"Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. The measure of success attained by Wall Street, regarded as an institution of which the proper social purpose is to direct new investment into the most profitable channels in terms of future yield, cannot be claimed as one of the outstanding triumphs of laissez-faire capitalism which is not surprising, if I am right in thinking that the best brains of Wall Street have been in fact directed towards a different object." --John Maynard Keynes
Warren Buffett’s Optimistic? Pessimistic? No, Realistic - by Andrew Ross Sorkin (LINK)
Sam Zell on Market Valuations, Real Estate, Post-Virus Economy (video) [H/T Linc] (LINK)
Spring 2020 issue of Graham & Doddsville (LINK)
Invest Like the Best Podcast: Ali Hamed – An Update on Private Credit (LINK)
Against the Rules with Michael Lewis (podcast): The Invisible Coach (LINK)
The Case for Deeply Negative Interest Rates - by Kenneth Rogoff (LINK)
Hope, Through History Podcast: Episode 3 | The Polio Epidemic (LINK)
Our message to the class of 2020 - by Bill and Melinda Gates (LINK)
It is time to take seriously the link between Vitamin D deficiency and more serious Covid-19 symptoms - by Matt Ridley (LINK)