Links - 02/09/2023

“Nothing works all the time and in all kinds of markets. This is what is wrong with systems and the books that tell you ‘You Can Make a Million Dollars.’ What is important to realize is that the Game is seductive. If playing it has been fun, it may be difficult to stop playing, even when that button of yours is burning your finger. Repeated shocks will give you anxiety, and anxiety is the enemy of identity, and without identity there is no serenity…. If you really love playing the Game, any action is better than inaction, and sometimes inaction is the proper course, if it has been taken after measuring all the measurable options.” —George Goodman

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Baupost chief Seth Klarman blames Federal Reserve for ‘financial fantasyland’ ($) (LINK) [If anyone happens to have a copy of Klarman’s full Annual Letter that they could pass along, it would be much appreciated.]

A great resource for some great compilations (Austin Value Capital) [H/T Linc] (LINK)

GMO Insights | What Is Value? Methodology Matters (LINK)

Modern Meditations: Josh Wolfe (LINK)

The founder of Lux Capital discusses entropy's role in venture capital, the importance of nuclear energy, and Charlie Munger.

I Tried Microsoft’s New AI-Powered Bing. Search Will Never Be the Same. (LINK)

CNBC Transcript: Disney CEO Bob Iger Speaks with CNBC’s David Faber (LINK)

Brazil’s Richest Man Loses Billions as His M&A Machine Breaks Down ($) [H/T Linc] (LINK)

The collapse of retailer Americanas casts a harsh light on the cost-cutting business model that Jorge Lemann created at 3G Capital.

Peter Zeihan - The Ukraine War Is Just Getting Started (video) (LINK)

Geopolitical Strategist Peter Zeihan speaks in Shreveport, LA at BRF Annual Event (video) (LINK)

The Education of a Value Investor Podcast: Sachin Khajuria on His Book, Private Equity, Distressed Investing and Multicultural Backgrounds (LINK)

Business Wars Podcast: Apple vs Microsoft | Life After Laptops | 5 (LINK)

The Tim Ferriss Show Podcast: #654: Dr. Matthew Walker, All Things Sleep Continued (LINK)

The Rest Is History Podcast: 303. The Bloodiest Crusade (LINK)

Plants of the Gods Podcast: S4E1. Richard Evans Schultes and the Search for Ayahuasca (LINK)

Can Animals Feel Disgust? (LINK)

​11 Important Things I'm Thinking About In 2023 - by Ryan Holiday (LINK)

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“Try not to become a man of success, but rather a man of value.” —Albert Einstein