Links

"A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves." --Lao Tzu 

Warren Buffett’s Berkshire Hathaway sold a substantial amount of U.S. Bancorp stock this week (LINK)

A good post via the Berkshire Hathaway message board at The Motley Fool [H/T Linc] (LINK)

Full video of Stanley Druckenmiller at The Economic Club of New York (LINK)

Full video of David Tepper's CNBC call-in yesterday (LINK)

A Viral Market Update VIII: A Crisis Test - Value vs Growth, Active vs Passive, Small Cap vs Large! - by Aswath Damodaran (LINK)

Acceptable Flaws - by Morgan Housel (LINK)

The Tim Ferriss Show (podcast): #432: Books I’ve Loved — Kevin Kelly (LINK)

Freakonomics Radio (podcast): 418. What Will College Look Like in the Fall (and Beyond)? (LINK)

Matt Ridley: 23 of Your AMA Questions, Answered (LINK)

Links

Amid the Coronavirus Crisis, a Regimen for Reëntry - by Atul Gawande (LINK)

Scanning for answers to a pandemic - by Bill Gates (LINK)

David Tepper says this is the second-most overvalued stock market he’s ever seen, behind only ’99 (LINK)

Druckenmiller Says Risk-Reward in Stocks Is Worst He’s Seen (LINK)

Daniel Yergin at The Economic Club of New York (video) (LINK)

Related book (September release): The New Map: Energy, Climate, and the Clash of Nations

BIS paper: US dollar funding markets during the Covid-19 crisis - the money market fund turmoil (LINK)

BIS paper: US dollar funding markets during the Covid-19 crisis - the international dimension (LINK)

Dithering and Open Versus Free - by Ben Thompson (LINK)

Steven Kiel interviews Harris Kupperman as well as Calvin Froedge about the opportunity in tankers.

Steve Vafier with the investment case for Stitch Fix (video) (LINK)

Invest Like the Best Podcast: Tobi Lutke – Building a Modern Business (LINK)

Acquired Podcast: Adapting Episode 3: Intel (LINK)

TC's Chartcast Podcast: #25: Josh Wolfe (LINK)

Against the Rules with Michael Lewis (podcast): Don’t Be Good – Be Great (LINK)

Hope, Through History Podcast: 4 | The Cuban Missile Crisis (LINK)

Eat Rat, Make New Body: Easy Stuff for Pythons - by Carl Zimmer (LINK)

Book of the day (released yesterday): No Rules Rules: Netflix and the Culture of Reinvention - by Reed Hastings and Erin Meyer

Links

"If I go through my career, there's a lot of disappointments; there's a lot of things that didn't go right. But those aren't the things that make you. It's how you bounce back, and where you move on from there—and what you learn from those things. It's kind of 'the river flows'.... You have to make choices on where your life goes, but you never stop flowing. You never stop riding the river.... You kind of keep pushing forward, because you're going to have disappointments, you're going to have problems in your life, you're going to have different things that go wrong, but that's not what's going to define you. What's going to define you is how you recover from those things and how you move on." --David Tepper

David Tepper at Carnegie Mellon (videos) [H/T @LongShortTrader] (Part 1, Part 2, Part 3)

Inertia: The Force That Holds the Universe Together (LINK)

You Are Not Alone: The Berkshire Hathaway Annual Meeting - by Jason Zweig (LINK)

Related book: The Warren Buffett Shareholder: Stories from inside the Berkshire Hathaway Annual Meeting

Amazon: Glimpses of Shoeless Joe? - by Aswath Damodaran (LINK)

Tokenized Securities and the Future of Ownership (LINK)

Nature's Mechanical Secrets Could Help Build Faster Robots [H/T Linc] (LINK)

Exponent Podcast: Episode 149 — Zillow and Sustaining Aggregation (LINK)

How I Built This Podcast -- Panera Bread/Au Bon Pain: Ron Shaich (LINK)

The Investors Podcast: Mastermind Discussion 2nd Q 2018 w/ Jesse Felder & Tobias Carlisle (LINK)

Farewell, No. 16: scientists left 'miserable' after world's oldest spider dies aged 43 [H/T David] (LINK)

The arachnid is believed to have survived for so long by sticking to one protected burrow its entire life and expending the minimum of energy.

TED Talk: Is the world getting better or worse? A look at the numbers | Steven Pinker (LINK)

Related book: Enlightenment Now

The next epidemic is coming. Here’s how we can make sure we’re ready. - By Bill Gates (LINK)

What Bill Gates Fears Most - by Ed Yong (LINK)

"It is above all things necessary to form a true estimate of oneself, because as a rule we think that we can do more than we are able." --Seneca