Links - 04/21/2024
“There is only one valid rule for selling: all investments are for sale at the right price. Decisions to sell, like decisions to buy, must be based upon underlying business value. Exactly when to sell – or buy – depends on the alternative opportunities that are available. Should you hold for partial or complete value realization, for example? It would be foolish to hold out for an extra fraction of a point of gain in a stock selling just below underlying value when the market offers many bargains. By contrast, you would not want to sell a stock at a gain (and pay taxes on it) if it were still significantly undervalued and if there were no better bargains available.” —Seth Klarman
How to Value Berkshire Hathaway 2024 w/ Chris Bloomstran (TIP625) (Video, Podcast)
The Little Things that Result in the Big Things - by Ian Cassel (LINK)
How Not to Invest in the Bond Market - by Jason Zweig (LINK)
Secrets of Family Empires - by Steve Clapham (LINK)
How did customer service get so bad? (LINK)
Do We Have the Technologies Necessary to Reduce Global Emissions? (LINK)
The Meb Faber Show Podcast: Professor Kenneth French on Risk, Return, and Rationality (Video, Podcast)
Money Stuff Podcast: [Beeeep] $: Elon, Jane Street, Hunterbrook (LINK)
The Daily Stoic Podcast: Amor Fati: Love Everything That Happens (LINK)
How to Be Less Busy and More Happy (LINK)
An upcoming book I’m looking forward to reading: Pause to Think: Using Mental Models to Learn and Decide [One of the book reviews…. “Pause to Think might be the most useful book I have ever read. By applying mental models to the most important aspects of our intellectual lives, it helps readers to make better decisions, learn more effectively, and be happier.” —Josh Wolfe, cofounder, Lux Capital]
“Many fail to finish, but many more fail to start. The hardest work in any work is to start. You can’t finish until you start, so get good at starting.” —Kevin Kelly [Source]