Links - 04/10/2022
“Remember, your goal in investing isn’t to earn average returns; you want to do better than average. Thus, your thinking has to be better than that of others—both more powerful and at a higher level. Since other investors may be smart, well-informed and highly computerized, you must find an edge they don’t have. You must think of something they haven’t thought of, see things they miss or bring insight they don’t possess. You have to react differently and behave differently. In short, being right may be a necessary condition for investment success, but it won’t be sufficient. You must be more right than others . . . which by definition means your thinking has to be different.” —Howard Marks
The Investor’s Podcast: TIP438: Berkshire Hathaway Masterclass w/ Chris Bloomstran (LINK)
Related link: Semper Augustus Investments Group: 2021 Annual Letter
Warren Buffett’s Protégé Is Building a Mini Berkshire (LINK) [Kanbrick’s year-end letter is also available HERE.]
Like her mentor, Tracy Britt Cool looks for founder-run companies with ‘moats,’ but she doesn’t share his hands-off-approach
Oaktree Capital's Howard Marks on Globalized Markets and the Impact of Russia's Invasion of Ukraine (video) [H/T Linc] (LINK)
You Work for a Company. Should You Own It, Too? - by Jason Zweig (LINK)
Doomberg: Sitting Down With Sprott (LINK)
Darren Walker and Gara LaMarche with Peter Osnos on George Soros | LIVE from NYPL (video) (LINK)
Related book: George Soros: A Life In Full
This Week in Intelligent Investing Podcast: A Discussion of Energy: Opportunities and Challenges Facing Investors (LINK)
Forward Guidance Podcast: Birth of the U.S. Dollar | Roger Lowenstein (LINK)
Related book: Ways and Means
a16z Live Podcast: Building Towards American Dynamism with Chris Power, CEO of Hadrian (LINK)
"Securities" Podcast: The VC Power Law with CFR senior fellow Sebastian Mallaby (LINK)
If all galaxies have dark matter, why don't these two? Astronomers are following clues to find out. (LINK)
“Though the nature of future discoveries is hard to predict, I've found I can predict quite well what sort of people will make them. Good new ideas come from earnest, energetic, independent-minded people. Betting on people over ideas saved me countless times as an investor.” —Paul Graham (“How to Be an Expert in a Changing World”)