Thursday, September 19, 2019


"The whole secret of investment is to find places where it’s safe and wise to non-diversify. It’s just that simple. Diversification is for the know-nothing investor; it’s not for the professional."  --Charlie Munger (2008

"And there’s nothing wrong with the know-nothing investor practicing it. It’s exactly what they should practice. It’s exactly what a good professional investor should not practice. There’s no contradiction in that. A know-nothing investor will get decent results as long as they know they’re a know-nothing investor, diversify as to time they purchase their equities, and as to the equities they purchase. That’s crazy for somebody that really knows what they’re doing. And you will find opportunities that, if you put 20 percent of your net worth in it, you’ll have wasted the opportunity of a lifetime, in terms of not really loading up. And we’ve had the chance to do that, way, way in our past, when we were working with small sums of money. We’ll never get a chance to do that working with the kinds of money that Berkshire does. We try to load up on things. And there will be markets when we get a chance to from time to time, but very seldom do we get to buy as much of any good idea as we would like to." --Warren Buffett (2008)

What Really Brought Down the Boeing 737 Max? - by William Langewiesche (LINK)

Bob Iger Remembers Steve Jobs, the Pixar Drama, and the Apple Merger That Wasn't. (LINK)
Related book: The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company
Insights on VC Pricing: Lessons from Uber, WeWorks and Peloton! - by Aswath Damodaran (LINK)

Am I a market fundamentalist? - by Russ Roberts (LINK)

Steve Schwarzman talks with James Altucher about his new book, What It Takes: Lessons in the Pursuit of Excellence (podcast) (LINK)

Malcolm Gladwell talks with Oprah about his new book, Talking to Strangers (podcast) (LINK)

One Protein Makes Ebola Deadly. Scientists Can Turn it Off (LINK)

A final message from T. Boone Pickens shared before his passing on September 11, 2019 (LINK)