Monday, August 5, 2019


"The investing public is fascinated and captured by the great financial mind. That fascination derives, in turn, from the scale of the financial operations and the feeling that, with so much money involved, the mental resources behind them cannot be less. Only after the speculative collapse does the truth emerge. What was thought to be unusual acuity turns out to be only a fortuitous and unfortunate association with the assets. Over the long years of history, the result for those who have been thus misjudged (including, invariably, by themselves) has been opprobrium followed by personal disgrace or a retreat into the deeper folds of obscurity. Or it has been exile, suicide, or, in modern times, at least moderately uncomfortable confinement. The rule will often be here reiterated: financial genius is before the fall." --John Kenneth Galbraith (A Short History of Financial Euphoria)

A Story of Courage and Hope from the Life of Charlie Munger (LINK)

Why Aren’t Investors Worried? Ask Howard Marks ($) (LINK)
WSJ: Are you concerned about investors’ enthusiasm for profitless technology companies? 
MR. MARKS: The more enthusiasm there is in the world, the harder it is to live up to people’s expectations and the easier it is to disappoint. When a stock goes from great optimism to the optimism sobering up, it’s very painful for investors. What you really want to know is how much optimism is in the price. If you can buy things where the level of optimism is unjustifiably low, that’s where you make a lot of money.
The hidden costs of unreliable electricity - by Bill Gates (LINK)

Greenhaven Road Capital's Q2 Letter (LINK)

Raoul Pal's takeaways from his two week recession watch series (video) (LINK)

David Skok of Matrix Partners: Driving SaaS Success Using Key Metrics (2016) [H/T @MinionCapital] (LINK)

Why Doctors Should Organize - by Eric Topol (LINK)

The Resilience of Analog - by Peter Osnos (LINK)

Peter Thiel's Religion - by David Perell (LINK)