Links - 06/23/2022
“So excesses and corrections: that’s what cycles are about, in my opinion. Where do the excesses come from? Psychology. People get too optimistic, then they get too pessimistic. They get too greedy, then they get too fearful. They become too credulous, then they become too skeptical, and so forth. Oh, and the big one: they become too risk-tolerant, and then they become too risk-averse.” —Howard Marks
Howard Marks Memo: Conversation at Panmure House (LINK)
Howard Marks recently took part in the Edinburgh Business School’s inaugural symposium on cognitive economics. This thought-provoking conversation highlights some of the key ideas that Howard expanded on in his recent memo Bull Market Rhymes, including the importance of “excesses and corrections” in cycles. This expansive discussion will help memo readers better understand themes that form the core of Howard’s investment philosophy.
ExxonMobil At The Crossroads | CNBC Documentary (LINK)
Oil Refiners an Easy, but Odd, Target for Pump-Price Surge (LINK)
How a Recession Could Weaken the Work-From-Home Revolution (LINK)
Odd Lots Podcast: The Behind-the-Scenes Mess Now Facing the VC Industry (LINK)
The TED Interview Podcast: Steven Johnson wants to know how enlightenment happens (LINK)
The Rest Is History Podcast: 199. Stonehenge (LINK)
SpaceX's supersized Starship rocket -- and the future of galactic exploration (video) (LINK)
Scientists Discover the Largest Bacteria Ever Seen (LINK)
A Mystery That Took 13,200 Years to Crack (LINK)
Hidden in the tusk of a 34-year-old mastodon was a record of time and space that helped explain his violent death.
Wisdom from the late Irving Kahn when he was 109 years old (via William Green’s book Richer, Wiser, Happier):
Above all, I wanted to know what had been the key to a meaningful and fulfilling life, and not just an extraordinarily long one. “It’s very hard to answer this question,” said Kahn. “Everyone will have a different answer. But for me, family has been very important.” And what gave him the most pride and pleasure when he looked back on his life? “Having a family, healthy children, seeing what we’ve achieved at the firm. These have all given me great pleasure,” he said. “I have also gotten pleasure from meeting people who are smarter than me and who gave me important answers. There are too many mysteries in life. At some point, you have to ask for directions.”