Links - 03/14/2022
“If a catastrophic outcome is possible or you can’t judge the downside, stay away.” —Peter Bevelin (via “All I Want To Know Is Where I'm Going To Die So I'll Never Go There”)
Buffett is still buying Occidental Petroleum, adding shares worth $1.5 billion (LINK)
Berkshire Hathaway Nominates Wally Weitz to Fill Board Vacancy (LINK)
Berkshire’s Directors Have Skin in the Game (LINK)
The Secret to Braving a Wild Market - by Jason Zweig (LINK)
Are we on the verge of a recession? (LINK)
Drinking Less, Drinking Better [H/T @mastersinvest] (LINK)
What does it really mean to say that consumers are “drinking less, but drinking better”? It is an important observation for us, given we have a number of our investments in premium alcoholic beverage brand owners (e.g. Diageo, Remy Cointreau and Brown-Forman). So in this piece I wanted to dig a bit deeper and put some numbers to the phrase by exploring global changes in alcohol consumption and consumer habits.
Flexport's swashbuckling innovations to fix the supply-chain crisis (LINK)
Flexport CEO Ryan Petersen on Scaling a Startup from Zero to $8B (video) (LINK)
The Investor’s Podcast: TIP430: From Facebook to Meta and Beyond w/ Bill Nygren (LINK)
Insecurity Analysis Podcast: Dan McMurtrie on Resilience, Recovery, and Longevity in Investing (LINK)
The Grant Williams Podcast: Luke Gromen (LINK)
Grant’s Current Yield Podcast: All About Privates (LINK)
Planet MicroCap Podcast: The Investors Roundtable #43: Addressing Oil & Gas Headlines and Global Energy Dynamics (LINK)
Asia Tech Strategy Podcast: Why Uniswap’s Protocol Is a Threat to Coinbase’s PPH Marketplace (LINK)
The Daily Stoic Podcast: 9 Stoic Rules For A Better Life (From Marcus Aurelius) (LINK)
The Pandemic After the Pandemic (LINK)
Long COVID isn’t going away, and we still do not have a way to fully prevent it, cure it, or really to quantify it.
“The confidence we experience as we make a judgment is not a reasoned evaluation of the probability that it is right. Confidence is a feeling, one determined mostly by the coherence of the story and by the ease with which it comes to mind, even when the evidence for the story is sparse and unreliable. The bias toward coherence favors overconfidence. An individual who expresses high confidence probably has a good story, which may or may not be true.” —Daniel Kahneman