Links - 10/23/2022
“Over time and with a sizable portfolio, the margin-of-safety concept is critical. One of the things investors must deal with is how are they going to behave when they’re going through a rough spot, and if they buy with no margin of safety and they hit the rough spot, it can be very paralyzing for them. The margin of safety, the willingness to have some dry powder from time to time, can lead an investor to stay in a good psychological place when the markets get rocky.” —Seth Klarman (via the book How to Invest)
You’re Giving Away Yield and Don’t Even Know It - by Jason Zweig (LINK)
Horizon Kinetics Q3 2022 Portfolio Webinar Replay & Commentary (Webinar, Commentary)
Does it matter? (LINK)
When it comes to your portfolio, does any of this matter?
In the short run, people will judge and analyze the success of central banks in fighting inflation; and the mood central bankers seem to be in as they cross the street, buy their morning coffee, or walk their dogs. Any and all of that may cause the market to swing wildly from one day to the next.
But much of that is unpredictable and thus not very useful. And over the long run, it matters little.
Bridgewater CIO Update: Progressing Through the Tightening Cycle (LINK)
The Jones Act and American Economic Development - by Peter Zeihan (video) (LINK)
Xi Jinping’s Historic Bid at the Communist Party Congress - by Evan Osnos (LINK)
The things I love about Google are the things I dislike about Google [H/T @jposhaughnessy] (LINK)
This Week in Intelligent Investing Podcast: David Einhorn on Value Investing: Will It Ever Come Back? (LINK)
Macro Hive Conversations Podcast: Doomberg on Energy Scarcity, Nuclear Power and Failure of Energy Transition Policies (LINK)
The Investor’s Podcast: TIP485: Market Updates, Ray Dalio Retiring, Elon Buying Twitter and Elemental Power w/ Josh Wolfe (LINK)
The Investor’s Podcast: TIP486: Macro Investing w/ Cullen Roche (LINK)
The Tech Strategy Podcast: Lessons in Purchasing Economies from Costco, JD and Pinduoduo (LINK)
The Rest Is History Podcast: 245. Trafalgar: Victory (Part 3 of 3) (LINK)
Why Elephants Don’t Get Cancer [H/T @Atul_Gawande] (LINK)
“The good life, as I conceive it, is a happy life. I do not mean that if you are good you will be happy - I mean that if you are happy you will be good.” —Bertrand Russell