Links - 03/26/2024
“As my mentor, Ben Graham, always used to say, ‘You can get in way more trouble with a good idea than a bad idea,’ because you forget that the good idea has limits. Lord Keynes…said, ‘There is a danger of expecting the results of the future to be predicted from the past.’” —Warren Buffett (via “Snowball”)
“In my lifetime, a guy just bought the best common stocks and sat on his ass, would have made about 10% per annum before inflation. Maybe 8% after inflation. That is not the standard return that a man can expect from investment. That was a very unusual period in a very unusual place. And I do not anticipate that the average result is going to be nearly that good over the next 100 years…. And so this is an unusual period. And now everybody who's in investment management teaches everybody, you'll get 8% after inflation by dealing with us because that's the way it worked for the last 100 years. Just because it worked for the last 100 years does not mean it's going to work for the next 100 years.” —Charlie Munger [Source]
Book Summary: Our Investing Strategy, who does the market smile upon (LINK)
From $100k to $7.6M in 30 years (LINK)
Bob Robotti’s talk at the Capstone Student Investment Conference 2024 (video) (LINK)
Value After Hours S06 E12: Eric Cinnamond on small cap value, absolute return, and the stock market (video) (LINK)
Cleaning up the clean up - by Michael W. Green (LINK)
A Letter a Day: Letter #167: Sergio Marchionne (2015) (LINK)
My Top 10 Peeves - by Cullen Roche (LINK)
Weighing up the effect of weight-loss drugs [H/T @lhamtil] (LINK)
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The Julia La Roche Show: #155 Meredith Whitney (Video, Podcast)
Invest Like the Best Podcast: Sean Feeney - Reinventing the Restaurant Business (LINK)
Good Bad Billionaire Podcast: Mark Zuckerberg: Move Fast and Get Rich (LINK)
A Bit of Optimism Podcast: The Anxious Generation with social psychologist Jonathan Haidt (LINK)
David Epstein’s Q&A with psychologist Jonathan Haidt on the “Great Rewiring of Childhood” (LINK)
“In the case of good books, the point is not how many of them you can get through, but rather how many can get through to you.” —Mortimer J. Adler