Links - 05/24/2023
“Major bubbles and busts are the only very important events in investing. The rest of the time, you show up for work, do a competent job, keep your nose clean, and everything works out okay because nothing much is happening. In a major bubble everything changes; stock picking fades into relative insignificance and asset and sector mix dominates completely.” —Jeremy Grantham (April 2003)
“There are no ‘new eras’. The behaviorally driven, inefficient market is full of minor distortions that can usually be helped a lot by governmental action, and a few, very much more important major bubbles and busts in which the rules change and the usual governmental moves are of little or much reduced help. Only price matters and can be depended on in the long run, but sometimes it can be painfully long before rational pricing is restored.” —Jeremy Grantham (April 2003)
Mohnish Pabrai's Presentation and Q&A at the University of Nebraska, Omaha on May 5, 2023 (video) (LINK)
Debt Ceiling Crisis (79th Episode) - by Mike Absher (LINK)
Windows and the AI Platform Shift - by Ben Thompson (LINK)
A Simple Framework For The Drivers of Wealth (LINK)
The Social Radars Podcast: Paul Graham, Co-founder of Viaweb and Y Combinator (LINK) [There is also a transcript available HERE.]
Business Breakdowns Podcast: Restoration Hardware: Climbing the Luxury Mountain (LINK)
Odd Lots Podcast: What Needs to Happen for the Renminbi to Seriously Compete With the Dollar (LINK)
The Daily Stoic Podcast: David von Drehle On The Pursuit Of A Good And Meaningful Life (LINK)
Related book: The Book of Charlie: Wisdom from the Remarkable American Life of a 109-Year-Old Man
How to Take Over the World: Leonardo Da Vinci (Part 2) (LINK)
“Joy is the best makeup.” —Anne Lamott