Wednesday, February 26, 2020


"One of the most notable behavioral traits among investors is their tendency to overlook negatives or understate their significance for a while, and then eventually to capitulate and overreact to them on the downside.  I attribute a lot of this to psychological failings and the rest to the inability to appreciate the true significance of events. As negatives accumulate – whether they surface for the first time or just are finally recognized as significant – eventually a time comes when they can no longer be ignored, and instead they come to be treated as being of overwhelming importance." --Howard Marks ("On the Couch," January 2016)

Amazon Empire: The Rise and Reign of Jeff Bezos (video) (LINK)
FRONTLINE examines Amazon CEO Jeff Bezos’ ascent to power and the global impact of the empire he built. The film also investigates the darker side of the company’s rapid growth, and the challenge of trying to rein in the power of the richest man in the world.
Summary version of the Credit Suisse Global Investment Returns Yearbook 2020 (LINK)

Email Addresses and Razor Blades - by Ben Thompson (LINK)

Brent Beshore interviews Trish Higgins and Will Thorndike at Capital Camp 2019 (video) (LINK)

This is Not 1999 - by Eric Cinnamond (LINK)

Leithner Letter No. 245-248 (26 March – 26 June 2020) (LINK)

A Viral Market Meltdown: Fear or Fundamentals? - by Aswath Damodaran (LINK)

Invest Like the Best Podcast: Niko Canner – Become a Perfect Instrument (LINK)

Planet MicroCap Podcast: 109 - Boring is Beautiful with Brent Beshore, Founder and CEO of Permanent Equity (LINK)

Trailblazers with Walter Isaacson (podcast): Theme Parks: Where Tech Meets Thrills (LINK)

Hidden Forces Podcast: Market Nihilism: Price Discovery in a World Where Nothing Matters | Ben Hunt & Grant Williams (LINK)

Edge #566: Waiting for "The Final Plague" - A Talk with Nathan Wolfe [January 2009] (LINK)

You’re Likely to Get the Coronavirus - by James Hamblin (LINK)
Most cases are not life-threatening, which is also what makes the virus a historic challenge to contain.
Book of the day: Spillover: Animal Infections and the Next Human Pandemic - by David Quammen

"Those who have knowledge don't predict. Those who predict don't have knowledge." --Lao Tzu