Links - 03/18/2024
“The relationship between price and value holds the ultimate key to investment success. Buying below value is the most dependable route to profit. Paying above value rarely works out as well.” —Howard Marks
The Rational Walk on Berkshire Hathaway’s 2024 Proxy Statement (LINK)
Richer, Wiser, Happier Podcast: Survive & Thrive w/ Guy Spier (Part 1, Part 2)
Meet the ‘Witch of Wall Street,’ a black-clad pioneering value investor who became the world’s richest woman—but is wrongly remembered as a cheapskate [H/T Linc] (LINK)
Nelson Peltz Fights Disney—and Turmoil at His Own Fund (LINK)
Volkswagen and Porsche are stuck in Wall Street’s pits. Stock investors, start your engines. - by Drew Dickson (LINK)
Porsche SE is a holding company whose shares trade in Germany under the symbol PAH3. Porsche SE mostly holds Volkswagen ordinary shares, but it also owns other assets including shares of carmaker Porsche AG.
In our view, Porsche SE’s shares, with a recent 14 billion euro market cap, are one of the most underpriced, liquid, listed assets available to investors.
A Nuclear Comeback: Are New Reactors the Answer? (video) (LINK)
Acquired Podcast: Renaissance Technologies (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.
Lex Fridman Podcast #419: Sam Altman: OpenAI, GPT-5, Sora, Board Saga, Elon Musk, Ilya, Power & AGI (Video, Podcast)
Capital Allocators Podcast: Jonathan Tepper - Buying Monopolies at Prevatt Capital (LINK)
Art of Investing Podcast: John Crowley: Biotech’s Chief Evangelist (LINK)
Odd Lots Podcast: How the US Dollar Became an International Weapon of War (LINK)
Short History Of... Podcast: Eleanor Roosevelt (LINK)
The Rest Is History Podcast: Titanic: The Iceberg Strikes (Part 4) (LINK)
Robert Sapolsky: The Biology and Psychology of Depression (video) (LINK)
Stanford Professor Robert Sapolsky gives an overview of both the biology and psychology of depression, with the key points being that depression is as a real of a disease as is diabetes, and that you can't begin to understand depression without seeing how the biological and psychological are one and the same. This is a 2023 update of his 2009 lecture, incorporating scientific advances since that time.
“I don’t believe in playing down to children, either in life or in motion pictures. I didn’t treat my own youngsters like fragile flowers, and I think no parent should. Children are people, and they should have to reach to learn about things, to understand things, just as adults have to reach if they want to grow in mental stature. Life is composed of lights and shadows, and we would be untruthful, insincere, and saccharine if we tried to pretend there were no shadows. Most things are good, and they are the strongest things; but there are evil things too, and you are not doing a child a favor by trying to shield him from reality.” —Walt Disney