Links - 05/12/2022
“While investors will obviously achieve the best results by remaining rational thinkers at all times, this is easier said than done. In the financial markets, emotion often takes over, and greed and fear come to dominate investor behavior. Even those who are aware of this, who expect always to invest rationally and to be able to resist their own greedy temptations and panicky reactions, cannot always carry through on their plans.” —Seth Klarman
Howard Marks talk for the Wharton School Investor Series: How To Think About Risk (March 29, 2022 video) (LINK)
The Legend of Li Lu [H/T @ShaiDardashti] (LINK)
Chris Bloomstran: Why You Should Never Doubt Warren Buffett Has Lost His Touch (LINK)
A quote from Bill Gurley yesterday on Twitter that’s worth thinking about:
“Note on public stocks. The pandemic created a ton of ‘waves.’ Positive ones. Negative ones. Now we need to parse the future and try to backward normalize the past. Super difficult. Easy to get head-faked. As an example: an e-commerce company like Amazon may have ‘popped’ during Covid. As stores re-open, revenue is lost and comps look crappy. BUT, systematic trends may be fully intact. Tricky to analyze. Be careful out there.”
The SEC Should Stay In Its Lane - by Roger Lowenstein (LINK)
What’s Behind America’s Shocking Baby-Formula Shortage? (LINK)
Russian Oligarchs and Putin's Future - by Peter Zeihan (LINK)
Excess Returns Podcast: Mike Green on the Dangers of the Rise of Passive Investing (LINK)
Trillions Podcast: The ESG Backlash (LINK)
The Meb Faber Show Podcast: #414 – Tim Laehy – All About Coinbase (COIN) With The Company’s Former CFO (LINK)
Superinvestors and the Art of Worldly Wisdom Podcast: #52: Fred Hickey On ‘Keeping Your Head When All About You Are Losing Theirs’ (LINK)
Business Wars: Häagen-Dazs vs Ben & Jerry’s | Big Chunks O’Love | Episode 1 (LINK)
Acquired Podcast: Arena Show Part I: Idea Dinner + YC Continuity (LINK)
The Decision Education Podcast: Episode 016: Making and Breaking Habits with Charles Duhigg (LINK)
Finding Mastery Podcast: Daniel Pink: How to Harness the Power of Regret to Move Forward (LINK)
The Rest Is History Podcast: 184. History’s Biggest Questions with Dan Carlin (Part 2) (LINK)
The Daily Stoic Podcast: Josiah Osgood on Cicero and the Fall of Rome (LINK)
Related book: How to Stop a Conspiracy
Plants of the Gods Podcast: Hallucinogens, Healing, Culture and Conservation podcast: Plants of the Gods: S3E1. Peyote: The Sacred Cactus (LINK)
The Key to a Good Parent-Child Relationship? Low Expectations. (LINK)
Incredible images as astronomers see material swirling around the Milky Way’s supermassive black hole for the very first time! (LINK)
Bill Gates’ White House remarks on COVID (LINK)
“Life is a long lesson in humility.” —James M. Barrie