Links - 10/20/2020
“We’ve always tried to stay sane, and other people, a lot of them, like to go crazy. That’s a competitive advantage. Number two: as we’ve gotten bigger, we’ve used this sort of golden rule that we want to treat the subsidiaries the way we would want to be treated if we were in the subsidiaries. And that, again, is a very rare attitude in corporate America, and it causes people to come to us who don’t want to come to anybody else. That is a long-term competitive advantage. We’ve tried to be a good partner to people who come to us and need a partner with more money. That is a competitive advantage. And so, we are leaving behind a field that’s very competitive and getting into a place where we’re more unusual. This was a very good idea. I wish we had done it on purpose.” —Charlie Munger (2013)
A Small Business CEO's Guide to Uncertainty (LINK)
Early Work - by Paul Graham (LINK)
Third Avenue Letters from 1995 through 2013 [H/T @colemanrhawkins] (LINK)
The Transcript 10.19.20 (LINK)
Hoisington’s Third Quarter 2020 Review and Outlook (LINK)
Are you a stock investor with time and money? These top companies want you - by Lawrence A. Cunningham (LINK)
Related book: Quality Shareholders: How the Best Managers Attract and Keep Them
DTC’S COVID ADVANTAGE (LINK)
Bethany McLean | CEO Psychology and the Enron Scandal | Zer0es TV (video) (LINK)
Invest Like the Best Podcast: Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired (LINK)
The Meb Faber Show (podcast): The Best Investment Writing Volume 4: Rob Arnott, Research Affiliates – Bubble, Bubble, Toil and Trouble (LINK)
Short Wave Podcast: Quantum Mechanics For Beginners (LINK)
The Vaccine News That Really Matters - by Sarah Zhang (LINK)
“Those who are in love with practice without theoretical knowledge are like the sailor who goes onto a ship without rudder or compass and who never can be certain whither he is going.... Practice must always be founded on sound theory.” —Leonardo da Vinci