Friday, January 17, 2020


"I can’t give you a formulaic approach [to determining intrinsic value] because I don’t use one. I just mix all the factors and if the gap between value and price is not attractive, I go on to something else. And sometimes it’s just quantitative. For instance, when Costco was selling at about 12 or 13 times earnings, I thought that was a ridiculously low value, just because the competitive strength of the business was so great and it was so likely to keep doing better and better. Well, I can’t reduce that to a formula for you. I liked the cheap real estate. I liked the competitive position. I liked the way the personnel system worked. I liked everything about it. And I thought, even though it’s three times book, or whatever it was then, that it’s worth more. If you want a formula, you should go back to graduate school. They’ll give you lots of formulas that won’t work." --Charlie Munger (2018)

Morgan Housel Interviews Brent Beshore at MicroCap Leadership Summit 2019 (LINK)

The next U.S. president will have little effect on the stock market. Here’s why. - by Roger Lowenstein [H/T @pcordway] (LINK)

Forecasts or Nowcasts? What’s on the Horizon for the 2020s? - by Rob Arnott & Jonathan Treussard (LINK)

Inside-Out vs. Outside-In: The Adoption of New Technologies (LINK)

Exponent Podcast: 179 — The Water We Swim In (LINK)

North Star Podcast: Robert Cottrell: The Secrets of Reading (LINK)


For Audible Members, the current sale ($5.95 each) has some titles worth noting:

Billion Dollar Whale

Endurance: Shackleton's Incredible Voyage

Never Split the Difference

Ten Drugs: How Plants, Powders, and Pills Have Shaped the History of Medicine

The Fall of Carthage

Stuff Matters: Exploring the Marvelous Materials That Shape Our Man-Made World

Liquid Rules: The Delightful and Dangerous Substances That Flow Through Our Lives

I Contain Multitudes

The Rise and Fall of the Dinosaurs

Origin Story: A Big History of Everything