Links - 01/31/2024
“Investment strategy really is a two-edged sword, and he who lives by an aggressive strategy usually can die by it. It proved possible for investors to become too comfortable with volatility — when it was on the upside and called ‘profit.’ Volatility is a lot less enjoyable when it turns to the downside, but it’s the flip side of the same coin.” —Howard Marks (“Risk in Today's Markets” Revisited — April 11, 1994)
Increasing Returns: Identifying Forms of Increasing Returns and What Drives Them - by Michael J. Mauboussin & Dan Callahan (LINK)
Millions of Profitable Niches – 1,000 True Fans 2.0? (LINK)
Data Update 5 for 2025: Profitability - The End Game for Business? - by Aswath Damodaran (LINK)
Chart of the Week: The Labor Market Continues to Soften (LINK)
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Business Breakdowns Podcast: Samsung: Semiconductors over Smartphones (LINK)
Compounders Podcast: The Confidence Checklist with Corey Henegar and Jeff Fahrenbruch, Co-Portfolio Managers at Oakview Capital Management (LINK)
Dwarkesh Podcast: Tyler Cowen - Hayek, Keynes, & Smith on AI, Animal Spirits, Anarchy, & Growth (LINK)
How I Write Podcast: Writing Advice You Need to Know For The Future | Chris Dixon (Video, Podcast)
Short Wave Podcast: Murder, Mayhem At The Zoo: A Naked Mole Rat Succession War (LINK)
An all-out “naked mole rat war” has broken out at Smithsonian’s National Zoo, after the queen of the colony was mortally wounded by one of her own children.
“We choose our joys and sorrows long before we experience them.” —Khalil Gibran