Links - 03/12/2024
“Good jockeys will do well on good horses, but not on broken-down nags. Both Berkshire’s textile business and Hochschild, Kohn had able and honest people running them. The same managers employed in a business with good economic characteristics would have achieved fine records. But they were never going to make any progress while running in quicksand. I’ve said many times that when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.” —Warren Buffett
Chris Bloomstran on Value After Hours (video) (LINK)
Related link: Semper Augustus Investments Group: 2023 Annual Letter
The Great Paradox of the U.S. Market! - by Jeremy Grantham (LINK)
Benjamin Graham: Big Moments on the Way to Big Earnings (#13) (LINK)
The Best Essay - by Paul Graham (LINK)
Professional Gambler interview - Mikki Mase (video) [H/T @Sanjay__Bakshi] (LINK)
Today’s Value Investing World newsletter is sponsored by Sorfis Investments. To discuss any Investment Management or Retirement Planning needs that you might have, schedule a call, or send us an email, today.
Focused Compounding Podcast: Ep 437. Outsider CEOs: John Malone and TCI (LINK)
Business Breakdowns Podcast: FTX: Inside the Restructuring (LINK)
Founders Podcast: #341 Cornelius Vanderbilt (Tycoon’s War) (LINK)
How I Built This Podcast: Primal Kitchen: Mark Sisson (LINK)
StarTalk Radio Podcast: Do We Have Free Will? with Robert Sapolsky (LINK)
The Rest Is History Podcast: 427. Titanic: The Tragedy Begins (Part 1) (LINK)
The Rest Is History Podcast: 428. Titanic: Kings of the World (Part 2) (LINK)
Short History Of... Podcast: The Real Pirates of the Caribbean (LINK)
“You can go to hell without moving an inch, just focus on what you lack. You can taste heaven without leaving earth, just rejoice in what you have.” —James Clear
“He is a wise man who does not grieve for the things which he has not, but rejoices for those which he has.” —Epictetus
“It is not the man who has too little, but the man who craves more, that is poor. What does it matter how much a man has laid up in his safe, or in his warehouse, how large are his flocks and how fat his dividends, if he covets his neighbour’s property, and reckons, not his past gains, but his hopes of gains to come? Do you ask what is the proper limit to wealth? It is, first, to have what is necessary, and, second, to have what is enough.” —Seneca