recession Warning for Overleveraged Companies (video) [H/T @valueshadow] (LINK)

Has the “Everything Bubble” begun to deflate everything? (LINK)

Be Afraid of Economic ‘Bigness.’ Be Very Afraid. - by Tim Wu (LINK)
Related book (just released): The Curse of Bigness: Antitrust in the New Gilded Age
Ray Dalio on the Masters in Business podcast (LINK)

Ray Dalio reflects on today’s great powers and how they will handle their deep-seated differences (LINK)

Inside Bill Browder’s War Against Putin (LINK)

The next great war - by Graham Allison (LINK)

Saturday, November 10, 2018


"In economics, it’s far easier to tell what will happen than when it will happen. I mean, you can see bubbles develop and things, but you do not know how big the bubble will get." --Warren Buffett (2005)

A Fifth of China's Homes Are Empty. That's 50 Million Apartments (LINK)

Google in China: When ‘Don’t Be Evil’ Met the Great Firewall (LINK)

Kate Welling discusses Merger Masters on the According to Sources podcast (LINK)

Reflections on the Bank of England’s History (LINK)
Related book: Till Time's Last Sand: A History of the Bank of England 1694-2013
Tony Robbins & Peter H. Diamandis: Vitality, Longevity, Education & Human Purpose during our Exponential Age (LINK)

The Longevity Opportunity (LINK)

How to Engineer Biology (LINK)

Tim Berners-Lee launches campaign to save the web from abuse [H/T @jasonzweigwsj] (LINK)

Tech C.E.O.s Are in Love With Their Principal Doomsayer (LINK)
The futurist philosopher Yuval Noah Harari thinks Silicon Valley is an engine of dystopian ruin. So why do the digital elite adore him so?
Book of the day: Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies

Friday, November 9, 2018


"I think you can only plan in broad terms where you want to go and what are the major pieces which you want to put in place. And then you have to leave a lot of space for the economy to develop, for people to pursue their passions, and for technology to unfold. But you do have to do things with a long-term perspective." --Lee Hsien Loong 

Singapore Prime Minister Lee Hsien Loong Speaks at New Economy Forum (video) [H/T Cathy] (LINK)

The Tim Ferriss Show: Doug McMillon — CEO of Walmart (podcast) (LINK)

Disruptive Innovation: The Role of Hospitals, Integration, and the Value-Added Process (LINK)

Sam Altman on Choosing Projects, Creating Value, and Finding Purpose (video and podcast) (LINK)

The Extremely Fast Peopling of the Americas - by Ed Yong (LINK)

Thursday, November 8, 2018

Nassim Nicholas Taleb: "Skin in the Game" | Talks at Google

Link to video


Related book: Skin in the Game: Hidden Asymmetries in Daily Life


I Can’t See Berkshire’s Bottom Line - by Donald E. Graham ($) (LINK)
A new accounting rule makes it difficult for investors to make sense of annual reports.
Buffett’s Underrated Investment Attribute - by John Huber (LINK)

Making Sense Of Multiples: Mauboussin On EV/EBITDA (LINK)

Once an Optimist on U.S.-China Relations, Henry Paulson Delivers a Sobering Message ($) (LINK)
The former Treasury secretary warns that Chinese behavior and U.S. miscalculation could bring down an ‘economic Iron Curtain’ between the two global superpowers
On Physician Burnout and the Plight of the Modern Knowledge Worker - by Cal Newport (LINK)

Eric Schmidt chats with Tyler Cowen (podcast) (LINK)

Hard Words: Why aren't kids being taught to read? (LINK)
Scientific research has shown how children learn to read and how they should be taught. But many educators don't know the science and, in some cases, actively resist it. As a result, millions of kids are being set up to fail.
Book of the day (was released this week): Merger Masters: Tales of Arbitrage - by Kate Welling and Mario Gabelli

Tuesday, November 6, 2018


" If you stop to think about it, the ordinary result when a big publicly-held corporation buys another corporation is that, maybe two-thirds of the time, it’s a terrible deal for the buying corporation and yet the people have taken an enormous time doing it. And we’ve bought all these businesses taking practically no time in doing it, and on average they’ve worked out wonderfully. Why is that? That’s a good question. The answer is we wait for the no-brainers. We’re not trying to do the difficult things....  And we have the patience to wait. And then we’re so peculiar that there actually are a good number of businesses in America where they prefer selling to us than to other people. That’s very helpful." --Charlie Munger (2002 Berkshire Hathaway Annual Meeting)

All it Takes is One - by Ian Cassel (LINK)

State of the Cloud Report 2018 - Bessemer Venture Partners [H/T @ChrisPavese] (LINK)

Grant’s Current Yield Podcast: Read the fine print (LINK)
Related book: Financial Fine Print
The Problem Behind a Viral Video of a Persistent Baby Bear - by Ed Yong (LINK)

Monday, November 5, 2018


"Controlling risk is the mark of a professional. Anybody can make money when the market goes up. And most of the time the market goes up. And anybody who takes above-average risk can do above average when the market rises. So achieving returns is not a point of distinction in good times. In my opinion, the distinction of a superior investor is achieving returns in good times with the risk under control, because you never know when the environment is going to shift from favorable to unfavorable. And the question is: are you prepared?" --Howard Marks

Why Doctors Hate Their Computers - by Atul Gawande (LINK)

Cycles with Howard Marks, Julio Herrera, Jordon Kruse and Robert O'Leary (video) (LINK)

Greenhaven Road Capital Q3 2018 Letter [with an overview of new holding Box, Inc.] (LINK)

Apple’s Social Network - by Ben Thompson (LINK)

Sometimes, It’s Bonds For the Long Run - by Jason Zweig ($) (LINK)

How Tesla Made a Record Profit - by Charley Grant ($) (LINK)

Avenue’s Marc Lasry Sees Reckoning for Investment-Grade Company Bonds [H/T @ShaiDardashti] (LINK)

Book review: “The Myth of Capitalism” by Jonathan Tepper (LINK)

What’s Staying the Same (LINK)

5 Tactics Used By Passive-Aggressive Arguers (And The Best Forms of Defense) - by Robert Greene (LINK)

The Most Misread Poem in America [H/T @kevin2kelly] (LINK)

Why the Long Face, Extinct Dolphin? - by Ed Yong (LINK)

Bill Gates talks toilets (video) (LINK)

Sunday, November 4, 2018


A reminder to readers, especially those in and around New York City, the super-early-bird pricing for the Project Punch Card Conference ends on November 7th. 


"Once you crank into your mental apparatus that you’re not looking at things that wiggle up and down on charts, or that people send you little missives on, you know, saying buy this because it’s going up next week, or it’s going to split, or the dividend’s going to get increased, or whatever, but instead you’re buying a business. You’ve now set a foundation for going on and thinking rationally about investing. And there’s no reason why you need a high IQ to do that. There’s no reason why you have to be born in some way. I do think there’s certain matters of temperament that may be innate, they may be learned, they may be intensified by experience as you go on, partially innate, but then reinforced in various ways by your experience as you go through life, but that’s enormously important. I mean, you have to be realistic. You have to just define your circle of competence accurately. You have to know what you don’t know and not get enticed by it.... You’ve got to have an interest in money, I think, or you won’t be good in investing. But I think if you’re very greedy, it’ll be a disaster, because that will overcome rationality." --Warren Buffett

Warren Buffett’s Berkshire Hathaway Repurchases More Than $900 Million of Stock ($) (LINK)

Berkshire’s Repurchase Policy: Too Little, Too Late? (LINK)

Howard Marks chats with James Altucher (podcast) (LINK)
Related book: Mastering the Market Cycle
The Tim Ferriss Show: Seth Godin on How to Say “No,” Market Like a Professional, and Win at Life (LINK)
Related book: This Is Marketing: You Can't Be Seen Until You Learn to See  
Related 2010 article (mentioned in the podcast): The world’s worst boss
Elon Musk: The Recode interview (podcast and transcript) (LINK)

Robert Cialdini on the Masters in Business podcast (LINK)

Leithner Letter No. 229-232 (LINK)

Unpacking Industry 4.0 (LINK)

Could Military Veterans Change More Than Control of Congress? - by Evan Osnos (LINK)

Thursday, November 1, 2018

Howard Marks: "Mastering the Market Cycle"

In this Talks at GS episode, Oaktree Capital co-founder Howard Marks shares his insights on the forces shaping the market cycle and discusses how his writing has informed his perspective as an investor.

Link to video


Related book: Mastering the Market Cycle