Links - 07/05/2023
“We fish deeper and we fish alone, and I think that’s really it. We are looking for companies that are unloved, there is no institutional sponsorship, there’s no analyst coverage, where there’s very little liquidity, and where management is pretty quiet—they have been sort of ‘run silent, run deep.’” —Paul Sonkin
How to Do Great Work - by Paul Graham (LINK)
Patient Capital Investor Day: Bill Miller on Markets & Investing (video) [H/T Steven] (LINK) [“What [Warren Buffett] said at the [Berkshire Hathaway] Annual Meeting a couple of weeks ago is that Berkshire’s businesses, outside of insurance, will have lower earnings next year. He’s pretty much telling you we’re either in a recession right now or heading into one because those businesses—he’s obviously been doing this for about 70 years and he understands those businesses well—and he very rarely makes calls like that about what’s going on.”]
The Brooklyn Investor: Value of BRK Float, Buffett Market View, etc. (LINK)
Mohnish Pabrai's Q&A with members of the Finance and Investment Cell at SRCC, Delhi on June 14, 2023 (video) (LINK)
The Blessing of Unanswered Prayers - by Gene Hoots (LINK)
Invest Like the Best Podcast: Dave Yuan - A Primer on Vertical Market Software (LINK)
Business Breakdowns Podcast: Applied Materials: Sanding Atoms (LINK)
Business Wars Podcast: Subway vs Quiznos | Subs Rising | 1 (LINK)
The 10-K Podcast: General Motors - 1920 Annual Report (LINK)
Founders Podcast: #310 Walt Disney and Picasso (LINK)
The Tim Ferriss Show Podcast: #680: Richard Koch (LINK)
Smart Things Smart People Said - by Morgan Housel (LINK)
“The art of living is more like that of wrestling than of dancing. The main thing is to stand firm and be ready for an unseen attack.” —Marcus Aurelius