Links - 02/13/2023

“Theory says high return is associated with high risk because the former exists to compensate for the latter. But pragmatic value investors feel just the opposite: They believe high return and low risk can be achieved simultaneously by buying things for less than they’re worth. In the same way, overpaying implies both low return and high risk.” —Howard Marks

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Berkshire Hathaway’s 4Q Equity Buys and Sales to Be Disclosed in Filing Tuesday [H/T Linc] (LINK)

The ‘Berkshire System’: Life Advice From a Shareholder Letter (LINK)

Learning from IKEA’s Ingvar Kamprad (LINK)

Visionary Encounter Fireside Talk Series - Sudhir Sethi in conversation with Prem Watsa (video) [H/T Linc] (LINK)

How the world worked from 1945 until now—and what it means for the future - by Ray Dalio (LINK)

Mark Spitznagel at the 2022 Prime Quadrant Conference (video) [H/T @ACIPartnerhship] (LINK)