Links - 10/11/2021
“The trick is to be flexible enough to recognize that regression to the mean is only a tool; it is not a religion with immutable dogma and ceremonies. Used to make mechanical extrapolations of the past, as President Hoover or my older associates used it, regression to the mean is little more than mumbo-jumbo. Never depend upon it to come into play without constantly questioning the relevance of the assumptions that support the procedure. Francis Galton spoke wisely when he urged us to ‘revel in more comprehensive views’ than the average.” —Peter L. Bernstein (“Against the Gods”)
Editor’s Note: A number of readers have asked about my day job, and some have found it interesting that the strategies we offer are so different. For those that may also be interested, I wrote a short blog post describing them: It Depends: Thoughts on the Sorfis Investment Strategies
The Real Meaning of Freedom at Work - by Adam Grant (LINK)
Daniel Yergin on Bloomberg TV (video) (LINK)
Related book: The New Map: Energy, Climate, and the Clash of Nations
Why nuclear plants are shutting down (video) (LINK)
Massif Capital’s Q3 investor letter (LINK)
Vltava Fund Letter to Shareholders [H/T Linc] (LINK)
Xi Jinping Scrutinizes Chinese Financial Institutions’ Ties With Private Firms (LINK)
Odd Lots Podcast: Michael Pettis on What Evergrande Means for China’s Macro Economy (LINK)
How I Built This Podcast: Moderna and Flagship Pioneering: Noubar Afeyan (LINK)
Infinite Loops Podcast (Bonus Episode): Tim Urban — Live on Twitter Spaces (LINK)
The School of Greatness Podcast: Robert Greene: How To Find Love & Master The Art of Seduction (LINK)
Related book (released tomorrow): The Daily Laws: 366 Meditations on Power, Seduction, Mastery, Strategy, and Human Nature
TED Talk: How humanity doubled life expectancy in a century | Steven Johnson (LINK)
G1.9+0.3: The last galactic supernova (LINK)
“I think every human should aspire to being knowledgeable about certain things and being paid for our unique knowledge. We have as much leverage as is possible in our business, whether it’s through robots or computers or what have you. Then, we can be masters of our own time because we are just being tracked on outputs and not inputs…. Demonstrated judgment—credibility around the judgment—is so critical. Warren Buffett wins here because he has massive credibility. He’s been highly accountable. He’s been right over and over in the public domain. He’s built a reputation for very high integrity, so you can trust him. People will throw infinite leverage behind him because of his judgment. Nobody asks him how hard he works. Nobody asks him when he wakes up or when he goes to sleep. They’re like, ‘Warren, just do your thing.’” —Naval Ravikant (“The Almanack of Naval Ravikant”)