Links - 01/15/2024
“Because investing is as much an art as a science, investors need a margin of safety. A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable, and rapidly changing world. According to Graham, ‘The margin of safety is always dependent on the price paid. For any security, it will be large at one price, small at some higher price, non-existent at some still higher price!’.” —Seth Klarman
An Afternoon with Howard Marks by Kiatnakin Phatra Wealth Management and Oaktree Capital Management (video from November 5, 2023) [H/T Linc] (LINK)
Grow Yourself - by Ian Cassel (LINK)
Ben Horowitz and Marc Andreessen: Crisis in Higher Ed & Why Universities Still Matter (Video, Podcast)
The Investor’s Podcast: TIP599: Top Stocks for 2024 w/ Jonathan Boyar (Video, Podcast)
The School Bell Rings: Time for Class! - by Aswath Damodaran (LINK)
Continuing an annual ritual of long standing, ahead of starting my spring teaching at NYU starting in a couple of weeks, I would like to invite you, if you are interested, to come along for the ride.
Inside Gucci’s Quest For Older, Richer Customers (LINK)
Predicting the Future with Geopolitical Strategist Peter Zeihan (video) (LINK)
The Tech Strategy Podcast: BYD Is Running China’s “Manufacturing to the World” Playbook (LINK)
The Investor’s Podcast: Business Durability and Strategy Masterclass with Hamilton Helmer (LINK)
Art of Investing Podcast: Andre Perold - Lessons from an Investor-Teacher Legend (LINK)
Value Hive Podcast: Philoinvestor: Know Thy Edge, Know Thyself (LINK)
The Rest Is History Podcast: 408. The Nazis in Power: Hitler’s Dream (LINK)
The Rest Is History Podcast: 409. The Nazis in Power: Hitler’s War on the Jews (LINK)
“No man was ever wise by chance.” —Lucius Annaeus Seneca