Links

Jeff Bezos' 2019 Letter to Shareholders (LINK)

Marks’s Oaktree Seeks $15 Billion for Biggest Distress Fund Ever (LINK)

Oil Glut May Overwhelm Global Storage Tanks Within Weeks (LINK)

The 14 Most Important Financial Planning Lessons I've Learned Over the Past 30 Days - by Phil Weiss (video) (LINK)

How I Built This with Guy Raz (podcast): Live with Guy Online: David Neeleman and Tristan Walker (LINK)

Ben Thompson: Listen to Free Weekly Stratechery Articles in Your Podcast Player (LINK)

The Tim Ferriss Show (podcast): #421: Dr. Jane Goodall — The Legend, The Lessons, The Hope (LINK)

Links

"One of the most notable behavioral traits among investors is their tendency to overlook negatives or understate their significance for a while, and then eventually to capitulate and overreact to them on the downside.  I attribute a lot of this to psychological failings and the rest to the inability to appreciate the true significance of events. As negatives accumulate – whether they surface for the first time or just are finally recognized as significant – eventually a time comes when they can no longer be ignored, and instead they come to be treated as being of overwhelming importance." --Howard Marks ("On the Couch," January 2016)

Amazon Empire: The Rise and Reign of Jeff Bezos (video) (LINK)

FRONTLINE examines Amazon CEO Jeff Bezos’ ascent to power and the global impact of the empire he built. The film also investigates the darker side of the company’s rapid growth, and the challenge of trying to rein in the power of the richest man in the world.

Summary version of the Credit Suisse Global Investment Returns Yearbook 2020 (LINK)

Email Addresses and Razor Blades - by Ben Thompson (LINK)

Brent Beshore interviews Trish Higgins and Will Thorndike at Capital Camp 2019 (video) (LINK)

This is Not 1999 - by Eric Cinnamond (LINK)

Leithner Letter No. 245-248 (26 March – 26 June 2020) (LINK)

A Viral Market Meltdown: Fear or Fundamentals? - by Aswath Damodaran (LINK)

Invest Like the Best Podcast: Niko Canner – Become a Perfect Instrument (LINK)

Planet MicroCap Podcast: 109 - Boring is Beautiful with Brent Beshore, Founder and CEO of Permanent Equity (LINK)

Trailblazers with Walter Isaacson (podcast): Theme Parks: Where Tech Meets Thrills (LINK)

Hidden Forces Podcast: Market Nihilism: Price Discovery in a World Where Nothing Matters | Ben Hunt & Grant Williams (LINK)

Edge #566: Waiting for "The Final Plague" - A Talk with Nathan Wolfe [January 2009] (LINK)

You’re Likely to Get the Coronavirus - by James Hamblin (LINK)

Most cases are not life-threatening, which is also what makes the virus a historic challenge to contain.

Book of the day: Spillover: Animal Infections and the Next Human Pandemic - by David Quammen

"Those who have knowledge don't predict. Those who predict don't have knowledge." --Lao Tzu

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

Fireside Chat with Jeff Bezos

"Every job comes with pieces you don't like.... You have to figure out how to set up your life in such a way that you can minimize the things [you don't like]. I've found that people don't dislike hard work. What people dislike is being out of control—they can't control their life; they can't control their environment. This happens to me when I get over-scheduled. I hate being over-scheduled. I want some time to be able to think and free myself. We all have the same amount of time in the world. Nobody has more time than anybody else. And when you become a very successful person, one of the things [that happens] is you start to get over-scheduled.... So you have to guard your time and try to stay a little bit flexible." --Jeff Bezos

Link to video

Links

Greggory Warren (Morningstar): Why own Berkshire Hathaway? (November 2019 video) (LINK)

Focused Fridays Leadership Forum Series, Justin Wheeler (Chief Executive Officer, Berkadia) (video) [H/T @mabtito] (LINK)

The Metaverse: What It Is, Where to Find it, Who Will Build It, and Fortnite - by Matthew Ball (LINK)

Jeff Bezos says Amazon to invest $1 bln in digitizing SMEs in India (video) (LINK) ["If you ever get lucky enough to be hiring people, make sure you're hiring people not only that you can teach—you can teach them what you know—but make sure you're hiring people who also are going to teach you things, and that they can be your tutors. And that has been the secret to the scaling of Amazon, all along the way."]

ValueAct Capital CEO Jeff Ubben discusses the Spring Fund (video, starting at about the 4-minute mark) [H/T @Greenbackd] (LINK)

Less Research? No Problem, Hedge Funds Say. ($) (LINK)

Some investors say they are benefiting from new regulations that have reduced analyst coverage of stocks

Conversations with Tyler (podcast): Reid Hoffman on Systems, Levers, and Quixotic Quests (LINK)

7 Billion-Year-Old Stardust Is Oldest Material Found on Earth (LINK)

Naval Ravikant: Finding Time to Invest in Yourself (LINK)

Links

"I love focused management. If you read the Coca-Cola annual report, you will not get the idea that Roberto Goizueta is thinking about a whole lot of things other than Coca-Cola. And I have seen that work time after time. And when they lose that focus — as, actually, did Coke and Gillette both, at one point 20 to 30 years ago somewhat — it shows up. I mean, two great organizations were not hitting their potential 20 years ago. And then they became refocused. And what a difference it makes. It makes tens of billions of dollars’ worth of difference, in terms of market value. GEICO actually started fooling around in a number of things in the early ’80s, and they paid a price to do it. They paid a very big price. They paid a direct price, in terms of the cost of those things, because they almost all worked out badly. And then they paid an additional price in the loss of focus on the main business.... So, we like focus. We love focus." --Warren Buffett (1996)

Jeff Bezos at the International Astronautical Congress (video) (LINK)

Evolve or Die - by Ian Cassel (LINK)

Scaling Fallacy in Investing (LINK)

Ben Thompson interviews Ghost CEO John O’Nolan (LINK)

The Tim Ferriss Show (podcast): #392: Ben Horowitz (LINK)

Related book: What You Do Is Who You Are: How to Create Your Business Culture

The Meb Faber Show (podcast): #183 - Ben Inker (LINK)

Conversations with Tyler (podcast): Henry Farrell on Weaponized Interdependence, Big Tech, and Playing with Ideas (LINK)

Links

"Wealth is not his that has it, but his that enjoys it." --Benjamin Franklin

Jeff Bezos’s Master Plan (LINK)

Fall 2019 issue of Graham & Doddsville (LINK)

The Heilbrunn Center's Schloss Archive is also worth going back and checking out periodically (LINK)

The Knowledge Project Podcast: #68 Daniel Kahneman: Putting Your Intuition on Ice (LINK)

Exponent Podcast: 175 — The Abyss Stares Back (LINK)

The Next Big Idea Podcast: Malcolm Gladwell and David Epstein on the Keys to Success (LINK)

Related book: Range: Why Generalists Triumph in a Specialized World

Links

Note: The early bird discount for the Project Punch Card Value Investing Conference expires on Tuesday, October 15th (when the price will increase from $245 to $495).

***

Is Amazon Unstoppable? - by Charles Duhigg (LINK)

That Time Warren Buffett's Investment Was Blocked by Bank of America’s Call Center (LINK)

GMO Quarterly Letter | Shades of 2000 - by Ben Inker (LINK)

The years leading up to the 2000 stock market bubble were extraordinary and unprecedented. They caused unique pain to the portfolios of valuation-driven investors. The valuation extremes, though, created the greatest opportunity set for valuation-driven investors since the Great Depression. While the events of the last decade have not been as striking as those of the late 1990s, the recent cycle has gone on for significantly longer and the pain caused to our portfolios has begun to approach 1990’s levels. As the current cycle has ground on slowly but surely, the valuation extremes have moved wider, creating an opportunity set for valuation-driven investors that looks as extraordinary as what we saw 20 years ago.

Bill Nygren Market Commentary | 3Q19 (LINK)

Greece, Once in Crisis, Joins Negative-Rates Club ($) (LINK)

Debt-laden country sells bonds yielding less than 0% for the first time

China Forces the N.B.A. to Weigh Value Against Values - by Evan Osnos (LINK)

Shipping Fuel Is About to Get Cleaner. What It Means for Investors. ($) (LINK)

Is a split in the works between Zambia and its long-time business partner, China? [H/T @michaelxpettis] (LINK)

My New Book, Why I Wrote It, and Where the Money Will Go - by Ben Horowitz (LINK)

Related book (end-of-month release): What You Do Is Who You Are: How to Create Your Business Culture

The Talk Show With John Gruber: 265: ‘Thompson’s Razor’, With Special Guest Ben Thompson (LINK)

Kosmos with a K Podcast: #7 Tyler Cowen (GMU) on less homework, Swiss science culture, and low university completion rates (LINK)

MartyrMade Podcast #13 – God’s Socialist, pt. 3: Head North, Then Turn Left [H/T @maxolson] (LINK)

In this episode I trace the trajectory of the civil rights movement through the 1960s, and the gradual shift in emphasis and leadership from the stoic southern marchers following Martin Luther King, Jr to the militant Black Power soldiers of the northern ghettos.

The Andromeda Galaxy ate its small friends… twice - by Phil Plait (LINK)

The day our galaxy exploded - by Phil Plait (LINK)

Researchers “Translate” Bat Talk. Turns Out, They Argue—A Lot (LINK)

It’s Possible to Inherit More DNA From One Parent Than the Other - by Sarah Zhang (LINK)

TED Talk: What Bruce Lee can teach us about living fully | Shannon Lee (LINK)

Marcus Aurelius on How to Control the Mind (LINK)

Book of the day (end-of-month release): The End Is Always Near: Apocalyptic Moments, from the Bronze Age Collapse to Nuclear Near Misses - by Dan Carlin 

Links

"Ben Graham said long ago that you’re neither right nor wrong because people agree with you or disagree with you. In other words, being contrarian has no special virtue over being a trend follower. You’re right because your facts and reasoning are right. So all you do is you try to make sure that the facts you have are correct.... And then once you have the facts, you’ve got to think through what they mean. And you don’t take a public opinion survey. You don’t pay attention to things that are unimportant. What you’re looking for [are] things that are important and knowable. If something’s important but unknowable, forget it. I mean, it may be important to know whether somebody’s going to drop a nuclear weapon tomorrow but it’s unknowable. And there are all kinds of things are that knowable but are unimportant. In focusing on business and investment decisions, you try to narrow it down to the things that are knowable and important, and then you decide whether you have information of sufficient value that—compared to price and all that—will cause you to act. What others are doing means nothing." --Warren Buffett (2006)

Unbreakable - by Ian Cassel (LINK)

Fraud in the Bull Market videos [H/T @colemanrhawkins] (LINK)

Bethany McLean Has Something To Say, and You Should Listen (video) (LINK) [The first episode of McLean's new podcast is free, HERE.]

Hayman’s Kyle Bass on trouble in Hong Kong (video) (LINK)

Your Employee Health Plan Could Soon Look Like Your 401(k) ($) (LINK)

Trump to Issue Executive Order on Health-Care Price Transparency ($) (LINK)

A candid conversation with EA's Andrew Wilson at E3 2019 (LINK)

Jeff Bezos took another veiled shot at Elon Musk, arguing that reaching Mars is an 'illusion' without going via the moon (LINK)

Are millennials really growing horns from using their phones? - by John Hawks (LINK)

Links

"I think that the chances we’ll have another 60 or 70 years with no nuclear devices used on purpose is pretty close to zero. So, I think you’re right to worry about it, but I don’t, myself, think there’s much that any of us can do about it, except be as sensible as we can and take the consequences as they come." --Charlie Munger (2006) 

"The only thing you can do about it — but you only have one vote — is to elect leaders who are terribly conscious of the problem and who devote a significant part of their thought and energy into minimizing it. You can’t eliminate it. The genie is out of the bottle. And you would like to have the leaders of the major countries of the world regarding it as a primary focus. Actually, in the 2004 campaign, I think that both candidates said it was the major problem of our time. But they probably suffer from the same feeling that I do, that it’s very hard to address." --Warren Buffett (2006) 

Excerpt of Jeff Bezos' fireside chat at re:MARS 2019 (video) (LINK) [I'll post the full video on the blog when/if it becomes available.]

Amazon Private Label Brands [H/T @emilyleldridge] (LINK)

Recode Media Podcast: Matthew Ball on Amazon vs Apple vs Netflix vs Disney, and how he built a digital media career by writing for free (LINK)

Related articles: Netflix Misunderstandings, Parts 1-7; "Nine Reasons Why Disney+ Will Succeed (And Why Four Criticisms are Overhyped)" 

The Deal Hidden in Your 401(k) - by Jason Zweig ($) (LINK)

For many investors, the Roth 401(k) offers some distinct advantages. But your plan administrator may not be steering you the right way.

Stanley Druckenmiller on CNBC (video) (LINK)

JPMorgan's London Whale Saga Ends Quietly as Fed Drops Its Order (LINK)

Did James make the right Final Jeopardy bet? - By Tim Urban (LINK)

D-Day: An American Legacy (narrated by Jocko Willink) (video) (LINK)

**********

I visited Normandy and the D-Day beaches for the first time last year (details via my better half HERE). One of the more striking things to me was the length of beach the soldiers had to cross to get to land. It's a trip a highly recommend, and it's something I think can appeal and move even those not inclined to normally study history in their spare time.

Links

"We don’t like having excess cash around. We like even less doing dumb deals because we do them forever. I mean, if we make a dumb deal, it just sits there. We don’t resell it three months later by having an IPO of it or something of the sort. So you’re right to say that we should be very uncomfortable about the fact that we’ve got the cash. But it’s also important that we not be so uncomfortable that we go out and do something just to be doing something.... The goal of that cash is to be translated into permanent earning power over time." --Warren Buffett (2006) 

Jeff Bezos: Big Things Start Small (LINK)

Think Before You Fish for Bargains in Chinese Stocks - by Jason Zweig ($) (LINK)

Kyle Bass: Trouble in Hong Kong- Part Deux (LINK) [Part 1 was HERE.]

Ominous Outlook for Autos & the Economy (w/ Danielle DiMartino-Booth & Daniel Ruiz) [video filmed April 11, 2019] (LINK)

David Epstein went on the EconTalk podcast as well as the Invest Like the Best podcast to discuss his new book, Range: Why Generalists Triumph in a Specialized World (released today).

Venture Stories Podcast: Mental Models with Scott Page (LINK)

Related book: The Model Thinker

The Knowledge Project Podcast: Following Intellectual Curiosity (with Entrepreneur and Investor Thomas Tull) (LINK)

Acquired Podcast: The Electronic Arts IPO (with Trip Hawkins) (LINK)

HBR IdeaCast: 684: Understanding the Space Economy (LINK)

The Peter Attia Drive Podcast: #55 - Jocko Willink (Part I of II) (LINK)

Links

"Once you talk about something that’s an asset appreciation investment, ignoring the underlying economics of what you’re lending on, you’re really talking about the bigger-fool game. You’re saying...this is a silly price but there’ll be a bigger fool that comes along. And that actually can be a profitable game for a while. But it’s nothing that bankers should engage in." --Warren Buffett (2005)

"It’s obvious that the easy lending on houses causes more houses to be built and causes housing prices to be higher, probably, in the new field. Eventually, of course, if you construct enough of new anything, you can have a countervailing effect. If you build way too many houses, you’d eventually cause a price decline." --Charlie Munger (2005)

Jeff Bezos' 2018 Letter to Shareholders (LINK)

Cullen Roche on Minsky's Financial Instability Hypothesis (LINK)

A review of Merger Masters: Tales of Arbitrage (LINK)

Previously unknown human species found in Asia raises questions about early hominin dispersals from Africa (LINK)

Links

"We like to go in heavy. I mean, if we want to invest in a business through the stock market, we want to put a lot of money in. We do not believe in a little of this and a little of that.... Good ideas are too scarce to be parsimonious with once you find them." --Warren Buffett (2003)

Big News for Small Business from Berkshire Hathaway [H/T Linc] (LINK)

How Jeff Bezos Sees the Press: An Interview with the Journalist Brad Stone (LINK)

Forget the 401(k). Let’s Invent a New Retirement Plan. - by Jason Zweig (LINK)

FDR Weighs In on the Buyback Debate - by Jason Zweig ($) (LINK)

Amid the Great Depression, the president warned about the ‘evil’ of companies that weren’t returning enough cash to investors

Star Stockpicker Exits the Hedge Fund Stage ($) (LINK)

The golden age of the star stock picker has come and gone. 

Big names like Peter Lynch, David Einhorn, and Bruce Berkowitz are today either fuzzy memories or else they’ve gone through enough rocky patches to tarnish their once-stellar track records. 

Yet in a little noticed move, the most successful fundamental stock picker of them all quietly stepped down as portfolio manager last month—Steve Mandel of Lone Pine Capital.

Sanjay Bakshi on discovering Buffett, and how investors can profit from inefficient markets (Part 1) [H/T Linc] (LINK)

January 2019 Data Update 8: Dividends and Buybacks - Fact and Fiction - by Aswath Damodaran (LINK)

The Five Families of Feces [H/T @BrentBeshore] (LINK)

The porta-potty business is as dirty as you’d think. But one man keeps coming up smelling like roses.

Lessons from Keith Rabois [H/T @benthompson] (Essay 1, Essay 2)

Zucked author Roger McNamee on the Recode Decode Podcast (LINK)

Related book: Zucked: Waking Up to the Facebook Catastrophe

Breathe easy: You have an extra 600 million years before Andromeda crashes into us - by Phil Plait (LINK)

The Women Who Contributed to Science but Were Buried in Footnotes - by Ed Yong (LINK)

Links

"When things go bad, all kinds of things correlate that no one ever dreamed correlated.... And there’s nothing more deadly than unrecognized concentrations of risk, but it happens all the time." --Warren Buffett (2003)

Only two things matter for the stock market. Donald Trump is not one of them. - by Roger Lowenstein (LINK)

Have I Got a Fund For You! Why Brokers Push Some Investments - by Jason Zweig (LINK)

The 20%-a-Year Stock Picker Who Wishes His Edge Would Disappear (LINK)

Jeff Bezos and Jamie Dimon: Best of Frenemies (LINK)

How to Lose Tens of Thousands of Dollars on Amazon (LINK)

A growing number of self-proclaimed experts promise they can teach anyone how to make a passive income selling cheap Chinese goods in the internet's largest store. Not everyone’s getting rich quick.

The $9 Billion Upcharge: How Insurers Kept Extra Cash from Medicare (LINK)

The Race to Diagnose Cancer With a Simple Blood Test (LINK)

The Bond That’s Still Paying Interest, 280 Years Later (LINK)

Looking Back on the Last 40 Years of Reforms in China - by Ray Dalio (LINK)

A Dearth of Physician Innovators Can Derail New Biomedical Startups (LINK)

Naval Ravikant and Kapil Gupta: The truth about hard work (podcast) (LINK)

How Millennials Became The Burnout Generation (LINK)

Three big insights into our African origins - by John Hawks (LINK)

Links

Jeff Bezos Wants Us All to Leave Earth—for Good - by Steven Levy‬⁩ (LINK)

Jeff Bezos chats with Steven Levy at the Wired25 Summit (video, starting at the 58:40 mark) (LINK)

Fireside Chat: Nassim Nicholas Taleb & Naval Ravikant (video) (LINK)

How a Subprime Auto Lender Consumed Detroit With Debt and Turned Its Courthouse Into a Collections Agency [H/T @WallStCynic] (LINK)

How to Make a Big Decision - by Steven Johnson (LINK)

Yahoo Finance Sportsbook Podcast: Michael Lewis on sports in 2018 [H/T Linc] (LINK)

It Will Take Millions of Years for Mammals to Recover From Us - by Ed Yong (LINK)

Links

"If you're going to do anything new or different in the world, it is going to be misunderstood. Sometimes by well-meaning critics. Sometimes by self-interested critics. You'll get all kinds. And it's okay. It's all part of the process. The only way to avoid criticism altogether is to be completely conventional in everything you do. So how do you respond the the criticism?... What's the right thing to do? Well, I think the first thing you do is you ask: Are the critics right? You listen. You ask are they right? Or even if they're not completely right, is there some piece of it that's right that you can be inspired by? And then if you decide, by the way, that the answer is no—that you believe you have conviction that what you're doing is the right course—then no force in the world should be able to move you. You should have a deep keel. But if you decide that there is something, then you should change." --Jeff Bezos

Jeff Bezos receives the Sammies Spirit of Service award, and then chats with Michael Lewis [H/T ValueWalk] (it starts with 27 minutes left in the livestream video) (LINK)

Mohnish Pabrai Lecture at Boston College: "The Ten Commandments of Investment Management" (video) (LINK)

James Grant and Jason Zweig on WealthTrack (video) (LINK)

Hedge Fund Billionaire Rode the Worst Trade of His Life All the Way Down [Lampert/Sears] (LINK)

Introduction and Chapter One of Jonathan Tepper's new book, The Myth of Capitalism: Monopolies and the Death of Competition (LINK)

Stephen King’s 20 Rules for Writers (LINK)

What Manatees Do During Hurricane Season - by Ed Yong (LINK)

"Generally speaking, there’s more felicity to be gained...from reducing expectations than in any other way." --Charlie Munger

Links

"The number one thing that has made us successful by far is obsessive-compulsive focus on the customer, as opposed to obsession over the competitor." --Jeff Bezos (Source)

All Transcripts From The Tim Ferriss Show (LINK)

Wall Street and the “Vampire Squid”: A Brief History - by Jason Zweig (LINK)

Ray Dalio On The Economy (video) (LINK)

Related book: Big Debt Crises - by Ray Dalio (free PDF HERE)

Bruce Flatt of Brookfield on owning the backbone of the global economy ($) [H/T Linc] (LINK)

3 Investments That May Have Hit Their Peak (LINK)

A Chinese Company Reshaping the World Leaves a Troubled Trail [H/T @WallStCynic] (LINK)

‘Whatever It Takes’ - by Frank K. Martin (LINK)

Amazon and Apple at a Trillion $: A Follow-up on Uncertainty and Catalysts! - by Aswath Damodaran (LINK)

Scott Galloway | Full Video | 2018 Code Commerce (LINK)

Peter Thiel on Trump, Gawker, and Leaving Silicon Valley (video) (LINK)

Yuval Noah Harari in conversation with Terrence McNally at Live Talks Los Angeles (video) (LINK)

Related book: 21 Lessons for the 21st Century

Radiolab Podcast: Infective Heredity (LINK)

Today, a fast moving, sidestepping, gene-swapping free-for-all that would’ve made Darwin’s head spin. 

David Quammen tells us about a shocking way that life can evolve - infective heredity. To figure it all out we go back to the earliest versions of life, and we revisit an earlier version of Radiolab. After reckoning with a scientific icon, we find ourselves in a tangle of genes that sheds new light on peppered moths, drug-resistant bugs, and a key moment in the evolution of life when mammals went a little viral. 

Related book: The Tangled Tree: A Radical New History of Life - by David Quammen

Jeff Bezos At The Economic Club Of Washington (9/13/18)

Link to video

Links

“Adapt what is useful, reject what is useless, and add what is specifically your own.” --Bruce Lee [H/T Latticework]

Jeff Bezos: ‘We will have to leave this planet … and it’s going to make this planet better’ [H/T @MarceloPLima] (LINK)

Atul Gawande's commencement address at U.C.L.A. Medical School: Curiosity and What Equality Really Means (LINK)

Saving As Many Lives As Penicillin - Dr. Atul Gawande & Malcolm Gladwell (video) [From October of last year, but not sure I had previously seen this one.] (LINK)

Mohnish Pabrai's latest appearance on ET Now (video) (LINK)

The Psychology of Money - by Morgan Housel (LINK)

“Proprietary Product Distribution” is Better than Sliced Bread - by Tren Griffin (LINK)

De Beers to Sell Diamonds Made in a Lab (LINK)

Your Next Glass of Wine Might Be a Fake—and You'll Love It (LINK)

Worried About Big Tech? Chinese Giants Make America’s Look Tame (LINK)

In Conversation: Netflix' Ted Sarandos and Marc Andreessen (video) (LINK)

Why Your Brain Hates Other People (And how to make it think differently.) (LINK)

The Myth of 'Learning Styles' [H/T @AdamMGrant, who summarizes in his Tweet: "Your learning style is about how you like to learn, not how you learn best. Although you might enjoy listening, reading, or doing, there's no evidence that you learn better that way. We all learn through a combo of auditory, visual, and kinesthetic modes."] (LINK)

Links

"Any place you can find somebody that gives you insights into things you didn't understand before—and maybe makes you a better person than you would have been before—that's very lucky and you want to make the most of it." --Warren Buffett

"If you're going to live a long time, you have to keep learning. What you formerly knew is never enough. So if you don't learn to constantly revise your earlier conclusions and get betters ones...you're like a one-legged man in an ass-kicking contest." --Charlie Munger

The "Warren Buffett Archive" CNBC website that features recordings of every shareholder meeting since 1994 with synchronized transcripts (LINK)

If you missed the Berkshire Hathaway 2018 Annual Shareholders Meeting, you can watch it HERE. It should also be available in podcast format soon HERE (the current podcast episodes are last year's meeting). 

Hilcorp Energy – Unlocking the Superpower of Incentives - by Ian Cassel (LINK)

How to Create An Antifragile Life, and A Stock Portfolio (A Personal Experiment) - by Vishal Khandelwal (LINK)

This Isn’t Your Grandfather’s Expansion - by Frank K. Martin (LINK)

Kyle Bass: Inflation will be a global phenomenon (video) (LINK)

Exponent Podcast: Episode 150 — Round Numbers (LINK)

Benedict Evans talks with Barry Ritholtz on the Masters in Business podcast (LINK)

Adventures in Finance podcast: Episode 65 - A Revolution is underway (LINK)

Math and Analogies (video) (LINK)

The quote that Jeff Bezos has had hanging on his fridge for years:

"To laugh often and much; to win the respect of the intelligent people and the affection of children; to earn the appreciation of honest critics and endure the betrayal of false friends; to appreciate beauty; to find the beauty in others; to leave the world a bit better whether by a healthy child, a garden patch, or a redeemed social condition; to know that one life has breathed easier because you lived here. This is to have succeeded." --Ralph Waldo Emerson