Wednesday, January 8, 2020


"There’s a whole group of companies, a very large group of companies, that Charlie and I just don’t know how to value. And that doesn’t bother us. I mean, we don’t know how to figure out what cocoa beans are going to do, or the Russian ruble—there’s all kinds of financial instruments that we just don’t feel we have the knowledge to evaluate. And really, it might be a little too much to expect that somebody would understand every business in the world. And we find some that are much harder for us to understand. And when I say understand, my idea of understanding a business is that you’ve got a pretty good idea where it’s going to be in ten years. And I just can’t get that conviction with a lot of businesses, whereas I can get it with relatively few. But I only need a few." --Warren Buffett (1997)

Woodlock House Q4 Letter - by Chris Mayer (LINK)

The Absolute Return Letter, January 2020: The Known Unknowns of 2020 (LINK)

What I Believe Least - by Morgan Housel (LINK)

The Last Chapter in the Middle East? - by Peter Zeihan (LINK)

EU can look to 1783 for a way through Brexit - by Matt Ridley (LINK)

Inside Carlos Ghosn's Great Escape: A Train, Planes and a Big Black Box ($) (LINK)

Skift: The Megatrends Defining Travel in 2020 (LINK)

What Scientists Learned by Putting 3-D Glasses on Cuttlefish - by Ed Yong (LINK)

COMPLEXITY Podcast: W. Brian Arthur (Part 1): The History of Complexity Economics (LINK)

Ten Percent Happier Podcast: #221: All Your Sleep Questions, Answered | Dr. Matthew Walker (LINK)

Jocko Podcast: 211: Leadership Strategy and Tactics Review. Pt 2. (LINK)
Related book: Leadership Strategy and Tactics: Field Manual
Radiolab Podcast: 60 Words (LINK)
This hour we pull apart one sentence, written in the hours after September 11th, 2001, that has led to the longest war in U.S. history. We examine how just 60 words of legal language have blurred the line between war and peace.