Links - 09/01/2022
“Someone with only casual knowledge about the problems of randomness would believe that an animal is at the maximum fitness for the conditions of its time. This is not what evolution means; on average, animals will be fit, but not every single one of them, and not at all times. Just as an animal could have survived because its sample path was lucky, the ‘best’ operators in a given business can come from a subset of operators who survived because of overfitness to a sample path—a sample path that was free of the evolutionary rare event. One vicious attribute is that the longer these animals can go without encountering the rare event, the more vulnerable they will be to it.” —Nassim Taleb (“Fooled by Randomness”)
Entering the Superbubble’s Final Act - by Jeremy Grantham (LINK)
BYD plunges after Buffett trims his stake (LINK)
Absolute Return Letter, September 2022: The House of Cards (LINK)
Is the Housing Market Going to Crash? (LINK)
Mortgage Rates Rise to 5.66% (LINK)
How the head of Facebook plans to compete with TikTok and win back Gen Z (LINK)
The David Rubenstein Show: Sam Bankman-Fried (video) (LINK)
Ukraine and Russia Vie Over Kherson - by Peter Zeihan (LINK)
This decade’s oil boom is moving offshore - way offshore (LINK)
Retirement Planning Means More Than Saving in Your 401(k) (LINK)
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Business Breakdowns Podcast: CrowdStrike: Cyber SaaS (LINK)
Compounders Podcast: Brian Lane, President and CEO of Comfort Systems USA, Inc. (NYSE: FIX) (LINK)
Where It Happens Podcast: Building a Mini Berkshire Hathaway (LINK)
Land of the Giants Podcast: Zuckerberg’s Biggest Bet (LINK)
Business Wars Podcast: The Battle for Paramount Pictures | Reinventing an Empire | 5 (LINK)
Excess Returns Podcast: Everything Investors Need to Know About Federal Reserve Policy with Cullen Roche (LINK)
Odd Lots Podcast: Neel Kashkari on the Fed’s Commitment to Defeating Inflation (LINK)
Trillions Podcast: The Case for Custom Indexing [with Patrick O'Shaughnessy] (LINK)
The Rest Is History Podcast: 226. The Lord of the Rings (LINK)
Tides of History Podcast: Living as a Regular Person in Ancient Egypt: Interview with Professor Anne Austin (LINK)
Don’t Teach Your Kids to Fear the World (LINK)
12 Extraordinary Stoic Moments (LINK)
Humpback Whales Pass Their Songs Across Oceans - by Carl Zimmer (LINK)
The future history of the Sun (LINK)
“Silence is a lesson learned from the many sufferings of life.” —Seneca