Links - 01/27/2025
“The great lesson in microeconomics is to discriminate between when technology is going to help you and when it’s going to kill you. And most people do not get this straight in their heads…. There are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money in a business that’s still going to be lousy. The money still won’t come to you. All of the advantages from great improvements are going to flow through to the customers.” —Charlie Munger
“Technology is clearly a boost to business productivity and a driver of better consumer products and the like, so as an individual I have a high appreciation for the power of technology. I have avoided technology sectors as an investor because in general I don’t have a solid grasp of what differentiates many technology companies. I don’t know how to spot durable competitive advantage in technology. To get rich, you find businesses with durable competitive advantage and you don’t overpay for them. Technology is based on change; and change is really the enemy of the investor. Change is more rapid and unpredictable in technology relative to the broader economy.” —Warren Buffett
DeepSeek FAQ - by Ben Thompson (LINK)
Hedge Fund AI Is Cheap AI (LINK)
Big Tech’s Deteriorating Earnings Quality (LINK)
Explaining International Valuations (LINK)
Odd Lots Podcast: How Oaktree’s Howard Marks Spots a Market Bubble (LINK)
Talking Billions Podcast: Brett Gardner: Buffett’s Early Investments (LINK)
This Week in Intelligent Investing Podcast: Jon aka Borlaug: A Deep Dive on Life Sciences and Bioprocessing (LINK)
Never Sell Podcast: Episode 2 - XPEL (LINK)
Founders Podcast: #377 Expanding A Family Dynasty: Marcus Wallenberg Jr. (LINK)
Acquired Podcast: TSMC founder Morris Chang (Video, Podcast)
Lex Fridman Podcast: #458 – Marc Andreessen: Trump, Power, Tech, AI, Immigration & Future of America (Video, Podcast)
The Rest Is History Podcast: Emperors of Rome: Sex Secrets of the Caesars (Part 1) (LINK)
Short History Of... Podcast: The Australian Gold Rush (LINK)
“Before you contradict an old man, my fair friend, you should endeavor to understand him.” —George Santayana
“Those who cannot remember the past are condemned to repeat it.” —George Santayana