Links - 10/15/2024
“If you’re engaged in an activity that involves decisions with consequences in the future, it seems patently obvious that you’ll act one way if you think the future can be foreseen and a very different way if you think it can’t…. Investing in an unknowable future as an agnostic is a daunting prospect, but if foreknowledge is elusive, investing as if you know what’s coming is close to nuts. Maybe Mark Twain put it best: ‘It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.’” —Howard Marks
October 2024 Update…. Measuring the Moat: Assessing the Magnitude and Sustainability of Value Creation - by Michael J. Mauboussin and Dan Callahan (LINK)
Bill Nygren’s 3Q 2024 Commentary (LINK)
Elon Dreams and Bitter Lessons - by Ben Thompson (LINK)
Faith - by Drew Dickson (LINK)
The Price of Progress - by Max Olson (LINK)
Acemoglu, Johnson and Robinson Win Nobel Prize for Institutions and Prosperity (LINK)
A Message From the Past (Thoughts on Nostalgia) - by Morgan Housel (LINK)
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The Knowledge Project Podcast: Rob Fraser: Mission, Mindset, and Mastery (A $5 Million Story) (Video, Podcast)
Invest Like the Best Podcast: Matt Perelman & Alex Sloane - The Art of Franchise Investing (LINK)
Value After Hours Podcast: S06 E38 : Aircraft hangers, mineral royalties, and gold with investor Mike Meixler (video) (LINK)
Keeping it Simple | Ep. 41: Can We Inflate Away Angrynomics? (Video, Podcast)
Against the Rules with Michael Lewis Podcast: Alison LaCroix on How History Rhymes at the Supreme Court (LINK)
The Next Big Idea Podcast: ANXIOUS GENERATION (Part 1): What Social Media Is Doing to Our Kids (LINK)
StarTalk Radio Podcast: The Origins of Life with Sara Imari Walker (LINK)
The sky aflame with aurora (LINK)
“In nature there are neither rewards nor punishments; there are consequences.” —Robert Green Ingersoll
“The goal was always so much larger than the pain I was dealing with, or the stress. The idea of not pushing forward wasn’t even there…. I ultimately think success in any large goal comes down to your ability to endure over the long term. Perseverance. Resilience. I think extending the time horizon—people always talk about hacks and quick wins, and how can you shorten the timeline. And ultimately I think that leads to maybe a quick win here or there, but not longevity. And in business and in sport, the careers are built on longevity. And that really comes down to a mindset because all along that path, on anything worth doing, there’s just so many ups and downs and sideways.” —Rob Fraser [via the podcast above]