Links - 01/24/2022
“What separates delusional crowds from wise ones is the extent of their members’ interactions with each other…. The more a group interacts, the more it behaves like a real crowd, and the less accurate its assessments become. Occasionally, crowd interaction becomes so intense that madness results. As put most succinctly by Friedrich Nietzsche, ‘Madness is rare in the individual—but with groups, parties, peoples, and ages it is the rule.’ Mackay also recognized this; perhaps the most famous line in Extraordinary Popular Delusions is ‘Men, it is said, think in herds; it will be seen that they go mad in herds, while they only recover their senses more slowly, and one by one.’” —William J. Bernstein (“The Delusions Of Crowds”)
Horizon Kinetics’ Q4 Commentary (Letter, Webinar Video)
David Poppe’s Q4 Letter [H/T @mastersinvest] (LINK)
CNBC's full exit interview with Disney's Bob Iger (video) (LINK)
The Huge Tax Bills That Came Out of Nowhere at Vanguard - by Jason Zweig (LINK)
Netflix’s Man Overboard Moment (LINK)
Nathan Anderson’s Precarious Short-Selling Enterprise (LINK)
Convictions at Real-Estate Firm Are Win for Investor Kyle Bass (LINK)
Money and Payments: The U.S. Dollar in the Age of Digital Transformation [H/T @rationalwalk] (LINK)
Session 1 of Aswath Damodaran’s Spring 2022 Valuation Class (Video, Syllabus)
The Wall Street Lab Podcast: Mohnish Pabrai (video) (LINK)
Introducing “Behind The Memo” with Howard Marks Podcast: Selling Out (LINK)
This Week in Intelligent Investing Podcast: The Inflation Debate | Investing in Unprofitable Companies (LINK)
Acquired Podcast: Taylor Swift (LINK)
Odd Lots Podcast: The Electric Vehicle Revolution Is On, and It’s Going to Change Everything (LINK)
Straight Talk with Hank Paulson Podcast: Episode 53: Ray Dalio (LINK)
The Daily Stoic Podcast: Robert Greene on the Value of Objectivity and the Transience of Life (LINK)
The Peter Attia Drive Podcast: #192 - COVID Part 2: Masks, long COVID, boosters, mandates, treatments, and more (LINK)
Ancient DNA suggests woolly mammoths roamed the Earth more recently than previously thought [H/T @paulg] (LINK)
Webb telescope reaches its final destination far from Earth (LINK)
Will Omicron Leave Most of Us Immune? (LINK)
“At any given time, when you’re walking down the streets, a very small percentage of your brain is focused on the present. The rest is planning the future or regretting the past. This keeps you from having an incredible experience. It’s keeping you from seeing the beauty in everything and for being grateful for where you are. You can literally destroy your happiness if you spend all of your time living in delusions of the future.” —Naval Ravikant (“The Almanack of Naval Ravikant”)