Links - 10/18/2021
“Incidentally, the ideal purchase is something you like already when it’s selling at a price that makes you want to go out and buy more. And we probably should have done more of that in the past.... That’s one of the beauties of marketable securities. When you’re in a wonderful business, you do get a chance periodically to double up on it or something of that sort. Were the stock market to sell a lot cheaper than it is now, we’d probably buy more of the businesses we already own. They’d certainly be the first ones we’d think about buying because they’re the ones we like best.” —Warren Buffett (1998)
Technology Report 2021 [H/T @ChrisPavese] (LINK)
Technology has become the primary force of disruption across all sectors, and it’s going to unleash unprecedented innovation and growth in the decade ahead. Bain’s annual Technology Report examines how companies in every industry can move confidently into the future.
A New Way to Tackle This Market Moment - by Jason Zweig (LINK)
Behind the Energy Crisis: Fossil Fuel Investment Drops, and Renewables Aren’t Ready (LINK) [Related quote from Peter Zeihan on Twitter, commenting on this article: “Not quite wrong, but off by an order of magnitude. <ALL> electricity production is only about 1/5 of primary energy demand. Even if <ALL> electricity was <ALREADY> green (which would mean ~6x as much green energy as we have) it'd barely move the needle.”]
Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble (LINK)
The Great Resignation Is Accelerating - by Derek Thompson (LINK)
David Gardner on WealthTrack (video) (LINK)
This Week in Intelligent Investing Podcast: David Spiegelhalter on Risk and the Use (and Misuse) of Statistics | Suprising Market Internals (LINK)
Value Investing with Legends Podcast: 5x5x5 Russo Student Investment Fund: Class of 2021 (LINK)
Exponent Podcast: Episode 195 — Technological Revolutions (LINK)
Odd Lots Podcast: Goldman’s Jeff Currie: It’s a Commodities Supercycle, and We Still Haven’t Hit Max Pain (LINK)
Capital Allocators Podcast: Erik Serrano Berntsen – Backing Alternative Founders at Stable Asset Management (LINK)
The Realignment Podcast: 167 | Evan Osnos: The Making of America’s Fury and China’s Ambition (LINK)
30 Animals That Made Us Smarter Podcast: Horseshoe crabs and vaccines (LINK)
Earth’s solid inner core may be a little bit mushy (LINK)
Naval Ravikant on short-term pain and long-term gain, via The Almanack of Naval Ravikant:
If you have two choices to make, and they’re relatively equal choices, take the path more difficult and more painful in the short term.
What’s actually going on is one of these paths requires short-term pain. And the other path leads to pain further out in the future. And what your brain is doing through conflict-avoidance is trying to push off the short-term pain.
By definition, if the two are even and one has short-term pain, that path has long-term gain associated. With the law of compound interest, long-term gain is what you want to go toward. Your brain is overvaluing the side with the short-term happiness and trying to avoid the one with short-term pain.
So you have to cancel the tendency out (it’s a powerful subconscious tendency) by leaning into the pain. As you know, most of the gains in life come from suffering in the short term so you can get paid in the long term.