Links - 06/02/2025
“It’s tempting to think of the investment environment as an unchanging backdrop, that is, an independent variable. Then all you have to do is figure out the right course of action and take it. But what if the environment is a dependent variable? Does the behavior of investors alter the environment in which they work? Of course it does.” —Howard Marks (“Yet Again?” — September 7, 2017)
Replacing Warren Buffett’s Insurance Mastermind Is Berkshire’s Next Succession Mystery (LINK) [Note: Chris Bloomstran also had a great thread on X about this topic a couple of days ago, HERE.]
Investment Evolution or Flexible Tactics? - by John Huber (LINK)
Why This Stock Market Makes So Many of Us Want to Scream - by Jason Zweig (LINK)
On Why Carrying a Notebook Might Make You a Better Investor [H/T Linc] (LINK) [The article reminds me of something Peter Kaufman once wrote: “Common among outlier exemplars is maintaining a diary or journal. Briefly record your daily activities, honestly reporting on your struggles and feelings. Regular review of these writings, over the short, medium, and long terms, is priceless in many ways. It is especially effective in preventing ‘selective recall’, the self-deception of editing the past to exclude events which don’t fit into our fantasy world. Long-term diary keeping is a powerful, powerful habit, one of the hardest to form, but once firmly established, one of the hardest to break.”]
Fireside Chat with JPMorgan Chase Chairman & CEO Mr. Jamie Dimon (video) (LINK)
A Moody’s Ratings Downgrade for the US: What now? - by Aswath Damodaran (LINK)
Trends – Artificial Intelligence (AI) - by Mary Meeker, et al. (LINK)
Talking Billions Podcast: The Sleuth Investor: How Chris Waller Uncovers Hidden Small Cap Gems (LINK)
The Investor’s Podcast: TIP725: First Principles of Valuation w/ Tim Koller (Video, Podcast)
Excess Returns Podcast: The Stimulus Deception | Rob Arnott Explains What Economists Are Getting Wrong (LINK)
The Morgan Housel Podcast: How I Think About Debt (LINK)
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Business Breakdowns Podcast: Moncler: The Après Playbook (LINK)
Acquired Podcast: The Steve Ballmer Interview (Video, Podcast)
Marc Andreessen: What We Got Right—and Wrong—About the Future of Tech (Video, Podcast)
Decoder Podcast: Airbnb CEO Brian Chesky wants to build the everything app (LINK)
Modern Wisdom Podcast: #949 - Jocko Willink - How To Build Unstoppable Confidence (Video, Podcast)
Johnathan Bi Podcast: Introduction to Ancient Skepticism | Tad Brennan on Sextus Empiricus (Video, Podcast)
Short History Of... Podcast: Anne Frank (LINK)
The Rest Is History Podcast: Hannibal: The Invasion of Italy (Part 3) (LINK)
Why Do We Launch Space Telescopes? (LINK)
What We Get Wrong About Violent Crime - by Malcolm Gladwell (LINK)
“It is not work that kills men, it is worry. Work is healthy; you can hardly put more on a man than he can bear. But worry is rust upon the blade. It is not movement that destroys the machinery, but friction.” —Henry Ward Beecher
“Instead of worrying about what you cannot control, shift your energy to what you can create.” —Roy T. Bennett
“Nothing will work unless you do.” —Maya Angelou