Links - 10/18/2022
“Ultimately, value investing lies at the intersection of economics and psychology. I’ve joked that it’s a marriage of the calculator and a contrarian streak. While value investing has evolved in the sense of achieving greater sophistication, along with the rest of the investment business, the basic principles—the idea of investing with downside protection using numerous methods to assess value—have stayed the same…. And it’s important for people to understand…that a value investor doesn’t need the whole market to be cheap. A value investor needs a handful of investments to be bargain-priced, to be inefficiently priced. You can build a portfolio on 10 great investments. You don’t need the whole market.” —Seth Klarman (via the book How to Invest)
Black Monday — October 19, 1987 - by Gene Hoots (LINK)
Microsoft Full Circle - by Ben Thompson (LINK)
Why the Fed must double down against inflation - by Sebastian Mallaby (LINK)
The state of the energy transition - by Bill Gates (LINK)
Xi Jinping And The Challenge of Chinese Leadership - by Peter Zeihan (video) (LINK)
Alien Truth - by Paul Graham (LINK)
IRS Raises Estate-Tax Threshold to $12.92 Million for 2023 (LINK)
Adam Mead made a couple of podcasts appearances to discuss The Complete Financial History of Berkshire Hathaway, on the Investing by the Books Podcast as well as the Neckar’s Minds and Markets Podcast.
Invest Like the Best Podcast: Paul Orfalea - It’s About the Money (LINK)
The One Percent Show Podcast: Ep. 25 – Guy Spier on the India Opportunity, Long Term Investing, and the Power of Checklists (LINK)
Barron’s Advisor Podcast: Are Stocks Facing a Lost Decade? [w/ Rick Bookstaber] (LINK)
Forward Guidance Podcast: Oil Will Dethrone The Fed (Here’s Why) | Harris Kupperman & Porter Collins (LINK)
Straight Talk with Hank Paulson Podcast: Episode 73: Walter Isaacson (LINK)
The Daily Stoic Podcast: Can You Play Ball? | How To Read Books Effectively (7 Stoic Tips) (LINK)
“In all affairs, love, religion, politics or business, it’s a healthy idea, now and then, to hang a question mark on things you have long taken for granted.” —Bertrand Russell