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

The Lesson to Unlearn - by Paul Graham (LINK)

A Framework for Regulating Competition on the Internet - by Ben Thompson (LINK)

Josh Wolfe and Peter Thiel on a panel at the 2019 Reagan National Defense Forum (video) (LINK)

Repo Blowup Was Fueled by Big Banks and Hedge Funds, BIS Says (LINK)

‘Fake Ebitda’ to Worsen Next Slump, $33 Billion Debt Maven Warns (LINK)

Notes From Sohn London Investment Conference 2019 (LINK)

a16z Podcast: The Stories and Code of Culture Change (LINK)

Masters in Business: Ben Horowitz Discusses Culture and Success (LINK)

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

Venture Stories Podcast: Investing in Marketplaces with Sarah Tavel and Nabeel Hyatt (LINK)

Acquired Podcast: TikTok (LINK)

The Evolutionary Breakthrough That Gave Mammals Their Hearing (LINK)

Paul Volcker, the Carter-Reagan Fed chairman who beat inflation, dies at age 92 (LINK)

Remembering Paul Volcker: 2005 Speech at Stanford (LINK)

Book of the day: Keeping At It: The Quest for Sound Money and Good Government - by Paul Volcker

Links

"It’s not any goal of ours to double the revenues or increase them 20 percent, even, or anything. We just try to do whatever comes along that makes sense. And if there’s a lot that comes along in one year that makes sense, we’ll do a lot. And if there’s nothing that comes along that makes sense, we’ll do nothing. So there’s a lot of accident in it." --Warren Buffett (1996)

Warren Buffett's latest attempt to put his cash to work is thwarted (LINK)

Chris Bloomstran of Semper Augustus Investments Group doesn't like the price being offered by Kyocera for the rest of AVX. He posted some thoughts and his letter to the CEO and Special Committee on Twitter, which you can also find HERE.

Mohnish Pabrai's Annual Talk at Boston College (video) (LINK)

Josh Wolfe's Lux 2019 Annual Meeting Talk (video) (LINK)

Paul Tudor Jones and Ray Dalio at the Greenwich Economic Forum earlier this month (video) [H/T Linc] (LINK)

The Greatest Value Investor You’ve Never Heard (LINK)

Risky Business - by Frank K. Martin (LINK)

The Complete Guide To Drilling (LINK)

Value Investing with Legends Podcast: Matthew McLennan - The Power of Selectivity and Patience (LINK)

Invest Like the Best Podcast: Gavin Baker – Tech and Consumer Growth Investing (LINK)

Value: After Hours Podcast: Taylor, Brewster and Carlisle discuss Rentec, Chanos, and value (LINK)

Conversations with Tyler (podcast): Mark Zuckerberg Interviews Patrick Collison and Tyler Cowen on the Nature and Causes of Progress (LINK)

The Tim Ferriss Show (podcast): #398: Peter Attia, M.D. — Fasting, Metformin, Athletic Performance, and More (LINK)

The Beirut Banyan Podcast: 81: Nassim Nicholas Taleb & Local Solutions for Lebanon (LINK)

Origin Stories Podcast: 40: The Denisovans (LINK)

Links

Seth Klarman: A Bleak Warning on Global Division and Debt (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).]

CNBC's Davos interviews with Ray Dalio, David Rubenstein, Steve Schwarzman, Jeff Ubben, and Marc Benioff.

Dalio, Weber on Rethinking Global Financial Risk: Davos Panel (video) (LINK)

Survival is the Ultimate Performance Measure of a Business - by Ian Cassel (LINK)

Invest Like the Best Podcast: Eugene Wei – Tech, Media, and Culture (LINK)

The Knowledge Project Podcat: Shane Parrish chats with Josh Wolfe (LINK)

Netflix Flexes - by Ben Thompson (LINK)

Yuval Noah Harari: Why We Dominate the Earth (LINK)

Sir David Attenborough discusses his life's work at Davos 2019 (video) (LINK)

Spectacular 3D simulation of a massive solar flare… from start to finish (LINK)

Links

"Progress often comes from people who often came from life-circumstances that seemed impossible.... People who because of adversity, not in spite of it, have an inextinguishable flame that gets lit. This propulsive force—resilience—that against the seemingly impossible makes great achievement inevitable. And it makes the bad stuff of great adversity often lead to the good stuff of great ambition and achievement." --Josh Wolfe

Josh Wolfe's 2018 Lux Annual Dinner Talk (audio/video....and really fantastic) (LINK)

An Evolve-or-Die Moment for the World's Great Investors [H/T Linc] (LINK)

The dominance of tech stocks has forced some of the best investing minds—including Warren Buffett himself—to reexamine their thinking. Who will adapt and survive?

Why “Many-Model Thinkers” Make Better Decisions [H/T @mjmauboussin] (LINK)

Late Cycle Behavior (LINK)

The Predatory Lending Machine Crushing Small Businesses Across America [H/T @pkedrosky] (LINK)

Energy Losses Prompt Emotional Video to Options Firm’s Clients ($) (LINK)

Inside Elon Musk’s Forgotten Gigafactory 2 in Buffalo (LINK)

The Sun's long-lost sibling found in our own backyard - by Phil Plait (LINK)

The History of the Oceans Is Locked in Whale Earwax - by Ed Yong (LINK)

Abundance, scarcity, and search...

From Josh Wolfe's latest (and excellent) interview on Real Vision (subscription required):

Any time that something is abundant, you want to ask: What's scarce? And any time that something's scarce, you want to say: OK, what's abundant? 

Throughout the 90s, the thing that became abundant because of the democratization of the tools of producing content, was text. Text everywhere. And so articles were published and blogs were published and Twitter and Facebook posts and all this kind of stuff. And the scarce thing became search. Whether it was within Twitter, or within Facebook, or, of course, Google, that became one of the most valuable things. Being able to search through the abundance of content and text. And of course, that turned also to photos and images and sound files and all that. 

Today, with the ability to produce, of questionable veracity, an enormous amount of content, again I think the valuable thing is search. But the search is for truth. Is that picture undoctored? Is that video undoctored?