Links - 02/04/2025
“In the investment business, there’s no place for certainty. Mark Twain said ‘It ain’t what you don’t know that gets you into trouble. It’s what you know for certain that just ain’t true.’ And so you can have opinions, but you should never be certain that you’re right. And you should never arrange your financial affairs on the assumption that your forecast is right—because it can be right intellectually or factually or rationally, but just take a long time to materialize. And if you can’t survive between when you take your position and when your expectation comes true, then obviously it’s not something you should do.” —Howard Marks [Source]
Kingswell on Charlie Munger and Kipling’s poem If (LINK)
Horizon Kinetics’ 4Q 2024 Webinar Replay and Commentary (Webinar, Commentary)
As January Goes, So Goes the Ear - by Jason Zweig (LINK)
A Letter a Day: Anthology #3: Tiger Management (LINK)
Invest Like the Best Podcast: Graham Duncan - Talent Whisperer (LINK)
The Knowledge Project Podcast: #213 Mickey Drexler: The Art of Selling with Retail's Merchant Prince (Video, Podcast)
Masters of Scale Podcast: Starbucks CEO Brian Niccol is here to put the brand back on top (LINK)
Against the Rules with Michael Lewis Podcast: Dr. Laurie Santos on Group Psychology, the Teen Brain, and Happiness (LINK)
How to Take Over the World Podcast: Top 10 Lessons from 100 Episodes of How to Take Over the World (LINK)
Newly discovered fungal species makes zombies of cave spiders on island of Ireland [H/T Linc] (LINK)
“Power always thinks it has a great Soul, and vast Views, beyond the Comprehension of the Weak…. Power must never be trusted without a Check.” —John Adams (1816)