Links

Jamie Dimon's 2019 Letter to Shareholders (LINK)

Coronavirus and Credibility - by Paul Graham (LINK)

The Bare Necessities You Need for a Bear Market - by Jason Zweig ($) (LINK)

Daniel Kahneman: Why We Underestimated COVID-19 (LINK)

The World Has No Pause Button (LINK)

Unlikely Optimism: The Conjunctive Events Bias (LINK)

Links

Hedge fund giant Seth Klarman says the ‘rocket fuel’ feeding this rally will soon ‘run out’ (LINK) [I haven't seen Klarman's letter yet, but if anyone happens to have a copy they'd be willing to share, it would be greatly appreciated (valueinvestingworld@gmail.com).]

The Twenty Minute VC Podcast: Howard Marks (LINK)

Jamie Dimon on CNBC (video) (LINK)

Ergodicity economics: a primer (LINK)

"I actually don't like Plan B's. I find Plan B's de-focus you from Plan A. Plan B should always be 'Make Plan A work.'" --Jeff Bezos

Links

"We really like things that you don’t have to carry out to three decimal places, you know. If you have to carry it out to three decimal places, it’s not a good idea.... It’s like if somebody walked in the door here and they weighed somewhere between 300 and 350 pounds. I might not know how much they weigh, but I would know they were fat. That’s all I’m looking for, is something that’s financially fat." --Warren Buffett (2008)

Jamie Dimon on "60 Minutes" (video) (LINK)

Chuck Akre and John Neff of Akre Capital Management on WealthTrack (video) (LINK)

Ironing Out an Investing Mystery - by Jason Zweig ($) (LINK)

‘Earnings management’ has become even more widespread in emerging markets than in developed markets like the U.S.

Pensions Venture Into Risky Corners of the Market in Hunt for Returns ($) (LINK)

Wise fiscal policy is not about helicopter money - by Claudio Borio (LINK)

The new dot com bubble is here: it’s called online advertising (LINK)

What is the endgame for Disney+? (LINK)

EconTalk Podcast: Rory Sutherland on Alchemy (LINK)

Related book: Alchemy: The Dark Art and Curious Science of Creating Magic in Brands, Business, and Life 

Exponent Podcast: 177 — Principle Stacks (LINK)

Odd Lots Podcast: Why The Repo Markets Went Crazy, And Why December Could Be Even Worse (LINK)

Grant’s Current Yield Podcast: Let the analytics department pitch to Drumbowski (LINK)

Short Wave Podcast: Can Global Shipping Go Zero Carbon? (LINK)

The New Yorker: Politics and More Podcast: How Facebook Continues to Spread Fake News [with Evan Osnos] (LINK)

For the golf fans out there.... Are You Not Entertained? Podcast: 208 - Jeehae Lee & Craig Connolly (the wee man) on the future of golf (LINK)

The ‘Ghost’ Genes of a Nearly Extinct Animal Live on in Texas - by Sarah Zhang (LINK)

A photographer began shooting unusual-looking coyotes on Galveston Island. They turned out to be descended from a very rare wolf species.

Links

Jamie Dimon's 2018 Letter to Shareholders (LINK)

The Berkshire Empire Is Quietly Collaborating More Than Ever ($) (LINK)

What seven years at Airbnb taught me about building a company - by Lenny Rachitsky (LINK)

The avocado principles - by Seth Godin (LINK)

Future of Higher Education: Apprenticeships vs. Business School (LINK)

Robert A. Caro on L.B.J., Understanding Power and Nearing Completion (LINK)

Jane Goodall’s original tale of chimpanzees still astonishes today (LINK)

To celebrate her 85th birthday, National Geographic revisits Jane Goodall’s 1963 article about the chimpanzees of Gombe Stream Game Reserve.

Book of the day (released next week): The Joys of Compounding: The Passionate Pursuit of Lifelong Learning - by Gautam Baid 

Links

"That’s the beauty about investments. You only have to look at the ones that you feel capable of evaluating and you skip all rest." --Warren Buffett (2004)

Sanjay Bakshi talk: Fragility & Optionality in Business Models [free registration required] (LINK)

Death, Taxes, and a Few Other Things - by Morgan Housel (LINK)

The Big Short’s Steve Eisman raises bets against Canadian banks (LINK)

A fund manager made famous by the book The Big Short has turned his sights on Canada, betting that a tottering housing market and a sluggish economy will bring trouble for the country’s biggest banks. 

Steve Eisman, a portfolio manager at Neuberger Berman, is among a growing number of short-sellers taking positions in the likes of TD Bank and Royal Bank of Canada, in anticipation that the shares will fall. The moves come after property prices raced ahead of incomes for several years, boosted by loose lending, low interest rates and lax controls on foreign money. But new house prices in Canada slipped year on year in January for the first time since 2009, squeezed by tighter rules on mortgages and new taxes on foreign buyers, while the broader economy has begun to falter. 

“I’m calling for a simple normalisation of credit that hasn’t happened in 20 years,” Mr Eisman told the FT, while declining to name the banks he is shorting, or the full extent of his positions. He said the effects would hurt banks and the real estate sector, but would not be as intense as the financial crisis a decade ago in the US, when he and others saw huge profits from the implosion of the subprime mortgage market. 

“This is not ‘The Big Short: Canada’ — I’m not calling for a housing collapse,” he said.

Jamie Dimon: CEOs optimistic about business outlook (video) (LINK)

James Grant on CNBC (LINK)

Ten Lessons I Learned While Teaching Myself To Code (LINK)

Related book: Coders: The Making of a New Tribe and the Remaking of the World

Long Now: Seminars About Long-term Thinking: Chip Conley: The Modern Elder and the Intergenerational Workplace (LINK)

The After On Podcast: 45: Naval Ravikant (part 2) | End Games (LINK)

The Joe Rogan Experience (podcast) - Gary Taubes & Stephan Guyenet (LINK)

It’s Not Enough to Be Right. You Also Have to Be Kind. - by Ryan Holiday (LINK)

Holy spitting space rocks: Asteroid Bennu is active! - by Phil Plait (LINK)

Beware the Medusavirus - by Sarah Zhang (LINK)

After Two Decades, a Fishy Genetic Mystery Has Been Solved - by Ed Yong (LINK)

A scientist faced down the ultimate cold case: How did two groups of fish separately evolve genes for making antifreeze?

Links

"While investors will obviously achieve the best results by remaining rational thinkers at all times, this is easier said than done. In the financial markets, emotion often takes over, and greed and fear come to dominate investor behavior. Even those who are aware of this, who expect always to invest rationally and to be able to resist their own greedy temptations and panicky reactions, cannot always carry through on their plans." --Seth Klarman (January 2008)

The Investor Seth Klarman, in a Rare Interview, Offers a Warning. Davos Should Listen (LINK)

List of Q4 2018 Investor Letters (to be updated as more become available) [H/T @MineSafety10k] (LINK)

CNBC's Davos interviews with Bill Gates, Jamie Dimon, Dara Khosrowshahi, and Carlos Brito.

Davos panel videos: Financial Innovation for Global Health (Bill Gates, et al.), Business Leadership in the Fourth Industrial Revolution, Safeguarding Our Planet, and more available HERE.

Silicon Valley’s Unbridled Optimism Gets Fresh Reality Check (LINK)

The Investing City Podcast -- Brent Beshore: Business as a Service (LINK)

Related book: The Messy Marketplace

The Bill Simmons Podcast: Twitter CEO Jack Dorsey (LINK)

Book of the day: Ackoff's Best: His Classic Writings on Management