Links - 06/04/2024
“If you don’t lose, you win. If we buy 20-25 companies…some of them will continue to disappoint and lag and so forth. But there’ll be enough winners in there to make up for the losers as long as we don’t lose a lot…. When we discuss private market value, price-to-sales multiples, etc., we’re talking about the upside. But the most important thing always is not to lose.” —Arnold Van Den Berg (1996)
My appearance on the Guardians of Finance Podcast was published today. Thanks to Matt McLaughlin, Portfolio Specialist at Diamond Hill Capital Management, for the invite.
Traders who scooped up Warren Buffett’s Berkshire Hathaway shares at a massive $620,000 discount during glitch will have their deals canceled by the NYSE (LINK)
From the archives…. Marc Andreessen on Charlie Rose in June 2012. I remember watching this interview in 2012, a little over a month after the Facebook IPO, and thinking that I should probably buy a bunch of Facebook stock and just hold it for a very long time. I proceeded to not do that, but was reminded again of this interview when listening to Warren Buffett discuss “apperceptive mass” regarding his Apple investment at the Berkshire Annual Meeting this year. This interview was not enough for me to reach that tipping point to act (apparently), but, hopefully, rubbing my rose in an error of omission will increase my odds of recognizing some future opportunity.
The Insurance Market Is Flirting With Natural Disasters (LINK)
Bridgewater: Business Spending Is Lining Up to Reinforce Growth (LINK)
On the Legacy of Danny Kahneman (LINK)
Jefferies: What You Need To Know As A Summer Intern - by Rich Handler (LINK)
Acquired Podcast: Starbucks (with Howard Schultz) (LINK)
Odd Lots Podcast: Corporations Learned The Maximum Amount They Can Charge For a Product (LINK)
Invest Like the Best Podcast: Adam Sandow - The Power of Print Media (LINK)
Yet Another Value Podcast: Marathon Partners’ Mario Cibelli on how $XMTR is creating a marketplace for industrial manufacturing (LINK)
The Shadow of Tiananmen Falls on Hong Kong - by Evan Osnos (LINK)
Scientists Find the Largest Known Genome Inside a Small Plant (LINK)
A fern from a Pacific island carries 50 times as much DNA as humans do.
“I count him braver who overcomes his desires than him who conquers his enemies; for the hardest victory is the victory over self.” —Aristotle
“Yesterday I was clever, so I wanted to change the world. Today I am wise, so I am changing myself.” —Rumi
“If you really want to escape the things that harass you, what you’re needing is not to be in a different place but to be a different person.” —Seneca