Links - 10/23/2023

“One of the most striking things I’ve noted over the last thirty-five years is how brief most outstanding investment careers are. Not as short as the careers of professional athletes, but shorter than they should be in a physically nondestructive vocation…. I don’t think many investment managers’ careers end because they fail to hit home runs. Rather, they end up out of the game because they strike out too often—not because they don’t have enough winners, but because they have too many losers. And yet, lots of managers keep swinging for the fences.” —Howard Marks

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GEICO lays off 6% of workforce, prioritizes return to office [H/T Linc] (LINK)

Boyar Research’s Q3 Letter (LINK)

Special Report – A Backdoor Play on Longevity: Danaher makes money, not news - by Herb Greenberg (LINK)

Jeffrey Gundlach’s presentation at the Grant’s Interest Rate Observer Fall Investment Conference held on October 3rd (video) (LINK)