Links - 01/05/2022
“Four characteristic subplots accompany a bubble. First and foremost, financial speculation begins to dominate all but the most mundane social interactions; whenever and wherever people meet, they talk not of the weather, family, or sports, but rather of stocks and real estate. Next, otherwise sensible professionals quit reliable, good-paying jobs to speculate in the aforementioned assets. Further, skepticism is often met with vehemence; while there are always some folks old enough, and with memories long enough, to have seen the play before and to know how it ends, their warnings are met with scorn and ridicule, which over the past several decades has been usually capped with these five words: ‘You just don’t get it.’ Finally, normally sedate observers begin to make outlandish financial forecasts. Asset prices are predicted to not merely move 10, 20, or 30 percent up or down in a given year, but rather will double, triple, or add a zero.” —William J. Bernstein (“The Delusions Of Crowds”)
In yesterday’s Links, we linked to Jonathan Boyar’s CNBC appearance where he briefly discussed The Forgotten Forty, which is now published and available for purchase for those with the research budgets to afford it (or expense it). Or you can also receive 3 free reports from this year on the companies he discussed on CNBC yesterday—Discovery Communications, Uber & Chubb—by signing up with your contact info on their site HERE.
Bison Interests’ Josh Young on BNN Bloomberg discussing oil (video) (LINK)
Does Not Compute - by Morgan Housel (LINK)
Permanent Equity Essay: Investments We Make (LINK)
The Dropout Podcast: The Verdict (LINK)
Three years after Elizabeth Holmes was charged with 11 counts of fraud, the verdict we’ve all been waiting for is finally in. After seven days and over 50 hours of deliberation, the 12 members of the jury -- one of whom gave us details that you’ll hear for the first time on this podcast -- found Holmes guilty on four counts. They were hung on an additional three. How did they reach these conclusions? And what happens next? What will affect Elizabeth’s sentencing, and how will the appeal process work in this case? Finally, what will the ripple effects be for Silicon Valley?
Good Investing Talks Podcast: How to interview great? A chat with Will Barnes & Will Oliver (In Practise) (LINK)
The Meb Faber Show (podcast): 381 – Leonard Mlodinow - How To Harness Your Emotions To Become A Better Investor (LINK)
Related book (released next week): Emotional: How Feelings Shape Our Thinking
The Power Hungry Podcast: Matt Ridley (LINK)
The Insane Engineering of James Webb Telescope (video) (LINK)
Should I Just Get Omicron Over With? (LINK)
If you’re vaccinated, an infection might not make you super sick, but don’t count on it making you super immune, either.
“Happiness is a very evolving thing, I think, like all the great questions. When you’re a little kid, you go to your mom and ask, ‘What happens when we die? Is there a Santa Claus? Is there a God? Should I be happy? Who should I marry?’ Those kinds of things. There are no glib answers because no answers apply to everybody. These kinds of questions ultimately do have answers, but they have personal answers. The answer that works for me is going to be nonsense to you, and vice versa. Whatever happiness means to me, it means something different to you…. Today, I believe happiness is really a default state. Happiness is there when you remove the sense of something missing in your life.” —Naval Ravikant (“The Almanack of Naval Ravikant”)