Links - 03/12/2023
“Do not trust financial market risk models. Reality is always too complex to be accurately modeled. Attention to risk must be a 24/7/365 obsession, with people – not computers – assessing and reassessing the risk environment in real time. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.” —Seth Klarman
As a reminder, the lowest ticket prices to attend the Project Punch Card Investing Conference 2023 are only available until March 15th. You can buy your tickets HERE. As a sample of a couple of the topics the speakers will be discussing, Murray Stahl will be presenting “Long-term Investing in an Inflationary World,” and Jonathan Brandt will be presenting “A Few Misconceptions About Berkshire Hathaway.”
SVB, Signature Bank Depositors to Get All Their Money as Fed Moves to Stem Crisis (LINK)
U.S. regulators took control of a second bank Sunday and raced to roll out emergency measures to stem potential spillovers from Friday’s swift collapse of Silicon Valley Bank, backstopping both firms’ uninsured depositors and making more funding available to the banking system.
The Demise of Silicon Valley Bank - by Marc Rubinstein (LINK)
The Valley of Despair: A Few Thoughts on Bank Runs - by Michael W. Green (LINK)
A Week When Something Happened (LINK)
Fragile Capitalists (LINK)
Pivot Podcast: Silicon Valley Bank’s Downfall (LINK)
FUNDSMITH Annual Shareholders' Meeting February 2023 (video) [H/T Linc] (LINK)
Yale Invests This Way. Should You? - by Jason Zweig (LINK)
What Goes Up Podcast: Jeremy Grantham’s Market Meat-Grinder (LINK)
The World According to Boyar Podcast: William Cohan (LINK)
This Week in Intelligent Investing Podcast: The End of TINA — Does “There Is No Alternative” to Equities Still Apply? (LINK)
Another Podcast: Amazon’s $40B advertising business (LINK)
Value Hive Podcast: Christine Guerrero: An Inside Look at Integrated Oil E&Ps (LINK)
Masters in Business Podcast: Richard Bernstein on Quantitative Analysis (LINK)
Lex Fridman Podcast: #364 – Chris Voss: FBI Hostage Negotiator (LINK)
Why Write? (LINK)
“It always seems impossible until it’s done.” —Nelson Mandela