“Cycles will never stop occurring. If there were such a thing as a completely efficient market, and if people really made decisions in a calculating and unemotional manner, perhaps cycles (or at least their extremes) would be banished. But that’ll never be the case.” —Howard Marks
Howard Marks Memo: “The Folly of Certainty” (Memo, Podcast)
Revised Talk on the Concept of Float - by Sanjay Bakshi (LINK)
How Benjamin Graham Survived World Panic on Wall Street (#17) (LINK)
Inheriting an IRA? You Must Now Take Out Money Yearly Over a Decade (LINK)
2024 Seminar on Value Investing and the Search for Value Guest Speaker: Pavel Begun [H/T Linc] (video) (LINK)
Bill Gates on AI, Elon Musk & Why 2050 Climate Goals Still Possible (video) (LINK)
Michael Green: The Stock Market Is Now A Giant Ponzi Scheme (video) (LINK)
The Ben & Marc Show: The Little Tech Agenda: Biden vs. Trump (video) (LINK)
Behind the Balance Sheet Podcast: #37 The Analyst [w/ John Armitage] (LINK)
Land of the Giants Podcast: S10 E2: Disney is a Theme Parks Company (LINK)
Business Breakdowns Podcast: Rolls-Royce: Turbines and Tribulations (LINK)
Infinite Loops Podcast: Matthew Ball — Into The Metaverse (EP.225) (LINK)
Capitalisn’t Podcast: The Economic Costs of a Phone-Based Childhood, with Jonathan Haidt (LINK)
How I Write Podcast: Learn Great Copywriting in 77 Minutes | Harry Dry (Video, Podcast)
The Rest Is History Podcast: The Road to The Great War: The Kaiser’s Blank Cheque (Part 2) (LINK)
Joseph Campbell on amor fati (via the book Reflections on the Art of Living):
Nietzsche was the one who did the job for me. At a certain moment in his life, the idea came to him of what he called “the love of your fate.” Whatever your fate is, whatever the hell happens, you say, “This is what I need.” It may look like a wreck, but go at it as though it were an opportunity, a challenge. If you bring love to that moment—not discouragement—you will find the strength is there. Any disaster you can survive is an improvement in your character, your stature, and your life. What a privilege! This is when the spontaneity of your own nature will have a chance to flow.
Then, when looking back at your life, you will see that the moments which seemed to be great failures followed by wreckage were the incidents that shaped the life you have now. You’ll see that this is really true. Nothing can happen to you that is not positive. Even though it looks and feels at the moment like a negative crisis, it is not. The crisis throws you back, and when you are required to exhibit strength, it comes.
Nitzche was 1000 years late for this quote or he completely ripped of Marcus Areleius nd the Stoics. Sorry for misspelllings.