Thursday, August 22, 2019


"The job of the board of directors is to have the right CEO. I mean, if you’ve got the right CEO, 90 percent of it takes care of itself. If you were the director of Cap Cities and you had Tom Murphy as the CEO, case closed. It was all you needed. And if you have that CEO, I think you have an obligation on the board to make sure that there’s not overreaching by the CEO, because the CEO can have different interests. And I think the third thing that the board should do is they really should bring some independent judgment in on major acquisitions. Because there is a natural tendency for people with, usually, big egos, big motors, who get to be CEOs that like to do big things and to become bigger spending other people’s money.... So I think in those three respects, a good director will first make an affirmative decision [that] you’ve got a very good CEO — not the best in the whole world, not everybody can do that — but a very good CEO. That that CEO is not overreaching. And when significant deals come along, that they get a chance to weigh in, and that you really get a balanced discussion about the real economics of what you’re doing." --Warren Buffett (2007)

The Long View Podcast -- Rob Arnott: Don’t Sleep on Value Investing (LINK)

RA Conversations: The Inverted Yield Curve and Stock Returns (video) (LINK)
Cam Harvey explains the link between the yield curve inversion and future stock returns as well as why value offers investors a potential hedge against downside risk after a yield curve inversion.  
The risks grow that the passive and algorithmic transformation of equity markets could lead to a crisis. (LINK)

The Meb Faber Show: #171 - Raoul Pal - Buy Bonds. Buy Dollars. Wear Diamonds. (LINK)

The Art of Manliness Podcast: How to Achieve a “Rich Life” With Your Finances [with Ramit Sethi] (LINK)
Related book: I Will Teach You to Be Rich
The Stephen Wolfram Podcast: A Very Brief History of Mathematics [H/T @nntaleb] (LINK)

Revisionist History Podcast: The Obscure Virus Club (LINK)

Venture Stories Podcast: The Most Well-Read Person in the World on The Future of Reading with Robert Cottrell (LINK)

Audiobooks or Reading? To Our Brains, It Doesn’t Matter (LINK)

What If I Said No? (And Other Questions to Consider Daily) - by Ryan Holiday (LINK)

A Simple Invention Could Change How Fast Disease Is Detected - by Ed Yong (LINK)

Book of the day: The Pioneers: The Heroic Story of the Settlers Who Brought the American Ideal West - by David McCullough