Wednesday, December 18, 2019


"When we own stock, we are not there to try and change people. Our luck in changing them is very low, anyway. In fact, Charlie and I have been on boards of directors where we’re the largest shareholders and we’ve had very little luck in changing behavior. So, we think that if you buy stock in a company, you better not count on the fact that you’re going to change their course of action." --Warren Buffett (2009)

The Financial Lesson of 2008-09 That Most Investors Have Forgotten - by Jason Zweig ($) (LINK)
If your memory minimizes how much you lost in the last bear market, you can easily overestimate how brave you will be in the next one
CFP Board to Tighten Oversight of Financial Advisers ($) (LINK)

Understanding Money (LINK)

The Financial Illiteracy Epidemic (LINK)

The 2019 Stratechery Year in Review – by Ben Thompson (LINK)

Jobs-to-be-Done - by Mike Dariano (Kindle ebook, PDF, Podcast)

What Does an Oil Refinery Do? (podcast) (LINK)

The Cutting Room Files, Part 6: The Future of the China - by Melissa Taylor and Peter Zeihan (LINK)
Related book: Disunited Nations: The Scramble for Power in an Ungoverned World
How to Fix Our Prisons? Let the Public Inside [H/T @RogerLowenstein] (LINK)

Across the Universe, it's the normal galaxies doing all the star-making work - by Phil Plait (LINK)

Extraordinary Routines [H/T @ChrisPavese] (LINK)

A couple of books mentioned by Marc Andreessen in his recent chat with Kevin Kelly: 1) VC: An American History; 2) More from Less: The Surprising Story of How We Learned to Prosper Using Fewer Resources―and What Happens Next

"There is so much that’s false and nutty in modern investment practice, and in modern investment banking, and in modern academia in the business schools, even in the Economics departments, that if you just reduce the nonsense, that’s all I think you should reasonably hope for." --Charlie Munger (2009)