Links - 03/03/2025
“Finally and importantly, most people view risk taking primarily as a way to make money. Bearing higher risk generally produces higher returns. The market has to set things up to look like that’ll be the case; if it didn’t, people wouldn’t make risky investments. But it can’t always work that way, or else risky investments wouldn’t be risky. And when risk bearing doesn’t work, it really doesn’t work, and people are reminded what risk’s all about.” —Howard Marks (“No Different This Time” — December 17, 2007)
Warren Buffett on legendary Washington Post publisher Katharine Graham (video) (LINK)
The Rational Walk: Warren Buffett on Berkshire’s Valuation (LINK)
Nick Train: ‘generational’ opportunity to buy UK growth firms (video) [H/T Linc] (LINK)
Grant’s Interest Rate Observer article: “Bubble, interrupted” [from January 31st — free registration required] (LINK)
Citi Keeps Hitting the Wrong Buttons - by Matt Levine (LINK)
The Investor’s Podcast: Richer, Wiser, Happier Q1, 2025 w/ Stig Brodersen & William Green (Video, Podcast)
The Value Perspective Podcast: David Marcus (Part 1) (LINK)
Talking Billions Podcast: Anne-Laure Le Cunff: Tiny Experiments: How to Live Freely in a Goal-Obsessed World (LINK)
10% Happier Podcast: How To Know Whether You’re an Introvert or an Extrovert—and Why That Matters | Susan Cain (LINK)
A Bit of Optimism Podcast: Humble Leaders Lead Better Teams with Retired Navy SEAL Jocko Willink (Video, Podcast)
The Daily Stoic Podcast: Seneca on Worldliness and Retirement (LINK)
The Rest Is History Podcast: The French Revolution: The September Massacres (Part 1) (LINK)
Short History Of... Podcast: The Forbidden City (LINK)
The Secret Pentagon War Game That Offers a Stark Warning for Our Times - by William Langewiesche [H/T Phil] (LINK)
The devastating outcome of the 1983 game reveals that nuclear escalation inevitably spirals out of control.
“The tools of conquest do not necessarily come with bombs, and explosions, and fallout. There are weapons that are simply thoughts, attitudes, prejudices, to be found only in the minds of men. For the record, prejudices can kill and suspicion can destroy; and a thoughtless, frightened search for a scapegoat has a fallout all of its own for the children, and the children yet unborn.” —Rod Serling