Links - 04/25/2024
“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.” —Joel Greenblatt
“There is no thing esoteric about value investing. It is simply the process of determining the value underlying a security and then buying it at a considerable discount from that value. It is really that simple. The greatest challenge is maintaining the requisite patience and discipline to buy only when prices are attractive and to sell when they are not, avoiding the short-term performance frenzy that engulfs most market participants.” —Seth Klarman
How to become a better investor | Investment Conference 2024 | Norges Bank Investment Management (video) [H/T @JMihaljevic] (LINK)
To answer this question, we have some of the world’s leading experts, including Marc Andreessen, Angela Duckworth, Annie Duke, Amy Edmondson, Adam Grant, Ole Andreas Halvorsen, Kristin Harila, Greg Jensen, Howard Marks, Michael Mauboussin, Marc Rowan, Robert Wallace, Jean Hynes and Patrick Healy.
International Intangible Value [H/T @mjmauboussin] (LINK)
Risk Seeking vs. Mitigating - by Ted Lamade (LINK)
Exploring the Implications of Sub-Saharan Africa’s Demographic Explosion (LINK)
Today’s Value Investing World newsletter is sponsored by Sorfis Investments. To discuss any Investment Management or Retirement Planning needs that you might have, schedule a call, or send us an email, today.
The Ben & Marc Show: Startup Building: Major Shifts in Tech & Culture (video) (LINK)
Capitalisn’t Podcast: Is Private Credit In The Public Interest? with Jim Grant (LINK)
The Rational Reminder Podcast: Michael Green: Market Efficiency Is Not The Question (LINK)
Louis XIV would envy your life - by Rory Sutherland (LINK)
This is The Only Way (I Know Of) To Travel Through Time - by Ryan Holiday (LINK)
“The highest form of wealth is deciding you have enough.” —Kevin Kelly [Source]
“What difference does it make how much there is laid away in a man’s safe or in his barns, how many head of stock he grazes or how much capital he puts out at interest, if he is always after what is another’s and only counts what he has yet to get, never what he has already. You ask what is the proper limit to a person’s wealth? First, having what is essential, and second, having what is enough.” —Seneca