Tuesday, July 2, 2019


"What we really want to do is buy a business that’s a great business, which means that business is going to earn a high return on capital employed for a very long period of time, and where we think the management will treat us right. We don’t have to mark those down a lot when we find those factors. We’d love to find them when they’re selling at 40 cents on the dollar but we will buy those as much closer to a dollar on the dollar. We don’t like to pay a dollar on the dollar, but we’ll pay something close." --Warren Buffett (2007)

The Earnings Mirage: Why Corporate Profits are Overstated and What It Means for Investors (LINK)

The P/E Ratio: A User’s Manual [H/T @justvalue2] (LINK)

Availability-Misweighing Tendency (LINK)

Invest Like the Best Podcast: Bill Gurley – All Things Business and Investing (LINK)

The Knowledge Project Podcast: When Good Intentions Go Bad [with Jonathan Haidt] (LINK)

V > Λ: The Inverted Hierarchy (LINK)

The Stoic Magazine (Volume 1, Issue 7, July 2019) (LINK)

"This is the secret of cheerfulness—not depending on someone's help or expecting them to provide us tranquillity." --Marcus Aurelius