Links - 08/15/2022
“We love owning common stocks—if they can be purchased at attractive prices…. But occasionally successful investing requires inactivity.” —Warren Buffett
How to Get Rich (LINK)
Author and professor Jared Diamond gave a talk in 1999 titled “How to Get Rich.” Given the year the talk was given, you might think that he recommended buying IPOs of all the hot technology companies, regardless of price. But no, the talk was about something different.
Wise Words from Charley Ellis (LINK)
Tit For Tat (LINK)
The Passive-Ownership Share Is Double What You Think It Is (LINK)
We estimate that passive investors held at least 37.8% of the US stock market in 2020. This estimate is based on the closing volumes of index additions and deletions on reconstitution days. 37.8% is more than double the widely accepted previous value of 15%, which represents the combined holdings of all index funds. This suggests that index membership is the single most important consideration when modeling investors’ portfolio choice. In addition, existing models studying the rise of passive investing give no hint that prior estimates for the passive-ownership share were 50% too small. The size of this oversight restricts how useful these models can be for policymakers.
Who Killed Nuclear Energy and How to Revive It (LINK)
Walgreens Offers Bonuses Up to $75,000 to Recruit Pharmacists (LINK)
Bill Gurley on Surviving Downturns (older video) (LINK)
Master Investors Podcast: Q and A with Terry Smith [H/T Linc] (Part 1, Part 2)
How I Built This Podcast: Roblox: David Baszucki (LINK)
Planet Money Podcast: Carried interest wormhole (LINK)
Capital Allocators Podcast – Inside the Institutional Investment Industry: Paul Enright – Inside Long-Short Equity Investing (LINK)
Odd Lots Podcast: Just How Bad Will the Energy Crisis Be in Europe This Winter? (LINK)
Value Hive Podcast: Doomberg: The Story Behind The Green Chicken (LINK)
Hidden Forces Podcast: The Price of Time in a World Without Interest | Edward Chancellor (LINK)
Related book (released tomorrow): The Price of Time: The Real Story of Interest
The Daily Stoic Podcast: The Power Of Courage | Ryan Holiday Speaks To The US Naval Academy (LINK)
Astronomers find dark matter from 12 billion years ago (LINK)
“While it’s true that someone can impede our actions, they can’t impede our intentions and our attitudes, which have the power of being conditional and adaptable. For the mind adapts and converts any obstacle to its action into a means of achieving it. That which is an impediment to action is turned to advance action. The obstacle on the path becomes the way.” —Marcus Aurelius