Friday, July 19, 2019


"Volatility is not a measure of risk.... Risk comes from the nature of certain kinds of businesses. It can be risky to be in some businesses just by the simple economics of the type of business you’re in, and it comes from not knowing what you’re doing. And if you understand the economics of the business in which you are engaged, and you know the people with whom you’re doing business, and you know the price you pay is sensible, you don’t run any real risk." --Warren Buffett (2007)

"One of the reasons we’ve been able to do pretty well is that we early recognized that very smart people do very dumb things. And we tried to figure out why. And we also wanted to know who, so we could avoid them." --Charlie Munger (2007)

Financial Twitter Loses a Source of Humility and Wisdom, but Good Voices Remain - by Jason Zweig (LINK) [And a big thank you to @jasonzweigwsj, an ultimate must-follow, for including me in his list.]
Twitter isn’t just a megaphone for bragging about yourself and insulting your enemies, real or imagined. All investors should appreciate that some financial thinkers have turned the social-media site into a force for enlightenment and fun—if you follow the right people. 
That’s never been clearer than it was a few days ago, when the person behind the @Nonrelatedsense account died, prompting an outpouring of love and grief in the financial quadrant of Twitter known as FinTwit. (Although I know who he was and where he worked, I’m honoring the wishes of his family and friends to preserve his anonymity.) 
Those who followed him, even without meeting him in real life, felt as if we had lost one of our smartest friends.
The Meb Faber Show (podcast): #165 - Chris Mayer - I Do Think The Biggest Challenge…Is Keeping It, Holding On To It (LINK)
Related books: 1) 100 Baggers: Stocks That Return 100-to-1 and How To Find Them; 2) 100 to 1 in the Stock Market: A Distinguished Security Analyst Tells How to Make More of Your Investment Opportunities - by Thomas W. Phelps
Revisionist History Podcast: The Standard Case (LINK)

If You’re Angry, You’re Part of the Problem, Not the Solution - by Ryan Holiday (LINK)

Blurring Offline and Online: More on the Potential of Long Tail Social Media - by Cal Newport (LINK)

The Future of the City Is Childless - by Derek Thompson (LINK)
America’s urban rebirth is missing something key—actual births.
Apollo 11 at 50 (LINK)

The Disturbing Sound of a Human Voice - by Ed Yong (LINK)
Hearing people talk can terrify even top predators such as mountain lions, with consequences that ripple through entire ecosystems.
The WHO Finally Sounds Its Loudest Alarm Over Ebola in the Congo - by Ed Yong (LINK)
The ongoing outbreak is the second worst in history and has proved to be unusually difficult to contain.