Tuesday, September 3, 2019


"You might have good reason to pray for a tornado, whether it comes in the shape of swirling winds, or a politician. You imagine the thing doing the damage you would like to see done, and no more. It’s what you fail to imagine that kills you." --Michael Lewis ("The Fifth Risk")

What Is a Tech Company? - by Ben Thompson (LINK)

GMO Quarterly Letter | Bigger’s Been Better (LINK)

The Absolute Return Letter, September 2019: Is Ageing Inflationary? Really? (LINK)

The Exclusive Inside Story Of The Fall Of Overstock’s Mad King, Patrick Byrne [H/T @pcordway] (LINK)

Fairfax to invest $5 billion more in India in next 5 years (LINK)

Odd Lots Podcast: Why Value Investing Has Been Doing Terribly (LINK)

The Product Science Podcast: Tim O’Reilly Hypothesis: Build a Market by Building an Ecosystem (LINK)

The Tim Ferriss Show: #384: David Allen — The Art of Getting Things Done (GTD) (LINK)

a16z Podcast: Making Culture, Making Influence — Dapper Dan! (LINK)

Tweet of the day, via @MebFaber, which is also probably why my watch list is filled with UK and other European names:
Over the past 10 years the UK stock market has underperformed the US by about 200 percentage points. 0% return last 12 years...ouch! The good news? UK stocks trade at half the valuation of US stocks across every long term valuation metric.
Book of the day (released next week): The Price We Pay: What Broke American Health Care--and How to Fix It