Links - 07/25/2023
“There’s no easy answer for investors faced with skimpy prospective returns and risk premiums. But there is one course of action—one classic mistake—that I most strongly feel is wrong: reaching for return.” —Howard Marks (“There They Go Again,” May 2005)
Boyar Research: TopGolf Callaway Brands (MODG) (LINK) [This is another sample report from Boyar’s Substack, where they plan on writing about one idea every month, at a lower price point than their more in-depth, institutional product. The other free sample is the one on Howard Hughes, and then there was a great report on a sub-$1 billion market cap company for paid subscribers last week.]
Giverny Capital Asset Manangement’s Q2 2023 Investment Letter (LINK)
Wealth vs. Income (LINK)
The workers at the frontlines of the AI revolution [H/T Kevin Kelly] (LINK)
Paying Attention to Your Attention Span - by David Epstein (LINK)
The Misuse of ‘Equity’ - by Roger Lowenstein (LINK)
Acquired Podcast: Nike (LINK)
ReThinking Podcast: How Pixar’s Ed Catmull and Pete Docter make magic on and off screen (LINK)
Invest Like the Best Podcast: Chris Paik - Venture Investing Frameworks (LINK)
Investing by the Books Podcast: #47 Ian Cassel on Golf Is Not a Game of Perfect (LINK)
Plain English Podcast: Oppenheimer: The Genius, the Film, and the Project That Changed the World (LINK)
A Hidden Line Deep in The Ocean Divides Animals Into Two Camps [H/T Linc] (LINK)
“There is no such thing as a quantum leap. There is only dogged persistence – and in the end you make it look like a quantum leap.” —James Dyson
“The most powerful force that could be potentially harnessed is dogged, incremental, constant progress over a very long time frame.” —Peter Kaufman
“The common thread that connects our greatest investments over the longest durations has been one of greater structural organization leading to the ability to scale those businesses whereby greater and greater amounts of work are attracted to that system. Intuition might suggest that the great investments came from being early to a revolutionary product or an early entrant into a huge market opportunity. This has not proven to be the case. What we have found is that an evolved system that values persistent incremental progress eternally repeated (PIPER mindset) has delivered the greatest return, while taking the least amount of risk over the longest duration.” —Chris Begg
“Almost everyone in this room has a higher IQ than Darwin did. Yet Darwin’s body now lies next to Newton’s in Westminster Abbey. Part of his secret was doggedness. Part of his secret was immense objectivity. And part of his secret was an extreme curiosity. What a diligent, objective curiosity will do for you in this life is elevate you above your intellectual betters who have minds that work faster than yours.” —Charles Munger