Links

"Ben Graham always used to say you can get in more trouble in investment with a good premise than with a bad premise, because the bad premise will shout out to you immediately as being fallacious, whereas with a good premise it’ll work for awhile. Businesses are worth more money if interest rates fall and stocks rise. But then eventually the market action of the securities themselves creates its own rationale for a large crop of buyers, and people forget about the reasons and the mathematical limitations that were implied in what got them excited in the first place. And after a while, rising prices themselves alone will keep people excited and cause more people to enter the game. And therefore the good premise, after a while, is forgotten except for the fact that it produced these rising prices.... People tend to forget about the importance of the price they pay as the experience of a bull market just sort of dulls the senses generally." --Warren Buffett (1997)

What I’m thinking about this New Year’s Eve - by Bill Gates (LINK)

As the year comes to an end, I reflect on how we can make our tax system more fair.

I've posted these before, but they are once again making the rounds, so in case anyone hasn't seen them yet.... Joel Greenblatt 2005 class videos (LINK) [And related to these, there are also old Bruce Greenwald lectures online, and more recent lectures from Aswath Damodaran.]

The Market is Huge! Revisiting the Big Market Delusion - by Aswath Damodaran (LINK)

2019 Position Review - by Harris Kupperman (LINK)

As Shale Wells Age, Gap Between Forecasts and Performance Grows ($) (LINK)

The 2010s Killed the Cult of the Tech Founder. Great! - by Steven Levy (LINK)

Imagining Our Future Through Tech (video) (LINK)

Grant’s Current Yield Podcast: Home Alone (LINK)

Acquired Podcast: The Lean Startup and the Long-Term Stock Exchange (with Eric Ries) (LINK)

Books for our time: seven classics that speak to us now [H/T @jasonzweigwsj] (LINK)

10 Important Lessons We Learned from the 2010s - by Mark Manson (LINK)

Links

"[I think] one of the keys to investing and one of the things I said in the book [is that] we're very good at buying, not so great at selling. But look down, not up, when making a big investment—meaning, how much can we lose?" --Joel Greenblatt (interview with Jim Grant on Real Vision)

"Why won't we do momentum investing? The reason for that really is that—let's say it didn't work for the next two years. It could be that it's just cyclically out of favor—it works over the long time, we just need to be patient and it will work. Or it could be that there's plenty of data in research papers and computers and ability to crunch numbers, and the trade now—and it's not so hard to figure out a stock used to be down here and now it's up here and it's got good momentum—and the trade's become crowded, it's degraded and that's why it doesn't work over the next two years. Two years from now, I wouldn't know the answer to that question. Is it just cyclically out of favor momentum or has the trade become crowded and degraded?... But if we're looking at cash flows and valuing businesses just like we value a house...that's what we do. It's possible that that kind of analysis doesn't work over the next two years, but I'm not going to stop doing what we're doing because it's the difference between causation and correlation. Momentum has correlated with good returns in the past.... What we look at is causation, and that's valuing businesses and the way we value businesses is looking at the cash flows." --Joel Greenblatt (interview with Jim Grant on Real Vision)

***

You Might Be Buying Trash on Amazon—Literally ($) (LINK)

Risk Management—Why Bother? - by Eric Cinnamond (LINK)

The presumed end of the Value premium [H/T @marketplunger1] (LINK)

Mormon Church has misled members on $100 billion tax-exempt investment fund, whistleblower alleges (LINK)

Where the 5G Data Storm Will Hit First (LINK)

Invest Like the Best Podcast: Ben Savage – All Things Fintech Investing (LINK)

The World According to Boyar Podcast: Episode 12: Mellody Hobson (LINK)

Links

"We could make a lot of decisions about a lot of things very fast and very easily. And we’re unusual in that respect. And the reason we’re able to do that is there’s such an enormous other lot of things that we won’t allow ourselves to think about at all. It’s just that simple. I have a little phrase when people make pitches to me, and about halfway through the first sentence, I say, 'We don’t do startups.' They don’t exist. Well, if you blot out startups, there’s a whole layer of complexity that goes out of your life. And we’ve got other little blotter-out systems. And using those, we finally find out that what remains is still a pretty large territory that we can handle." --Charlie Munger (2008)

Value Investing with Legends Podcast: Joel Greenblatt - Investing Off the Beaten Path (LINK)

Scaling Fallacy in Investing (LINK)

The Softbank-WeWork End Game: Savior Economics or Sunk Cost Problem? - by Aswath Damodaran (LINK)

The Brooklyn Investor blog: What It Takes, Dimon, Twitter etc. (LINK)

The Acquirers Podcast: Growth Underwriter: Marcelo Lima on valuing SaaS businesses Amazon, Facebook, and Netflix (LINK)

Five Good Questions Podcast: Alan Klement - When Coffee and Kale Compete (LINK)

The Disruptive Voice Podcast: Disruption and electrification in the auto industry featuring Cliff Maxwell and Ned Calder (LINK)

Apes Might Know That You Don’t Know What They Know - by Ed Yong (LINK)

Links

The Latticework Podcast, presented by MOI Global: William Green with Arnold Van Den Berg at Latticework New York 2019 (LINK)

Rob Arnott Video: Past Is Not Prologue (LINK)

Chasing returns can be very costly. High valuations can go higher, but not indefinitely. At Research Affiliates’ recent Investment Symposium in London, Rob Arnott explains how the link between starting valuations and subsequent returns is powerful, and examines which investments look attractive today.

The Spectrum of Wealth - by Morgan Housel (LINK)

Value investor Joel Greenblatt says this company could solve a key hurdle in esports’ growth [H/T Linc] (LINK)

Barry Diller on CNBC (LINK)

Apollo Asia Fund: the manager's report for 3Q19 (LINK)

Remember QR Codes? They’re More Powerful Than You Think (LINK)

Venture Stories Podcast: Jerry Yang on China, Yahoo!, and Early-Stage Investing (LINK)

What is Chasing You? - by Ian Cassel (LINK)

Book of the day [H/T Tamás]: Letting Go - by David R. Hawkins

Links

"You could leave life right now. Let that determine what you do and say and think." --Marcus Aurelius

Bill Gates' Professor Hawking Fellowship lecture: Why I think we can predict the future (LINK)

A Value Investor Defends Value Investing (Despite Its Recent Track Record) ($) (LINK)

Joel Greenblatt says if you do good valuation work, the market eventually will agree

Your Stock Trades Go Free but Your Cash Is in Chains - by Jason Zweig ($) (LINK)

The Price of Certainty - by Ian Cassel (LINK)

The China Cultural Clash - by Ben Thompson (LINK)

Leithner Letter No. 241-244 (LINK)

Capital Allocators Podcast: Jonathan Tepper (LINK)

Related book: The Myth of Capitalism

Masters in Business Podcast: Robert Shiller Discusses Narrative Economics (LINK)

Related book: Narrative Economics: How Stories Go Viral and Drive Major Economic Events

The Peter Attia Drive Podcast: Jason Fried: Optimizing efficiency and work-life balance (LINK)

Ryan Holiday on EconTalk discussing his new book, Stillness Is the Key (LINK)

What I Learned About Life From Buying a Goat on Craigslist - by Ryan Holiday (LINK)

"Human felicity is produced not as much by great pieces of good fortune that seldom happen as by little advantages that occur every day." --Benjamin Franklin

Links

The Streaming Wars: Its Models, Surprises, and Remaining Opportunities - by Matthew Ball (LINK)

Star of the North: How Warren Buffett Bought the Best Industrial Firm in Israel [H/T Linc] (LINK)

William Nygren at the Ben Graham VI Conference (video) (LINK)

Joel Greenblatt at the Ben Graham VI Conference (video) (LINK)

Bob Robotti at the Ben Graham VI Conference (video) (LINK) [His Subsea 7 thesis starts around the 7-minute mark.]

40 Years Later, Lessons From the Rise and Quick Decline of the First ‘Killer App’ ($) (LINK)

Meditations On Meditation - by Blas Moros (LINK)

The Promise and Price of Cellular Therapies - by Siddhartha Mukherjee (LINK)

Links

"Charlie and I spend no time thinking or talking about what the stock market is going to do, because we don’t know. We do know, sometimes, that we’re getting very good value for our money when we buy some stocks or some bonds. But we are not operating on the basis of any kind of macro forecast about stocks. And there’s always a list of reasons...why the country will have problems tomorrow. But there’s always a list of opportunities which don’t get mentioned quite as often." --Warren Buffett (2005)

Warren Buffett Backs Occidental’s Bid for Anadarko with $10 Billion Pledge (LINK)

Microsoft, Slack, Zoom, and the SaaS Opportunity - by Ben Thompson (LINK)

Videos from the 2018 Prime Quadrant Conference with Joel Greenblatt, Nassim Taleb, Sam Zell, and Steve Eisman  [H/T ValueWalk]

Against the Rules with Michael Lewis (podcast): The Neutral (LINK)

Sam Harris speaks with Shane Parrish about some of the mental models that should guide our thinking and behavior (podcast) (LINK)

Related audiobook: The Great Mental Models: General Thinking Concepts

Rationally Speaking Podcast: Tyler Cowen on “Defending big business against its critics” (LINK)

Related book: Big Business: A Love Letter to an American Anti-Hero

A brief review of the book Fiber (LINK)

Meet the virus hunters - by Bill Gates (LINK)

Links

"Prices do amazing things in securities markets. And when they do something that strikes us as amazing in our direction...we will act. But we do not know today what we’re going to be doing tomorrow.... And there’s this business where somebody says, 'You should have 50 percent of your money in bonds and 35 percent in equities, and 15 —.' We don’t go through anything like that. I mean, we regard that as nonsense." --Warren Buffett (2004)

What the plow and lab-grown meat tell us about innovation - by Bill Gates (LINK)

Warren Buffett Moves the Goalposts! (LINK)

A 300-year lesson in bubble inflation - by Edward Chancellor (LINK)

Broyhill 2018 Annual Letter (LINK)

Where Joel Greenblatt sees value now (video) [H/T Linc] (LINK)

The Perils of Investing Idol Worship: The Kraft Heinz Lessons! - by Aswath Damodaran (LINK)

Status as a Service (StaaS) - by Eugene Wei (LINK)

Money Out of Nowhere: How Internet Marketplaces Unlock Economic Wealth - by Bill Gurley (LINK)

Modern Monetary Theory Isn’t Helping - by Doug Henwood [H/T @cullenroche] (LINK)

What’s the Water at the Church Lab? A Conversation Between George Church and Jorge Conde (LINK)

Conversations with Tyler (podcast): Sam Altman on Loving Community, Hating Coworking, and the Hunt for Talent (LINK)

Corner Office from Marketplace (podcast): Why no Wall Street CEO went to jail after the financial crisis [H/T Linc] (LINK)

The Tim Ferriss Show: Graham Duncan — Talent Is The Best Asset Class (LINK)

Freakonomics Radio: A Good Idea Is Not Good Enough (LINK)

Trailblazers with Walter Isaacson (podcast): Sports Analytics: What’s After Moneyball? (LINK)

The 60 Minutes segment on China's electric car industry from this past Sunday (video) (LINK)

Summary and notes from Brian Arthur's The Nature of Technology: What It Is and How It Evolves (LINK)

Nanotech Injections Give Mice Infrared Vision - by Ed Yong (LINK)

A Troubling Discovery in the Deepest Ocean Trenches - by Ed Yong (LINK)

Links

"We don’t buy hula-hoop companies or pet rock companies, and we don’t buy companies in industries that we think will have great explosions in demand, but where we don’t know who the winners will be. So we...like to think we’re looking a long way into the future." --Warren Buffett (2003)

Joel Greenblatt – Great Value Investors Need To Be Cold Hearted JellyBean Counters (LINK)

Robert J. Shiller on Bubbles, Reflexivity, and Narrative Economics (LINK)

Robert Shiller: market narratives are 'like diseases' (FT Alphachat Podcast) (LINK)

Abby Johnson – Future of Finance (Invest Like the Best Podcast) (LINK)

David Rubenstein: The Importance of Having a Good 2nd and 3rd Life (The James Altucher Show) (LINK)

Apollo Asia Fund: the manager's report for 4Q18 (LINK)

A couple of good Herb Kelleher interviews from 2003 and from 2004.  [H/T @pcordway]

Bots, britches, and bees - by Bill Gates (LINK)

How Corning Makes Fiber-Optic Cable (LINK)

Related book: Fiber: The Coming Tech Revolution―and Why America Might Miss It

WeWork Gets Less Money, Shorter Name (LINK)

How to Do Great Things (LINK)

Seven Big Ideas from Fooled by Randomness (LINK)

Taleb the Philosopher [H/T @chriswmayer] (LINK)

Animals Keep Creating Mysteries by Sounding Weird - by Ed Yong (LINK)

Stephen Hawking's Favorite Places (Episode 1) (LINK)

By the time we finished filming what would become his final complete series, he felt as if he was one step closer to his goal. To celebrate his birthday and lifetime of achievements, please enjoy the first episode of our Emmy® award-winning series, Stephen Hawking's Favorite Places, at no charge and with no login required.

Distinguished Speaker Series: Joel Greenblatt

The shift to passive management is a powerful trend dominating the investment industry. The liquidity, lack of tracking error, and low costs associated with passive investing are clearly attractive.  However, active management is the only way to truly outperform the market as a whole over time. Gotham Asset Management founder and co-CIO Joel Greenblatt will share his thoughts on the debate and provide insights on ways to navigate the changing landscape.

Link to video


[H/T Linc]

Links

Warren Buffett on Protecting Physicians and Building on Success: “We’re Here to Last” (video) [H/T Will] (LINK)

Why Gotham's Greenblatt Likes 'Gushing' Cash-Flow Stocks (video) [H/T Linc] (LINK)

Taleb Says World Is More Fragile Today Than in 2007 (video) (LINK)

No One is Crazy - by Morgan Housel (LINK)

That Big Mac and Coke Now Comes With a Side Order of Inflation ($) (LINK)

After 10 Years, Bitcoin Has Changed Everything—and Nothing (LINK)

Jonathan Tepper on the Grant's Current Yield Podcast discussing his book The Myth of Capitalism (LINK)

Exponential Wisdom Podcast: Transforming Entertainment (LINK)

Peter and Dan discuss entertainment business models and why there is massive opportunity in the area of how money is made.

Dan Pink chats with Cal Fussman (podcast) (LINK)

Related book: When: The Scientific Secrets of Perfect Timing

Robert Greene chats with Lewis Howes about his book The Laws of Human Nature (podcast) (LINK)

TED Talk: Is war between China and the US inevitable? | Graham Allison (LINK)

Related book: Destined for War: Can America and China Escape Thucydides’s Trap?

TED Talk: What everyday citizens can do to claim power on the internet | Fadi Chehadé and Bryn Freedman (LINK)

TED Talk: How tech companies deceive you into giving up your data and privacy | Finn Myrstad (LINK)

Animals Are Riding an Escalator to Extinction - by Ed Yong (LINK)

Ain’t no mountain high enough to escape climate change.

Wait, Have We Really Wiped Out 60 Percent of Animals? - by Ed Yong (LINK)

The findings of a major new report have been widely mischaracterized—although the actual news is still grim.

How to Not Become a Zombie, Using Martial Arts - by Ed Yong (LINK)

Reader beware: These techniques may work only if you're a cockroach.

Links

"My definition of value is figure out what the business is worth and pay a lot less. It is not low price-to-book, low price-to-sales investing.... As Warren Buffett would say, value and growth are tied at the hip. Growth is part of value.... The reason I’m a value investor, according to our definition, is stocks are actually ownership shares of businesses that you value and try to buy at a discount, they’re not pieces of paper the bounce around that you put Sharpe ratios and Sortina ratios and use computer simulations to balance your portfolios or whatever it is. Basically, they are ownership shares of business that you value and try to buy at a discount. So it’s certainly possible that the market does not reward my valuations even if I’m right over the next two years, but that doesn’t mean we’re going to stop doing what we’re doing. That’s what stocks are: ownership shares of businesses, and that’s very fundamental to the way we look at everything." --Joel Greenblatt

Joel Greenblatt on the Masters in Business podcast (audio and transcript) (LINK)

Buffett's Edge [H/T Abnormal Returns] (LINK)

The Most Valuable Investment Skill - by Sean Iddings (LINK)

How Hedge Funds Hide [H/T Will] (LINK)

Seth Klarman’s Baupost Group buys distressed debt and goes to great lengths to hide it. Here’s why — and how — hedge funds such as his fight to keep secrets. Part 1 of a two-part series.

Mark Leonard's annual letter to Constellation Software shareholders (LINK)

Negative Equity, Veiled Value, and the Erosion of Price-to-Book - by Travis Fairchild (LINK)

Baseball & Waiting for the Fat Pitch - by Frank K. Martin (LINK)

Hugh Hendry’s Life After Hedge Funds [H/T value and opportunity] (LINK)

The Investors Podcast: The Culture Code w/ Daniel Coyle (LINK)

a16z Podcast: Principles and Algorithms for Work and Life (Ray Dalio) (LINK)

Investing and Business Lessons from Aileen Lee (Cowboy Ventures) - by Tren Griffin (LINK)

When the Twitter Mob Came for Me ($) (LINK)

Recently hired by the Atlantic and then promptly fired, the conservative writer Kevin D. Williamson discusses the social-media outrage that made the celebrated magazine retreat

Beyond Black Box Management - by Cal Newport (LINK)

Links

“People create their worlds with the tools they have directly at hand. Faulty tools produce faulty results. Repeated use of the same faulty tools produces the same faulty results. It is in this manner that those who fail to learn from the past doom themselves to repeat it. It’s partly fate. It’s partly inability. It’s partly… unwillingness to learn? Refusal to learn? Motivated refusal to learn?” -Jordan Peterson, 12 Rules for Life [H/T Taubes]

This circulated several years ago, but in case any readers have never seen it [H/T @FocusedCompound].... Notes from Joel Greenblatt’s Special Situation Class at Columbia Business School from 2002 through 2006

The New 2018–2019 Uber Cannibals - by Mohnish Pabrai (LINK)

How to Talk to People About Money - by Morgan Housel (LINK)

Domino’s Pizza Founder Tom Monaghan’s Five Priorities for Success - by Ian Cassel (LINK)

Friar Tuck Financial Services: A Classic Unbundle/Re-bundle Strategy - by Tren Griffin (LINK)

Facebook and the Awakening of Our Private Selves - by Rick Bookstaber (LINK)

Scott Galloway, Prof. NYU Stern School of Business – Keynote | OMR18 (video) (LINK)

The History of Singapore: The Miracle of Asia (Full Documentary) [H/T Tim Ferriss] (LINK)

Related book (which a mentor of mine once said was probably the most useful book ever written): From Third World to First: The Singapore Story - 1965-2000

Einstein’s Theory of Special Relativity (MetaLearn Podcast) (LINK)

Book of the day [H/T Josh Wolfe]: Immortality: The Quest to Live Forever and How It Drives Civilization – by Stephen Cave 

Links

Nassim Taleb on EconTalk, discussing his book Skin in the Game (podcast) (LINK)

What do I mean by Skin in the Game? My Own Version - by Nassim Taleb (LINK)

Joel Greenblatt on Fox Business [H/T Will and Linc] (Video 1, Video 2, Video 3)

Mutual Fund Observer, March 2018 (LINK) [With a brief profile of one of the funds managed by the great team at Fenimore Asset Management.]

Interest Rates and Stock Prices: It's Complicated! - by Aswath Damodaran (LINK)

Lessons from Spotify - by Ben Thompson (LINK)

Business Lessons from Jim Clark (Silicon Graphics, Netscape, etc.) - by Tren Griffin (LINK)

a16z Video: Distribution and Sales Channels - by Ben Horowitz (LINK)

How a society gala was used to sell young-blood transfusions to baby boomers desperate to cheat death - by Rebecca Robbins [H/T @edyong209] (LINK)

We need new ways of treating depression [H/T @Atul_Gawande] (LINK)

One-handed prospect Shaquem Griffin stars at NFL combine [H/T Linc] (LINK)

The Bannister Method - by Seth Godin (LINK)

The Tyranny of Convenience - by Tim Wu [H/T Cal Newport] (LINK)

When Twenty-Six Thousand Stinkbugs Invade Your Home - by Kathryn Schulz (LINK)

Links

Berkshire Hathaway Annual Meeting 2017 Transcript [H/T Hurricane Capital] (LINK)

TED Talk -- Tim Ferriss: Why you should define your fears instead of your goals (LINK)

Latticework of Mental Models: Risk Aversion Vs Loss Aversion (LINK)

A Dozen Lessons about Business and Investing I’ve Learned from Mike Maples Jr. - by Tren Griffin (LINK)

Harry Markopolos – Who Exposed Madoff – Has Uncovered a New Fraud [H/T ValueWalk] (LINK)

Does Anyone Remember How to Make a Subprime Mortgage? [H/T Matt Levine] (LINK)

How I Built This podcast -- Carol's Daughter: Lisa Price (LINK)

Daron Acemoglu on the Masters in Business podcast (LINK)

Related book:  Why Nations Fail

Hunt, O'Hanley, Greenblatt on the Future of Actives (video) [H/T Linc] (LINK)

PGIM President and CEO David Hunt, State Street Global Advisors President and CEO Ron O'Hanley, and Gotham Asset Management Co-Chief Investment Officer Joel Greenblatt speak with Bloomberg's Peggy Collins at Bloomberg Invest New York about the threat from passives and where they see the biggest areas for growth for active managers. (Source: Bloomberg)

92nd Street Y -- The Stripe Approach to Building a Better Business (video) (LINK)

The Stripe Approach to Building a Better Business with Patrick Collison, Timothy Geithner and Andrew Ross Sorkin. Recorded on May 11, 2017 at 92nd Street Y.

92nd Street Y -- Science and Communication: Alan Alda in Conversation with Neil deGrasse Tyson (video) (LINK)

Related book: If I Understood You, Would I Have This Look on My Face?: My Adventures in the Art and Science of Relating and Communicating 

The greatest sports achievement in my lifetime? - by Eugene Wei [H/T The Browser] (LINK)

A week ago, Alex Honnold free climbed El Capitan. With no ropes or climbing gear besides his shoes and chalk, Honnold became the first person to free climb what is universally acknowledged, among the climbing world, as the most daunting challenge in what most people consider to be less sport than a perverse game of Russian roulette with fate.

Book of the day [H/T @BaseHitInvestor]: The JD.com Story: An E-commerce Phenomenon

Joel Greenblatt: "The Little Book that Beats the Market" | Talks at Google

Link to video

....................

Related books:

The Little Book That Still Beats the Market

The Big Secret for the Small Investor

You Can Be a Stock Market Genius

Links

"That's how history unfolds. People weave a web of meaning, believe in it with all their heart, but sooner or later the web unravels, and when we look back we cannot understand how anybody could have taken it seriously." -Yuval Noah Harari (Homo Deus) [Related previous post: Harari on hindsight...]

Li Lu: The Prospects for Value Investing in China (2015 talk) [H/T @CataumetCap] (LINK)

Giverny Capital 2016 Annual Letter to Partners [H/T ValueWalk] (LINK)

From Bonds To Equities, Howard Marks And Joel Greenblatt Preach The Gospel Of Patience (LINK)

Howard Marks on CNBC (video) (LINK)

Joel Greenblatt on CNBC (video) (LINK)

FT Alphachat podcast: How economics has evolved since the crisis (LINK)

How a North Carolina trucker changed the transportation industry (LINK)

Links

Joel Greenblatt on WealthTrack (video) (LINK)

The Money Management Gospel of Yale’s Endowment Guru [H/T @awealthofcs] (LINK)

Clayton Christensen talks with Peter Day about his latest book, Competing Against Luck (audio) (LINK)

Barry Ritholtz talks with Bill Miller on the Masters in Business podcast (LINK)

25iq: A Half Dozen Reasons Why Venture Capitalists Prefer Missionaries to Mercenaries (LINK)

Links

The video of Elon Musk Unveiling Tesla's New ‘Solar Roof’ (LINK)

Expedia CEO Dara Khosrowshahi at the 2016 GeekWire Summit (video) (LINK)

Apple Should Buy Netflix - by Ben Thompson (LINK)

a16z Podcast: So Where Are We on the ‘S-curve’ for PC Devices? (LINK)

The Brooklyn Investor: Gotham's New Fund (LINK)

Notes From Capitalize For Kids Conference 2016 (LINK)

Book Review: The Vagabonds - by Ian Cassel (LINK)

Related books: 1) My Life and Work - by Henry Ford; 2) Men and Rubber: The Story of Business; 3) Edison as I know him

Book of the day (which I believe was mentioned by Allan Mecham in an interview with The Manual of Ideas): Dead Bank Walking

Links

The Valeant Meltdown and Wall Street's Major Drug Problem - by Bethany McLean (LINK)

The Wall Street Golden Boy Who Allegedly Fleeced His Friends and Family - by William D. Cohan (LINK)

How Mark Zuckerberg Led Facebook's War to Crush Google Plus (LINK)

Barron's thinks Oaktree (OAK) is worth $60 per share (LINK)

Calculating the Return on Incremental Capital Investments (LINK)

Jason Zweig on EconTalk (LINK)

Related book: The Devil’s Financial Dictionary

Joel Greenblatt: Don't make this investing mistake (video and article) (LINK)

Joel Greenblatt on Apple (video) (LINK)

Rob Arnott: Capital Markets Expectations (video) [H/T Barry Ritholtz] (LINK)

Horizon Kinetics - Under the Hood: What's in Your Index? Why Utility Stocks Should Concern Income-Oriented Investors (LINK)

'Warren Buffett’s Ground Rules' dissects the Omaha-based billionaire’s approach to investment [H/T Linc] (LINK)

Related book: Warren Buffett's Ground Rules

How Norway’s Warren Buffett has banked 30% yearly gains since 1987 [H/T Linc] (LINK)

Related book: Concentrated Investing

Niall Ferguson: What Would Kissinger Make of the Brexit Debate? (video) (LINK)

Related book: Kissinger: 1923-1968: The Idealist

Kevin Kelly on The Tim Ferriss Show (podcast) (LINK)

Related book (released tomorrow): The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future 

Steven Pinker on the Masters in Business podcast (LINK)

Malcolm Gladwell has an interesting podcast coming soon (LINK)

Welcome to Revisionist History, a new podcast from Malcolm Gladwell and Panoply Media. Each week, over the course of 10 weeks, Revisionist History will go back and reinterpret something from the past. An event. A person. An idea. Something overlooked. Something misunderstood. Because sometimes the past deserves a second chance.