Friday, January 24, 2020


"How ought one navigate an environment such as today’s? With great patience and strict discipline. Every position in the portfolio must offer the prospect of compelling rewards for the risks incurred. One must be vigilant to spot adverse developments and identify flawed theses, and be unemotional in taking appropriate action. One must sell when prices become full, even when there is nothing immediate to buy as a replacement. One must be willing to hold cash, but also positioned to move quickly to take advantage of opportunities that develop. Prudent portfolio diversification is necessary, but there must also be a willingness to concentrate in the best opportunities. One must avoid speculating, or chasing the latest investment fads. An investor must be wired for deep intellectual honesty and self-assessment, determined to get smarter and learn from experience, focused on where an edge is present, while moving out of strategies where one is not." --Seth Klarman (January 2020)

Artemis Capital Management: The Allegory of the Hawk and the Serpent (Research Paper, Audio)

How to Survive the 21st Century | DAVOS 2020 (Yuval Noah Harari - video) (LINK)

Satya Nadella, Microsoft CEO: An Insight, An Idea | DAVOS 2020 (video) (LINK)

Clayton Christensen, guru of disruptive innovation and Latter-day Saint leader, dies at 67 (LINK)