Links

Introducing the Mental Models Podcast (LINK)

Latticework of Mental Models: Checklist (LINK)

Why Wait Three Days to Get Your Cash After You Trade? - by Jason Zweig (LINK)

Why Luck Matters More Than You Might Think [H/T @jasonzweigwsj] (LINK)

Grant's Spring Conference Notes 2016 (LINK)

Why crude oil prices keep taking us by surprise (LINK)

2 Oil-Drilling Stocks That Offer Value - by Robert Robotti [H/T @GrahamAndDoddsville] (LINK) [For more on Atwood and Subsea 7, see THIS (both) and THIS (Subsea 7).]

Will you be obsolete in a tech-filled future? (LINK)

Exponent Podcast: Episode 075 — BABY PICTURE BOTS (LINK)

Octopus slips out of aquarium tank, crawls across floor, escapes down pipe to ocean (LINK)

Links

Performance vs. Outcomes (LINK)

Alec Ross: "The Industries of the Future" | Talks at Google (LINK)

Related book: The Industries of the Future

Peter Thiel on China, Tech, Education, and Diversity (video) [H/T Will] (LINK)

Bill Gates on CNBC (article and videos) (LINK)

Reimagine Retail: A Conversation with Kathleen McLaughlin and Walter Isaacson (video) (LINK)

Documents Undercut U.S. Case for Taking Mortgage Giant Fannie Mae’s Profits [H/T Linc] (LINK)

Facebook, Phones, and Phonebooks - by Ben Thompson (LINK)

Regulators propose banning Theranos founder for at least two years [H/T Matt] (LINK)

Chip, Implanted in Brain, Helps Paralyzed Man Regain Control of Hand (LINK)

Links

The Munger Operating System: How to Live a Life That Really Works (LINK)

Related previous post: Charlie Munger - USC Law School Commencement - May 13, 2007 [The full speech was then added to the Third Edition of Poor Charlie's Almanack.]

William Green: "Lessons From the Great Minds of Investing" | Talks at Google (video) (LINK)

Related book: The Great Minds of Investing

Ajit Jain, Seen as Possible Buffett Successor, Gets Bigger Role (LINK)

Jeff Bezos: What the commercial space industry can learn from the Internet revolution (LINK)

Kyle Bass: No Lehman Moment On China (LINK)

Hugh Hendry's 2016 macro outlook (video from earlier this year) (LINK)

The Anomaly of Barbarism - By John Gray [H/T The Browser] (LINK)

Stephen Hawking wants to send tiny space probes to the stars [H/T Will] (LINK)

Birds on Islands Are Losing the Ability to Fly (LINK)

Book of the day (released yesterday): Quench Your Own Thirst: Business Lessons Learned Over a Beer or Two - by Jim Koch (and with Audible's current sale, just $10.49 for the audio version as well, HERE.)

Links

Transcript of Charlie Munger's comments at the 2016 Daily Journal Annual Meeting (LINK) [From Whitney Tilson, and about half the length as Shane Parrish's (HERE), but a nice addition overall.]

Oh, Those Weapons of Mass Distraction! - by Sanjay Bakshi (LINK)

100 to 1 by Thomas Phelps, in 95 points [H/T @BigNitin] (LINK)

Related book: 100 to 1 in the Stock Market

A Dozen Things Learned from Jessica Livingston About Business and Investing (LINK)

Sam Hinkie's resignation letter (LINK)

Clients Pull Cash From Valeant Investor, Get Stock Instead (LINK)

When Tom Bentley tried to pull his money from a mutual fund troubled by its large stake in Valeant Pharmaceuticals International Inc., he instead received shares in a Springfield, Mo. auto-parts retailer. 

Sequoia Fund Inc. sent the retired computer hardware engineer about 5% of his money in cash and the rest was stock in one company–O’Reilly Automotive Inc. Mr. Bentley said he sold the shares as soon as they appeared in his account on April 7, but they had already dropped in value.

India's thirst for oil is overtaking China's [H/T Matt] (LINK)

The Brooklyn Investor blog on the JPM annual report (LINK)

You’re Smarter Than You Think (LINK)

Steve Case talks to Steven Levy (LINK)

Related book: The Third Wave

TED Talk - Linus Torvalds: The mind behind Linux (LINK)

Elizabeth Gilbert on the Longform podcast [H/T The Waiter's Pad] (LINK)

Charles Duhigg on the James Altucher podcast (LINK)

Related book: Smarter Faster Better: The Secrets of Being Productive in Life and Business

What I Learned From Tickling Apes - by  FRANS de WAAL (LINK)

The sugar conspiracy [H/T Tamas] (LINK)

For audiobook listeners, Audible is having its Spring Cleaning Sale, where almost all books are half-off. Here are some of the ones I'm thinking about (some of which I have the physical book and am considering the audio version as well) where the sale price is either around or below the price of an Audible credit (which is about $10-15, depending on the plan one is on):

Warren Buffett's Ground Rules: Words of Wisdom from the Partnership Letters of the World's Greatest Investor

Grit: The Power of Passion and Perseverance

How to Lie with Statistics

How Not to Be Wrong: The Power of Mathematical Thinking

The Third Wave: An Entrepreneur's Vision of the Future

The Disruption Dilemma

No Ordinary Disruption: The Four Global Forces Breaking All the Trends

The Industries of the Future

Leap First: Creating Work That Matters

The 22 Immutable Laws of Marketing

Behind the Cloud: The Untold Story of How Salesforce.com Went from Idea to Billion-Dollar Company and Revolutionized an Industry

Beam, Straight Up: The Bold Story of the First Family of Bourbon

When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar, Germany

Tap Dancing to Work: Warren Buffett on Practically Everything, 1966–2012: A Fortune Magazine Book

What I Learned Before I Sold to Warren Buffett: An Entrepreneurs Guide to Developing a Highly Successful Company

How Chuck Feeney Made and Gave Away a Fortune: The Billionaire Who Wasn't

John Neff on Investing

Where Keynes Went Wrong: And Why World Governments Keep Creating Inflation, Bubbles, and Busts

The Panic of 1907: Lessons Learned from the Market's Perfect Storm

Memoirs of Extraordinary Popular Delusions and the Madness of Crowds

Zen in the Art of Archery

E=mc2: A Biography of the World's Most Famous Equation

Quantum Man: Richard Feynman’s Life in Science

Links

Jamie Dimon's 2015 letter to shareholders (LINK)

Bernard Arnault interview at Oxford University (video) [H/T Tamas, who was also kind enough to point out the great excerpt between the 38-45 minute marks] (LINK)

Company Profile: Expeditors International (LINK)

Latticework of Mental Models: Arbitrage (LINK)

More Than 40% of Student Borrowers Aren’t Making Payments (LINK)

The Hidden Brain Podcast: The Power And Problem Of Grit (LINK)

Related book: Grit: The Power of Passion and Perseverance

FT Alphachat podcast: The only path to expertise, and what now for Disney's succession plan (LINK) [The Anders Ericsson segment starts at 8:19]

Psychologist Anders Ericsson, author of Peak: Secrets from the new science of expertise, joins hosts Cardiff Garcia and Shannon Bond to discuss his career's findings in the way people become experts in their fields. Then, the FT's Matt Garrahan discusses who could become the next leader of Disney, where the question of who would succeed Bob Iger as CEO has been thrown wide open by this week's exit of chief operating officer Tom Staggs.

Alexander Hamilton’s Deep Work Habits (LINK)

Related book: Alexander Hamilton

TED Talk - Danielle Feinberg: The magic ingredient that brings Pixar movies to life (LINK)

A Hundred Billion Galaxies (LINK)

The story of Pseudo-Seneca (LINK)

Semper Augustus Investments Group: 2015 Annual Letter

For all fans and followers of Berkshire Hathaway, this is a must-read. I've known and have been friends with Chris Bloomstran for several years and on February 1st of this year, he released his annual letter to clients, which is now available on the Semper Augustus website. It's a colossal 70-page effort, of which the majority is the best deep-dive into Berkshire Hathaway and its valuation that I've seen. He views some things differently from what often gets reported (such as the Gen Re and Burlington Northern acquisitions), and I really appreciate the effort he put into this. And if any readers happen to know the journalists asking questions at the Berkshire Hathaway Annual Meeting this year, please try and get this in their hands!

Link to: Party Like It's Nineteen Ninety-Nine:

Bad Breadth, Intrinsic Value, and a Deep Dive into Berkshire Hathaway

Chris and Chad are still adding things to their new website, but so far they've also posted a number of their previous letters, which you can find HERE. And if you subscribe to Welling On Wall Street, Chris also recently spoke to Kate Welling in an issue released last week.

Links

Jeff Bezos' annual letter to shareholders (LINK)

How To Legally Own Another Person - by Nassim Nicholas Taleb (LINK)

And speaking of Nassim Taleb, he also just gave a 5-star review on Amazon (his review also appears to be the blurb he gave for the book) to the novel The Secret of Fatima.

General Thoughts on Portfolio Management and Diversification - by John Huber (LINK)

Related previous post: A quick diversification thought...

The latest Ben Graham Centre videos with Marty Whitman and Guy Spier [H/T Darko] (LINK)

Delusions of objectivity - by Tim Harford (LINK)

Radical uncertainty: The importance of the things we do not know we do not know - by John Kay (LINK)

Depth of field - by Seth Godin (LINK)

We have a choice about where to aim the lens of our attention. We can relive past injustices, settle old grudges and nurse festering sores. We can imagine failure, build up its potential for destruction, calculate its odds. Or, we can imagine the generous outcomes we're working on, feel gratitude for those that got us here and revel in the possibilities of what's next.

Tony Robbins now has a business podcast (LINK)

Microsoft CEO Satya Nadella talks with Business Insider (LINK)

It's a Tesla - by Ben Thompson (LINK)

From 1998: Lee Kuan Yew, Senior Minister for the Republic of Singapore, discusses the origin of the current economic crisis in Asia (video) (LINK)

Related book: From Third World to First: The Singapore Story - 1965-2000

Secret Tut Chamber? Egypt Calls Experts To Examine Evidence (LINK)

Related 2002 documentary: World of Mysteries - Tutankhamun 

The 2016 Isaac Asimov Memorial Debate was yesterday. I missed the live stream, but it should be posted HERE at some point, where the previous years' videos are posted and which may also be of interest. It looks like there are also some interesting science videos on the AMNH site HERE.

Two articles I've seen recently on success (HERE and HERE) remind me of what I think is an important lesson I've learned from Peter Bevelin: Always ask oneself: Compared to what? Did many people who failed not contain similar qualities? The articles make plenty of good points, but I think it's important to keep these questions in mind when trying to look for simple explanations to things. There's a little more on this idea in THIS post from a couple of years ago. 

Links

New book offers detailed analysis of Buffett’s investments [H/T Linc] (LINK)

Related book: Inside the Investments of Warren Buffett: Twenty Cases [I'm also excited to read Jeremy Miller's book, Warren Buffett's Ground Rules, which will be released in a few weeks.]

Value Investor Interview: Samit Vartak (LINK)

Tuna and Gunships: How $850 Million in Bonds Went Bad in Mozambique (LINK)

Benedict Evans' updated Mobile Is Eating the World presentation (LINK)

Tour of a single-stream recycling facility (video) [H/T @sapinker] (LINK)

Book of the day: The History of the Ancient World: From the Earliest Accounts to the Fall of Rome

Links

It’s Time for Investors to Re-Learn the Lost Art of Reading (LINK)

A Dozen Things Learned from Chamath Palihapitiya About Investing and Business (LINK)

Buffett Energy Unit Sees Tax Benefits Double to $1.8 Billion [H/T Linc] (LINK)

McLane Co. executive advises students on success in business [H/T Linc] (LINK)

Mutual Fund Observer, April 2016 (LINK)

TED Talk - Adam Grant: The surprising habits of original thinkers (LINK)

Related book: Originals: How Non-Conformists Move the World

PBS FRONTLINE: "Saudi Arabia Uncovered" (LINK)

What Happened to Tiger Woods? It's the Most Vexing Question in Sports [H/T Abnormal Returns] (LINK)

The Yellowstone We Don't See: A Struggle of Life and Death (LINK)

Links

Pipelines, Platforms, and the New Rules of Strategy [H/T @GnDsville] (LINK)

Related book: Platform Revolution: How Networked Markets Are Transforming the Economy--And How to Make Them Work for You

Five Good Questions for Jason Zweig about his book The Devil’s Financial Dictionary (LINK)

Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era (video also plays) (LINK)

Latticework of Mental Models: Theory of Constraints (LINK)

The Absolute Return Letter - April 2016 (LINK)

The Economist talks to Yanis Varoufakis (LINK)

Chat bots, conversation and AI as an interface - by Benedict Evans (LINK)

FT Alphachat podcast: The future of wearables and the downfall of two healthcare companies (LINK)

TED Talk: Two reasons companies fail — and how to avoid them (LINK)

Richard Feynman Creates a Simple Method for Telling Science From Pseudoscience (1966) (LINK)

The 5 Best Animal Videos You May Have Missed This Month (LINK)

Book of the day (Warren Buffett gave a blurb for the book): The Third Wave: An Entrepreneur's Vision of the Future