Links - 05/17/2022
“The cycle of manias and panics results from the pro-cyclical changes in the supply of credit; the credit supply increases rapidly in good times, and then when economic growth slackens, the rate of growth of credit has often declined sharply. A mania involves increases in the prices of real estate or stocks or a currency or a commodity in the present and near-future that are not consistent with the prices of the same real estate or stocks in the distant future.” —Charles P. Kindleberger & Robert Z. Aliber (“Manias, Panics and Crashes”)
Inflation and Capital - by Jason Zweig (LINK)
Ryan Petersen on CNBC (video) (LINK)
Small-Cap E&Ps: Compelling Opportunity (LINK)
TOBACCO STOCKS - AN UPDATE - by Gene Hoots (LINK)
This Week in Intelligent Investing Podcast: SPECIAL: Mary Childs on Her Book, The Bond King: How One Man Made a Market, Built an Empire, and Lost It All (LINK)
Related book: The Bond King
Investing by the Books Podcast: #22 Avner Mandelman: The Sleuth Investor (LINK)
Related book: The Sleuth Investor
Invest Like the Best Podcast: Tyler Cowen & Daniel Gross - Identifying Talent (LINK)
Related book: Talent
Against the Rules with Michael Lewis (podcast): Episode 6: The Overconfidence Game (LINK)
The Tim Ferriss Show Podcast: #594: Cal Newport and Tim Ferriss Revisit The 4-Hour Workweek (LINK)
The Knowledge Project Podcast: #137 Justin Su’a: Peak Mental Performance (LINK)
WSJ Book Review: ‘The Adventures of Herbie Cohen’ by Rich Cohen: My Dad the Dealmaker (LINK)
“Remember the thing that governs success in any field is determination to see something through to a successful conclusion. Yet, this is exactly where most people fail. The average person will get discouraged and quit many times short of one’s goal. What is the difference between an individual who dodgily hangs in against all odds, reason and hope? It is my belief through personal observation and experience that there’s no difference between the individual from a chemical, genetic or intellectual standpoint. The difference is that the person who’s likely to give up at the first sign hardship does not have a well-defined goal. If you’re going to build a building, you’ve got to have a blueprint, all the details. You can’t just say, ‘I want to build a building.’ And if the person does have a goal, they may not impress it deeply on the subconscious mind. They might want it, but not badly enough to the point where they are willing to make an all-consuming, burning desire. Naturally, if it’s a weak desire, it’ll be sacrificed at the first sign of hardship. Only a deep commitment, a burning desire and a sacrificial attitude towards that goal will be deep enough to make an impression on the subconscious mind. If that is accomplished along with the faith that it can be achieved, you will never lack drive or motivation. You will be pulled by a force that will drive you relentlessly towards that goal. It will no longer be necessary to force the thing to do you have to do. You will receive energy that you never knew you had. Because of these forces, you and you alone will have the power to shape your future.” —Arnold Van Den Berg [Source]