Links - 04/16/2024
“The question about a discount rate, when you talk about our cost of capital, that’s worth bringing up, because Charlie and I don’t have the faintest idea what our cost of capital is at Berkshire, and we think the whole concept is a little crazy, frankly. But it’s something that’s taught in the business schools, and you have to be able to answer the questions or you don’t get out of business school. But we have a very simple arrangement in terms of what we do with money—we look for the most intelligent thing we can find to do…. We measure alternatives against each other, and we measure alternatives against dividends, and we measure alternatives against repurchase of shares. But I have never seen a cost of capital calculation that made sense to me.” —Warren Buffett (2003)
Boyar Value Group’s Q1 Letter (LINK)
Unveiling Multi-Bagger Secrets - by Steve Clapham (LINK)
Santa Fe Institute: Comrades, Let’s Optimize! The Surprising Rebirth of the Planned Economy (video) (LINK)
MKBHDs For Everything - by Ben Thompson (LINK)
Book notes: How to Avoid Losses in Your Investing by FPS (1920) (LINK)
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Invest Like the Best Podcast: Tim Ferriss - Curating Curiosities (LINK)
“Securities” Podcast: Lux and the Art of Startup Maintenance (LINK)
The Vergecast Podcast: The internet really is a series of tubes (LINK)
The Knowledge Project Podcast: #192 David Segal: Yearly Planning, Daily Action (LINK)
Israel’s Momentous Decision - by Dexter Filkins (LINK)
“Human kindness has never weakened the stamina or softened the fiber of a free people. A nation does not have to be cruel to be tough.” —Franklin D. Roosevelt
“Kindness is a language which the deaf and the blind can read.” —Mark Twain
“The things which we hold in our hands, which we see with our eyes, and which our avarice hugs, are transitory, they may be taken from us by ill luck or by violence; but a kindness lasts even after the loss of that by means of which it was bestowed; for it is a good deed, which no violence can undo.” —Seneca