Links - 05/14/2023
“To look at the per-share earnings by themselves and give the earnings of four or five years ago any significance is like trying to get useful work from an engine which is unconnected to any device to which that engine’s power is supposed to be applied. Just knowing, by itself, that four or five years ago a company’s per-share earnings were either four times or a quarter of this year’s earnings has almost no significance in indicating whether a particular stock should be bought or sold. Again, what counts is knowledge of background conditions. An understanding of what probably will happen over the next several years is of overriding importance.” —Phil Fisher
Charlie Munger Pockets $70,000 a Year From $1,000 Investment in 1962 (LINK)
Founders Podcast: #303 Warren Buffett’s Favorite Founder: Rose Blumkin (LINK)
Private equity is being squeezed from all sides - by Edward Chancellor (LINK)
US-China Relations: Graham Allison Interview with Goldman Sachs (LINK)
Vanguard’s Trillion-Dollar Man Controls as Much US Debt as China (LINK)
This Week in Intelligent Investing Podcast: Takeaways and Lessons from the Berkshire Hathaway Annual Meeting 2023 (LINK)
The Investor’s Podcast: TIP552: Mastering the Art of Investing: A Deep Dive w/ Sam Zell (LINK)
The Learning Leader Show Podcast: 526: Mark Miller (VP of Chick-fil-A High Performance Leaderships) - How Chick-fil-A Built A World Class Culture (LINK)
Short History Of... Podcast: The Soviet Union, Part 1 of 2 (LINK)
The Daily Stoic Podcast: The Life Of Chrysippus (LINK)
One of Evolution’s Biggest Moments Was Re-created in a Year - by Ed Yong (LINK)
A unique experiment shows how multicellular organisms might have evolved from single-celled ancestors.
“A prince who is not wise himself will never take good advice.” —Niccolo Machiavelli