Links - 07/12/2025
“Investing is a popularity contest, and the most dangerous thing is to buy something at the peak of its popularity. At that point, all favorable facts and opinions are already factored into its price, and no new buyers are left to emerge.” —Howard Marks
Everyone Has a Process (LINK)
How Index-Fund Investing Turned Into an Extreme Sport - by Jason Zweig (LINK)
Some of the ‘Big, Beautiful’ Tax Breaks Are Smaller Than You Think (LINK)
Kraft Heinz Is Planning a Breakup (LINK)
Once-in-a-Generation Copper Trade Upends a $250 Billion Market (LINK)
F.A.C.O. - by Eric Cinnamond (LINK)
Equity Market Focus: Interrogating the Historical Data - by Antti Ilmanen (LINK)
A Letter a Day: Ray Kroc and Harry Sonneborn (1963) (LINK)
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The Master Investor Podcast: Jeremy Grantham: How to Predict a Stock Market Bubble — and Why Nvidia May Lead the Mag 7 Crash (Video, Podcast)
BG2 Podcast: Michael Dell – Invest America Act Becomes Law, AI Talent Wars, Compute Demand, Market Update (Video, Podcast)
Rainmakers Podcast: #15 Jay Pritzker: Creating a Family Dynasty (LINK)
Value Investing with Legends Podcast: Cliff Asness — Quant Origins, Value Crashes, and Market Inefficiencies (LINK)
Cautionary Tales Podcast: “I get in trouble when I say things like this” - Michael Lewis on Sam Bankman-Fried (LINK)
Dwarkesh Podcast: Stephen Kotkin — How Stalin Became the Most Powerful Dictator in History (Video, Podcast)
From the archives [H/T @AnnelloJeff]…. Losing the War - by Lee Sandlin (LINK)
“The thoughts that come often unsought, and, as it were, drop into the mind, are commonly the most valuable of any we have.” —John Locke