A big thanks to the friend that pointed out that the horse story from yesterday's post was from Howard Marks and not Charlie Munger. I have the Marks story highlighted and starred in my copy of Peter Bevelin's book All I Want To Know Is Where I'm Going To Die So I'll Never Go There (p.62) that I recently reviewed, but somehow had it in my head as a Munger story. At any rate, I added that book excerpt to yesterday's post. That same section in Peter's book also has a great Confucius quote along the same lines:
"The superior man, when resting in safety, does not forget that danger may come. When in a state of security he does not forget the possibility of ruin. When all is orderly, he does not forget that disorder may come. Thus his person is not endangered, and his States and all their clans are preserved." --Confucius
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Risk is Where You're Not Looking - by Steven Romick, Abhijeet Patwardhan, Thomas Atteberry (January 2, 2019) [H/T Linc] (LINK)
From the archives.... Why Value Investors Are Different - by Seth Klarman (Feb 1999) [H/T @FocusedCompound] (LINK)
From Ben Thompson in May 2017, and worth a re-read after the Apple news this week.... Apple’s China Problem
Wild Expectations - by Morgan Housel (LINK)
How the Co-op King of New York Earned His Crown (podcast and transcript) [H/T Eli] (LINK)
Related book: Risk Game: Self Portrait of an EntrepreneurHow I Built This podcast: Remembering Herb Kelleher (LINK)
The co-founder and former CEO of Southwest Airlines, Herb Kelleher, has died. He was 87. We are grateful Herb shared his story with us in 2016. We are republishing it as a tribute to his life and career, in which he transformed the US airline industry.Unborn Baby Shark Filmed Swimming Around Inside Its Mother - by Ed Yong (LINK)