Friday, December 14, 2018


Dr. Elon & Mr. Musk: Life Inside Tesla's Production Hell (LINK)

Jim Chanos On His Favorite Shorts: Full CNBC Transcript [H/T ValueWalk] (LINK)

16 Ways to Measure Network Effects (LINK)

The Dynamics of Network Effects (LINK)

How a World Order Ends: And What Comes in Its Wake [H/T @scmallaby] (LINK)

Nobel Prize Economics in 6 Minutes: Nobel Prize-winning economist Paul Romer explains how ideas translate into growth. (video) (LINK)

The Existential Dread of Gmail's Auto-Complete Feature - by Derek Thompson (LINK)

Jonathan Tepper on The MoneyWeek Podcast discussing his book The Myth of Capitalism (LINK)

Exponent Podcast: Clumping and Clustering (LINK)

Pivot Podcast: Google doesn’t make iPhones, and other things Congress learned this week (LINK)

The Long Now Podcast -- Niall Ferguson: Networks and Power (LINK)

Thursday, December 13, 2018


Matt Rose: “Less is NOT better” - Railway Age [H/T @oddballstocks] (LINK)

Murray Stahl and Steven Bregman on “Active Voice” (Value Investor Insight) (LINK)

The ETF liquidity question: Can the passive universe hold up in the event of a market crisis? (LINK)

Fed Piles Up $66 Billion in Paper Losses as It Faces Trump Wrath (LINK)

Jamie Dimon's CNBC interview from last week (video) (LINK)

James Grant on CNBC (video) (LINK)

The bright side of Britain’s Brexit chaos - by Sebastian Mallaby (LINK)

Congress May Have Fallen for Facebook’s Trap, but You Don’t Have To (LINK)

The WIRED Guide to 5G (LINK)

Brian McCullough: "How the Internet Happened: from Netscape to the iPhone" | Talks at Google (LINK)

SpaceX's Gwynne Shotwell says we'll be on Mars this decade (podcast) (LINK)

Will half of all colleges really close in the next decade? (LINK)

The Viruses That Eavesdrop on Their Hosts - by Ed Yong (LINK)

Wednesday, December 12, 2018


"Probably every vice was once a virtue—i.e., a quality making for the survival of the individual, the family, or the group. Man’s sins may be the relics of his rise rather than the stigmata of his fall." --Will and Ariel Durant (The Lessons of History)

How a late night phone call from Warren Buffett in 2008 may have helped save the US economy [H/T Linc] (LINK)

The State of Technology at the End of 2018 - by Ben Thompson (LINK)

Rational vs. Reasonable - by Morgan Housel (LINK)

Verizon Takes $4.5 Billion Charge Related to Digital Media Business (LINK)

MiMedx Called on Two Lawmakers for Help Before Its Accounting Scandal (LINK)

Exponential Wisdom Podcast: The Future of Real Estate (LINK)

Ezra Klein and Kara Swisher on the future of journalism (LINK)

Bertrand Russell’s Advice For How (Not) to Grow Old: “Make Your Interests Gradually Wider and More Impersonal” (LINK)

The Recurring Dread of a Paralyzing Illness - by Ed Yong (LINK)

Tuesday, December 11, 2018


"Post-bubble periods, I think, depending on how big the bubble is and how many were participating in it....can produce fallout that not everyone will be terribly good at predicting." --Warren Buffett (2002 Berkshire Hathaway Annual Meeting)

Surviving the Investing Game - by Vishal Khandelwal (LINK)

CNBC's full interview with Paul Tudor Jones (LINK)

Kyle Bass on Yahoo Finance (video) (LINK)

‘This Too Shall End’: Loews CEO Sees Oil Back at $75 in Two Years (video) (LINK)

Does It Matter Where You Go to College? - by Derek Thompson (LINK)

Invest Like the Best Podcast: Bryan Krug – High Yield Credit Investing (LINK)

Adam Robinson chats with Shane Parrish on the The Knowledge Project Podcast (Part 1) (LINK)

Sam Altman on the Recode Decode Podcast (LINK)

This Single Idea Will Make You More Resilient And Successful - by Ryan Holiday (LINK)

City Frogs Are the Sexiest Frogs - by Ed Yong (LINK)

Book of the day [H/T Will]: Wealth and Families: Lessons from My Life Journey - by Howard Stevenson 

Monday, December 10, 2018


I'm back after attending the Project Punch Card Conference last week. Congratulations to the organizers for putting together a great inaugural event in pursuit of a great cause. And for those that want to receive future updates about the project, you can join its email list HERE.

Boyar Research was one of the sponsors of the conference, and it's that time of year when they are getting ready to publish The Forgotten Forty, which features one-page reports on the forty companies that they believe have the greatest potential to outperform the leading indices in the year ahead due to a catalyst that they see on the horizon. The report has a successful track record and, once again, they're providing a link to receive three complimentary Forgotten Forty reports from last year’s report for readers of this blog.... Link to: Complimentary 3-report sample of The Forgotten Forty


David Abrams, who rarely makes public appearances, lays out his investing strategy — and cautions against being too patient (LINK)
"We make a lot of money from mucking around in the garbage, and we also buy nice shiny things, and we care what we pay for both," he said. 
The firm puts a three- to five-year time horizon on stocks, looking for a minimum return of 15% on its first purchase, he said. 
"There has to be a point sooner than 10 year where you're determining whether you are being successful or not successful," he said.
What You Can Learn From How Warren Buffett's Investment Process Evolved (LINK)

The Housing Boom Is Already Gigantic. How Long Can It Last? - by Robert J. Shiller (LINK)

How Subscriptions Are Remaking Corporate America (LINK)

James Dyson: ‘The Public Wants to Buy Strange Things’ [H/T Collaborative Fund] (LINK)

Elon Musk on 60 Minutes (video) (LINK)

Is there a signal in the noise? Yield Curves, Economic Growth and Stock Prices! - by Aswath Damodaran (LINK)

Lampert's Hedge Fund Makes Bid for Sears Stores and Assets (LINK)

Millennials Didn’t Kill the Economy. The Economy Killed Millennials. - by Derek Thompson (LINK)

Outgrowing Advertising: Multimodal Business Models as a Product Strategy (LINK)

What’s Next in Consumer Startups? (video) (LINK)

Why Small Habits Make a Big Difference (LINK)

Jeremy Grantham on the Masters in Business podcast (LINK)

Brent Beshore on the Capital Allocators Podcast (LINK)
Related book: The Messy Marketplace
How I Built This podcast: Airbnb's Joe Gebbia (LINK)

NPR Planet Money podcast: Why Car Safety Is A Trade Barrier (LINK)

Siddhartha Mukherjee talks with Peter Attia (podcast) (LINK)

Origin Stories: Carl Sagan (podcast) (LINK)
The Leakey Foundation's award-winning Origin Stories podcast has returned for its third season. The latest episode is a never-before-released lecture given by Carl Sagan in 1977. In this talk from The Leakey Foundation's archive, Sagan explores the origins and evolution of human intelligence.
Ebola detectives race to identify hidden sources of infection as outbreak spreads (LINK)

When a Killer Climate Catastrophe Struck the World's Oceans (LINK)

Book of the day: How the Internet Happened: From Netscape to the iPhone

Wednesday, December 5, 2018


"What makes common stock prices so hard to predict is that a general liquid market for common stocks creates, from time to time, either in sectors of the market or in the whole market, a Ponzi scheme. In other words, you have an automatic process where people get sucked in and other people come in because it worked last month or last year. And it can build to perfectly ridiculous levels, and the levels can last for considerable periods. Trying to predict that kind of thing, sort of a Ponzi scheme which is, if you will, accidentally thrown into the valuation of common stocks by just the forces of life, by definition that’s going to be very, very hard to predict. But that’s what makes it so dangerous to short stocks, even when they’re grossly overvalued. It’s hard to know just how overvalued they can become in addition to the overvaluation that exists. " --Charlie Munger (2002 Berkshire Hathaway Annual Meeting)

John Huber's long thesis on Facebook (LINK)

Gabriel Grego's short thesis pitch on Aphria at the Kase Learning Shorting Conference (Video, Slides)

Chris Brown's short thesis pitch on Tilray at the Kase Learning Shorting Conference (Slides)

Morgan Creek Capital Management - Q3 2018 Market Review & Outlook Letter (LINK)

The Absolute Return Letter, December 2018: The Art of Defaulting (LINK)

Eddie Lampert Shattered Sears, Sullied His Reputation, and Lost Billions of Dollars. Or Did He? [H/T Linc] (LINK)

Drip, Drip, Drip - by Morgan Housel (LINK)

Hitting the Pause Button - by Frank K. Martin (LINK)

Do I Deserve What I Have? Part II - by Russ Roberts (LINK)

a16z Video: When Advertising Isn’t Enough (LINK)

oGoLead Leadership Podcast: Paul Varga, Chairman and Chief Executive Officer at Brown Forman (LINK)

It’s Time to Study Whether Eating Particular Diets Can Help Heal Us - by Siddhartha Mukherjee (LINK)

Subtract - by Derek Sivers (LINK)

"The difference between successful people and really successful people is that really successful people say no to almost everything." --Warren Buffett 

Tuesday, December 4, 2018


"The key to [Benjamin] Graham’s approach to investing is not thinking of stocks as stocks or part of a stock market. Stocks are part of a business. People in this room own a piece of a business. If the business does well, they’re going to do all right as long as they don’t pay way too much to join into that business....  It doesn’t make any difference to us whether the volatility of the stock market...averages a half a percent a day or a quarter percent a day or 5 percent a day. In fact, we’d make a lot more money if volatility was higher, because it would create more mistakes in the market. So volatility is a huge plus to the real investor.... As an investor, you love volatility. Not if you’re on margin, but if you’re an investor you aren’t on margin. And if you’re an investor, you love the idea of wild swings because it means more things are going to get mispriced." --Warren Buffett (1997 Berkshire Hathaway Annual Meeting)

On Writing Better: Becoming a Writer - by Jason Zweig (LINK)

Aggregators and Jobs-to-be-Done - by Ben Thompson (LINK)

Business Insider IGNITION conference video (Day 1) (LINK) [Paul Graham and Drew Houston at 27:55; Dalio at 1:42:45; Scott Galloway at 3:30:25]

Decrypted Podcast: The Secrets Hidden in Our Google Location Data (LINK)

Invest Like the Best Podcast: Maureen Chiquet – Leadership Through Hard Conversations (LINK)

Do I Deserve What I Have? Part I - by Russ Roberts (LINK)

Situational spending - by Seth Godin (LINK)

The CRISPR Baby Scandal Gets Worse by the Day - by Ed Yong (LINK)

Monday, December 3, 2018


"For what the investor chiefly wants to learn from an annual report is the indicated earning power under the given set of conditions, i.e., what the company might be expected to earn year after year if the business conditions prevailing during the period were to continue unchanged." --Benjamin Graham and David Dodd (Security Analysis: Sixth Edition)

5 books I loved in 2018 - by Bill Gates (LINK)
The books: 1) Educated: A Memoir - by Tara Westover; 2) Army of None - by Paul Scharre; 3) Bad Blood - by John Carreyrou; 4) 21 Lessons for the 21st Century - by Yuval Noah Harari; 5) The Headspace Guide to Meditation and Mindfulness - by Andy Puddicombe
Managing Risk and Uncertainty: The Future of Insurance (video) (LINK)

Investors Rev Up the Risk in Subprime Auto Deals (LINK)

What’s Really Happening to Retail? - by Derek Thompson (LINK)

Investing Whiplash: Looking for Closure with Apple and Amazon! - by Aswath Damodaran (LINK)

Jonathan Tepper discusses his book, The Myth of Capitalism, on The Jolly Swagmen Podcast (LINK)

Planet Money Podcast: The Secret Target (LINK)
Their plan was dangerous, risky, and extremely unpopular. But America copied them anyway. Today on the show: how a tiny country on the other side of the world changed how America runs its economy.
Exponent Podcast: Rent-Seeking (LINK)
Ben and James talk about Apple’s case in front of the Supreme Court, and debate whether the company is acting anti-competitively with its App Store policies.
Pivot Podcast: Microsoft is more valuable than Apple again. Why? (LINK)

George H.W. Bush and the Price of Politics - by Jon Meacham (LINK)