Links - 02/24/2025
“Risk arises as investor behavior alters the market. Investors bid up assets, accelerating into the present appreciation that otherwise would have occurred in the future, and thus lowering prospective returns. And as their psychology strengthens and they become bolder and less worried, investors cease to demand adequate risk premiums. The ultimate irony lies in the fact that the reward for taking incremental risk shrinks as more people move to take it.” —Howard Marks
Sorfis 2024 Annual Letter to Clients (LINK)
A Closer Look at Warren Buffett’s 2024 Annual Letter to Shareholders (LINK)
Berkshire Hathaway’s Culture in 2050 (LINK)
From Boom to Bust: A Hedge Fund’s Rise and Fall - by Steve Clapham (LINK)
Walter Isaacson on the Art of Biography: A Charlie Rose Global Conversation (video) (LINK)
Never Sell Podcast: Episode 3 - Deep Research (LINK)
Acquired Podcast: Rolex (LINK)
Odd Lots Podcast: Here’s What It Takes to Make a Great Company (LINK)
Big Take Podcast: Inside Walmart’s Next Chapter With CEO Doug McMillon (LINK)
Talking Billions Podcast: Oliver Burkeman: Meditations for Mortals: Four Weeks to Embrace Your Limitations and Make Time for What Counts (LINK)
What’s on the Milky Way’s Far Side? (LINK)
“I prefer to be true to myself, even at the hazard of incurring the ridicule of others, rather than to be false, and to incur my own abhorrence.” —Frederick Douglass