Links - 06/26/2025
“A by-product of our managerial style is the ability it gives us to easily expand Berkshire’s activities. We’ve read management treatises that specify exactly how many people should report to any one executive, but they make little sense to us. When you have able managers of high character running businesses about which they are passionate, you can have a dozen or more reporting to you and still have time for an afternoon nap. Conversely, if you have even one person reporting to you who is deceitful, inept or uninterested, you will find yourself with more than you can handle. Charlie and I could work with double the number of managers we now have, so long as they had the rare qualities of the present ones.” —Warren Buffett (1986 Letter to Shareholders)
No Bad Risks, Only Bad Rates — And Other Lessons From National Indemnity Founder Jack Ringwalt (LINK)
Lucky Breaks - by Ian Cassel (LINK)
The Speed of Patience - by Paul Higgins (LINK)
Michael Mauboussin on valuation, capital allocation & competitive advantage (video) (LINK)
Satya Nadella: Microsoft’s AI Bets, Hyperscaling, Quantum Computing Breakthroughs (video) (LINK)
Ken Griffin on Building Citadel, AI & Independent Thinking (video) (LINK)
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Business Breakdowns Podcast: Nexstar Media: Broadcasting’s Biggest Bet (LINK)
On The Tape Podcast: Porter Collins & Vincent Daniel: What Are We Doing? Learning To Fly! (Video, Podcast)
Grant’s Current Yield Podcast: A PROMISE TO PAY (LINK)
The Intelligent Marketer Podcast (Episode 1): Everything is an Ad Network w/ Eric Seufert (LINK)
Finding Mastery Podcast: How Not to Die | How Alex Honnold Trains His Mind to Stay Calm 3,000 Feet Above Ground (LINK)
Dwarkesh Podcast: Godfather of Synthetic Bio on De-Aging, De-Extinction, & Weaponized Mirror Life — George Church (Video, Podcast)
This Is The Greatest Novel Ever (And Why I Keep Re-Reading It) - by Ryan Holiday (LINK)
Did Baby Talk Give Rise to Language? (LINK)
“Character is like a tree, and reputation like its shadow. The shadow is what we think of it; the tree is the real thing.” —Abraham Lincoln