Links - 08/03/2024
“Anything that causes people to get wildly enthusiastic or wildly depressed, actually, is what allows people to make lots of money in securities…. It doesn’t make sense to have that much volatility in the market, but humans behave the way humans behave, and they’re going to continue to behave that way in the next 50 years. I mean, if you’re a young investor, and you can sort of stand back and value stocks as businesses and invest when things are very cheap, no matter what anybody is saying on television or what you’re reading, and perhaps, if you wish, sell when people get terribly enthused, it is really not a very tough intellectual game. It’s an easy game, if you can control your emotions.” —Warren Buffett (2015)
Warren Buffett raises Berkshire cash level to record $277 billion after slashing stock holdings (LINK)
Berkshire Hathaway’s cash pile swelled to a record $276.9 billion last quarter as Warren Buffett sold big chunks in stock holdings including Apple.
The Omaha-based conglomerate’s cash hoard jumped significantly higher from the previous record of $189 billion, set in the first quarter of 2024. The increase came after the Oracle of Omaha sold nearly half of his stake in Tim Cook-led tech giant in the second quarter.
Ted Weschler Case Study (LINK)
What Bill Ackman Got Wrong With His Bungled IPO - by Jason Zweig (LINK)
Transcript of Sanjay Bakshi’s talk on Evolutionary Biology (LINK)
Richer, Wiser, Happier Podcast: Investment Strategies of the Superrich w/ Adam Shapiro (video) (LINK)
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The Meb Faber Show Podcast: Steve Eisman’s Playbook for the AI & Infrastructure Boom (Video, Podcast)
Decouple Podcast: The Geography of Oil (LINK)
Money Stuff Podcast: Guy on Twitter: PSUS, Left, ETFs (LINK)
Elon Musk: Neuralink and the Future of Humanity | Lex Fridman Podcast (video) (LINK)
The Rest Is History Podcast: The French Revolution: Showdown in Versailles (Part 4) (LINK)
People I (Mostly) Admire Podcast: 137. Richard Dawkins on God, Genes, and Murderous Baby Cuckoos (LINK)
Stoicism is a Coping Mechanism | Katharina Volk on Cato (Video, Podcast)
“The search expenses that brought us Ajit Jain, now there was an investment that really paid a dividend. I can think of no higher return investment that we’ve ever made that was better than that one. And I think that’s a good life lesson. In other words, getting the right people into your system can frequently be more important than anything else.” —Charlie Munger (2005)