Links

"The philosopher Cicero said something beautiful. He said, 'The thankful heart is not only the greatest of all the virtues, but it is the parent of all the other virtues.' And I think what that means is that people who are lucky should thank their luck, acknowledge it and revel in it. I think it will also make them want to share the fruits of their luck with others." --Howard Marks  [via The Knowledge Project]

Now that we're a decade from the crisis lows in the stock market, it might be an interesting time to revisit some of the FCIC interviews.

Capital Allocators Podcast: Thomas Russo – All About Google (LINK)

Virgin group: Brand it like Branson (LINK)

Jerome Powell's "60 Minutes" interview (video) (LINK)

On Startups, Platforms, and Innovation (LINK)

EconTalk Podcast: Amy Webb on Artificial Intelligence, Humanity, and the Big Nine (LINK)

Related book: The Big Nine: How the Tech Titans and Their Thinking Machines Could Warp Humanity

How the U.S.-Russian Relationship Went Bad [H/T @GrahamTAllison] (LINK)

NASA Captures First Air-to-Air Images of Supersonic Shockwave Interaction in Flight [H/T Linc] (LINK)

"Natural desires are limited; but those which spring from false opinion can have no stopping-point. The false has no limits. When you are travelling on a road, there must be an end; but when astray, your wanderings are limitless. Recall your steps, therefore, from idle things, and when you would know whether that which you seek is based upon a natural or upon a misleading desire, consider whether it can stop at any definite point. If you find, after having travelled far, that there is a more distant goal always in view, you may be sure that this condition is contrary to nature." --Seneca

Links

 "I don’t look at the primary message...of [Ben] Graham, really, as being...anything to do with formulas. In other words, there’s three important aspects to it.... One is your attitude toward the stock market. That’s covered in chapter eight of The Intelligent Investor. If you’ve got that attitude toward the market, you start ahead of 99 percent of all people who are operating in the market. So, you have an enormous advantage. Second principle is the margin of safety, which again, gives you an enormous edge, and actually has applicability far beyond just the investment world. And then the third is just looking at stocks as businesses, which gives you an entirely different view than most people that are in the market. And with those three sort of philosophical benchmarks, the exact — the evaluation technique you use is not really that important. Because you’re not going to go way off the track, whether you use Walter’s approach — Walter Schloss’s — or mine, or whatever." --Warren Buffett

1991 Barron's interview with Seth Klarman [H/T @NeckarValue] (LINK)

If You Say Something Is “Likely,” How Likely Do People Think It Is? - by Andrew Mauboussin and Michael J. Mauboussin (LINK)

Investing and the Art of Catching Falling Knives - by Vishal Khandelwal (LINK)

The Absolute Return Letter, July 2018: The Italian Job (LINK)

29 Life-Changing Lessons That Will Make You Successful And More Strategic - by Ryan Holiday (LINK)

Your company’s culture is not unique, psychologist Adam Grant says (LINK)

Invest Like the Best Podcast: The Future of Media, with Niel Roberson (LINK)

Grant's Podcast: Nobody knows notin' (LINK)

American Innovations Podcast: Nuclear Energy | Meltdown | 4 (LINK)

Revisionist History Podcast: The Imaginary Crimes of Margit Hamosh (LINK)

TED Talk: How we're saving one of Earth's last wild places | Steve Boyes (LINK)

A Game-Changing AI Tool for Tracking Animal Movements - by Ed Yong (LINK)

How to Grow Old: Bertrand Russell on What Makes a Fulfilling Life (LINK)

"The best Armour of Old Age is a well spent life preceding it; a Life employed in the Pursuit of useful Knowledge, in honourable Actions and the Practice of Virtue; in which he who labours to improve himself from his Youth, will in Age reap the happiest Fruits of them; not only because these never leave a Man, not even in the extremest Old Age; but because a Conscience bearing Witness that our Life was well-spent, together with the Remembrance of past good Actions, yields an unspeakable Comfort to the Soul." --Cicero (via "Praising Old Age" in Poor Charlie's Almanack)