“By now it can be seen why willingness and ability to hold funds uninvested while awaiting real opportunities is the key to success in the battle for investment survival. Market valuations of most securities change in a single period of a very few months by an amount equivalent to many years of dividends or interest coupons. Therefore such changes in value are much more worth while seeking than is straight investment return.” —G. M. Loeb (“The Battle for Investment Survival”)
It Starts With Inflation: How Inflation, Interest Rates, Markets, and Economic Growth Relate to Each Other and What That Means for What’s Ahead - by Ray Dalio (LINK)
How Did Europe Stumble Into an Energy Catastrophe? (LINK)
Current State of the Housing Market - by Bill McBride (LINK)
High Inflation Brings Changes to Your Tax Bill (LINK)
Where In the World: Red Devil Lake and Russian Propaganda - by Peter Zeihan (video) (LINK)
The Value of Hard Work (LINK)
Discipline is Destiny: 25 Habits That Will Guarantee You Success - by Ryan Holiday (LINK)
Can David Allen help you Getting Things Done? (video) (LINK)
The Meb Faber Show Podcast: Kyle Bass on The Market, Energy Crisis & His New Big Bet For The Next Decade (LINK)
Founders Podcast: #267 Edison: A Biography (LINK)
The Lunar Society Podcast: Charles C. Mann - Americas Before Columbus & Scientific Wizardry (LINK)
Keck and JWST team up to watch as massive stars blast away gas in the Orion Nebula (LINK)
“We ought, therefore, to bring ourselves to believe that all the vices of the crowd are, not hateful, but ridiculous, and to imitate Democritus rather than Heraclitus. For the latter, whenever he went forth into public, used to weep, the former to laugh; to the one all human doings seemed to be miseries, to the other follies. And so we ought to adopt a lighter view of things, and put up with them in an indulgent spirit; it is more human to laugh at life than to lament over it. Add, too, that he deserves better of the human race also who laughs at it than he who bemoans it; for the one allows it some measure of good hope, while the other foolishly weeps over things that he despairs of seeing corrected.” —Seneca
It was nice meeting you by chance today, Joe. I’ll take you up on the coffee in a few months.