Links - 08/20/2024
“I think the corporate types — the corporate managers — ought to study investing better because they’d be better managers. And I think that everyone who thinks through the investment process learns more about how the world really works. And I think that’s very worth having.” —Charlie Munger (2005)
“Charlie made a very good point there about how managers would do better if they understood investments. I find it absolutely fascinating, and I’ve seen this throughout my life, I’ve seen it close up. I will have friends who are CEOs of companies and they’ll have somebody else handle their money. If you say to them, you know, should you buy Coca-Cola or Gillette or something like that, they’ll say that’s much too tough. I don’t understand that sort of thing. What do I know about investing? And then some investment banker walks in the next day with the idea they buy a $3 billion company, which is just buying a lot of shares of stock in one company, and they’ll run through some little two-hour presentation and turn it over to a strategic planning group and think that they are then the ones that should make that decision as to whether to buy multibillion-dollar businesses when they really don’t feel they’re qualified to make $10,000 decisions with their own money. And it’s extraordinary what you see in corporate America and the acquisition activity. It’s a little like they say about making sausage and making laws, it’s better unobserved.” —Warren Buffett (2005)
Boyar Research just released the second part of their annual Fresh Looks 2024 report. By purchasing Fresh Looks 2024, you’ll gain access to all twelve featured reports, plus two bonus issues from May and June 2024. For those interested, you can order your copy HERE.
The Lessons of a Lousy Business (LINK)
The Skills of Stock Picking - by Ian Cassel (video) (LINK)
A Number From Today and A Story About Tomorrow - by Morgan Housel (LINK)
The Corporate Life Cycle: Managing, Valuation and Investing Implications - by Aswath Damodaran (LINK)
Matthew Ball on Why Disney+ Has Succeeded in Streaming (LINK)
Evolution of Investment Management — Part I - by Gene Hoots (LINK)
The CEO Who Made a Fortune While His Hospital Chain Collapsed (LINK)
Value After Hours: S06 E29: Mindset Value's Aaron Edelheit on value investing in cannabis and hemp (video) (LINK)
Investing by the Books Podcast: #61 Stephen Clapham: The Smart Money Method (LINK)
The Knowledge Project Podcast: #201 April Dunford: Perfecting Your Product's Positioning (LINK)
This Spider Uses a Light Show to Trick Eager Male Fireflies Into Its Web [H/T Linc] (LINK)
“A change in perspective is worth 80 IQ points.” —Alan Kay