Links - 02/27/2022
“Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.” —Warren Buffett
Warren Buffett’s 2021 Letter to Shareholders (LINK)
Chris Bloomstran’s comments on Berkshire Hathaway’s Annual Report (via Twitter) (LINK)
The Rational Walk on Warren Buffett's 2021 Letter (LINK)
Guy Spier on Finding Your North Star and the Power of Compounding Goodwill - The One Percent Show (video) (LINK)
How to Invest Calmly in a Chaotic World - by Jason Zweig (LINK)
Makes You Think - by Morgan Housel (LINK)
It's Time to Get Serious About Energy (LINK)
Expeditors International Shuts Down Computer Systems After Cyberattack (LINK)
Artemis Capital’s Chris Cole Lays Bare the Forces Destabilizing Markets (video) (LINK)
Lex Fridman Podcast: #267 – Mark Zuckerberg: Meta, Facebook, Instagram, and the Metaverse (LINK)
The Daily Stoic Podcast: Seneca’s 8 Tips For Mastering Yourself (LINK)
Origin Stories Podcast: Episode 60: Discovering Us (LINK)
Related book: Discovering Us: Fifty Great Discoveries in Human Origins
Our Milky Way galaxy’s last big collision still leaves clues 10 billion years later (LINK)
“It is difficult, if not impossible, to define the limits which reason should impose on the desire for wealth; for there is no absolute or definite amount of wealth which will satisfy a man. The amount is always relative, that is to say, just so much as will maintain the proportion between what he wants and what he gets; for to measure a man's happiness only by what he gets, and not also by what he expects to get, is as futile as to try and express a fraction which shall have a numerator but no denominator. A man never feels the loss of things which it never occurs to him to ask for; he is just as happy without them; whilst another, who may have a hundred times as much, feels miserable because he has not got the one thing he wants. In fact, here too, every man has an horizon of his own, and he will expect as much as he thinks it is possible for him to get. If an object within his horizon looks as though he could confidently reckon on getting it, he is happy; but if difficulties come in the way, he is miserable. What lies beyond his horizon has no effect at all upon him. So it is that the vast possessions of the rich do not agitate the poor, and conversely, that a wealthy man is not consoled by all his wealth for the failure of his hopes. Riches, one may say, are like sea-water; the more you drink the thirstier you become; and the same is true of fame.” —Arthur Schopenhauer