Links - 10/25/2021
“The actual risk of a particular investment cannot be determined from historical data. It depends on the price paid.” —Seth Klarman
Ryan Petersen, CEO of Flexport, had a great Twitter thread describing the port/shipping/trucking bottleneck [copied into PDF] (LINK)
Beyond Smart - by Paul Graham (LINK)
Horizon Kinetics’ Q3 Commentary (Letter, Webinar)
David Poppe’s Q3 Letter [H/T Linc] (LINK)
Bronte Capital’s September 2021 Letter (LINK)
[More Q3 letters can be found HERE.]
In case you missed it last week, Berkshire Hathaway has two new directors (LINK)
Inflation bullwhip - by Edward Chancellor (LINK)
Lessons from Bessembinder [H/T @mastersinvest] (LINK)
Why Your Adviser Might Start Talking Up Bitcoin - by Jason Zweig (LINK)
This Week in Intelligent Investing Podcast: Positioning for Longevity in the Investment World | End of Decades-Long Bull Market in Bonds? (LINK)
Odd Lots Podcast: Dan Alpert on the Big Difference Between Now and the 1970s (LINK)
Capital Allocators Podcast: Paula Volent – Star Endowment Manager’s Next Act at Rockefeller University (LINK)
Hidden Forces Podcast: Index Funds, ETF’s, & the Passive Investing Revolution | Robin Wigglesworth (LINK)
30 Animals That Made Us Smarter Podcast: Ants and mini robots (LINK)
African Elephants Evolved Tusklessness Amazingly Fast: But at what cost? - by Ed Yong ($) (LINK)
How Public Health Took Part in Its Own Downfall - by Ed Yong ($) (LINK)
“If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.” —Henry David Thoreau