Saturday, January 19, 2019


"The unthinkable can always happen, and you have to run your affairs accordingly." --Peter Bernstein

On Jack Bogle (1929-2019) - by Jason Zweig (LINK)

A Lifetime of Systems Thinking - by Russell Ackoff (1999) [H/T @pcordway] (LINK)

Clayton Christensen: After 40 years studying innovation, here is what I have learned (LINK)

Exponent Podcast: Inverted Pyramids (LINK)

The Insulin Wars [H/T @Atul_Gawande] (LINK)

GMO White Paper: Is the U.S. Stock Market Bubble Bursting? A New Model Suggests 'Yes' (LINK)
  • A new model suggests that from early 2017 through much of 2018, the U.S. stock market was a bubble.
  • Driven by negative changes in sentiment, the bubble started to deflate in the fourth quarter of 2018, in spite of strong fundamentals.
  • Our advice, consistent with our portfolio positions established in Q1 2018 – as usual, we were early – is to own as little U.S. equity as your career risk allows.
Questions we hear a lot - by John Hussman (LINK) [And if you're not one to read the economic analysis, the talk by Martin Luther King Jr., "Loving Your Enemies," attached to the end is always a worthwhile read.]