Links - 05/30/2022
“If you buy a cheap stock when the market is high, it is a challenge because, if the market being high is followed by a general decline in prices, then for you to make money in your cheap stock, you have to swim against the tide. If you buy when the market is low, and that lowness is going to be corrected by a general inflation, and you buy your cheap stock, then you have the tailwind in your favor….I think it is unrealistic and maybe hubristic to say, ‘I don’t care about what is going on in the world. I know a cheap stock when I see one.’ If you don’t follow the pendulum and understand the cycle, then that implies that you always invest as much money as aggressively. That doesn’t make any sense to me. I have been around too long to think that a good investment is always equally good all the time regardless of the climate.” —Howard Marks
The Collison Brothers Built Stripe Into A $95 Billion Unicorn With Eye-Popping Financials. Inside Their Plan To Stay On Top (LINK)
How to Weather This Stock Market Storm - by Jason Zweig (LINK)
Bernanke: Why the Fed Didn’t Act Faster to Rein In Inflation (LINK)
A tale of two retailers (LINK)
The One Percent Show Podcast: Ep. 19 – Ian Cassel (LINK)
10-K Diver: How Do We Protect Ourselves From Inflation? (audio) (LINK)
Divvy Homes CEO Adena Hefets breaks down the state of the US housing market (video) (LINK)
China and Taiwan - by Peter Zeihan (LINK)
George Soros’ talk at the World Economic Forum (video) (LINK) [There is also a Q&A video HERE.]
Odd Lots Podcast: This Is What It Takes to Win in the World of Freight Brokerage (LINK)
Odd Lots Podcast: Why Copper May Be One of the Tightest Markets The World Has Ever Seen (LINK)
Forward Guidance Podcast: Energy Stocks Remain Undervalued, with Josh Young (LINK)
The Rational Reminder Podcast: Antti Ilmanen: The Building Blocks of Long-Run Returns (LINK)
Related book: Investing Amid Low Expected Returns
When Shipping Containers Sink in the Drink - by Kathryn Schulz (LINK)
“The man who while he gives thinks of what he will get in return, deserves to be deceived.” —Seneca
“The book-keeping of benefits is simple: it is all expenditure; if any one returns it, that is clear gain; if he does not return it, it is not lost, I gave it for the sake of giving.” —Seneca
“Always pay it forward. And don’t keep count.” —Naval Ravikant