"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.