Friday, April 24, 2020


"Unfortunately in this kind of work, where you are trying to determine relationships based upon past behavior, the almost invariable experience is that by the time you have had a long enough period to give you sufficient confidence in your form of measurement, just then new conditions supersede and the measurement is no longer dependable for the future." --Benjamin Graham ("Securities In An Insecure World")

Bill Gates on coronavirus: ‘It’s going to be a while before things go back to normal’ (video) (LINK)
Related article: The first modern pandemic - by Bill Gates
Horizon Kinetics Q1 Letter (LINK) [Audio review available HERE.]

Thoughts on Berkshire’s Deployable Cash (LINK)

A Historic Opportunity in Small Cap Stocks (LINK)

‘The American Tailwind’ - by Frank K. Martin (LINK)

Paul Singer's April letter to Elliott investors (LINK)

Raoul Pal's April Global Macro Investor newsletter is now available for all to read (LINK)

Understanding Money, Credit, and Debt - by Ray Dalio (LINK)

BIS paper: Insurance regulatory measures in response to Covid-19 (LINK)

My Restaurant Was My Life for 20 Years. Does the World Need It Anymore? (LINK)

With 100,000 stores set to close by 2025, mall owners face this legal hurdle next (co-tenancy clauses) (LINK)

A Shift in Investment Strategies Post-Coronavirus — COVID-19 Virtual Roundtable (video) (LINK)

Recode Media Podcast: Matthew Ball on how the pandemic will remake TV, movies and video games (LINK)

MacroVoices Podcast: #216 David Rosenberg: Stagflation is coming but not yet (LINK)

How I Built This with Guy Raz (podcast): How I Built Resilience: Live With Guy and Simon Sinek (LINK)

Conversations with Tyler (podcast): Philip E. Tetlock on Forecasting and Foraging as a Fox (LINK)

Infinite Loops Podcast: Morgan Housel – The Psychology of Money (LINK)
Related book: The Psychology of Money: Timeless lessons on wealth, greed, and happiness