Links - 10/30/2022
“To be a successful distressed-debt investor, you have to be unemotional and contrarian, because your job is to buy at the height of fear and panic. My antennae are always up and on the lookout for those times when fear and panic are present. It’s almost always the optimal time to buy, and those are the periods I enjoy the most—deploying capital when I sense few other investors are buying and most are selling.” —Bruce Karsh (via the book How to Invest)
The Crypto Story: Where it came from, what it all means, and why it still matters - by Matt Levine (LINK) [This story makes up the entire issue of Bloomberg Businessweek this week. So for ease of reading, it may be worthwhile to track down a physical copy of the magazine.]
What to Do When You Know What Stocks Will Do Next - by Jason Zweig (LINK)
Growth Investing for Sceptics (LINK)
Goldilocks…Stalked by a Grizzly? - by Frank K. Martin (LINK)
Small-Cap Stocks Are ‘Spring-Loaded’ for Recovery. 7 to Buy Now, According to a Pro. (LINK)
Small-cap valuations are compelling on a number of metrics. The S&P SmallCap 600 Index sells at 11 times forward earnings, according to FactSet, versus 15.7 for the S&P 500 index. The 20-year average for the small-cap index is 15.5. So, it’s selling at a 30% discount to its 20-year average. Moreover, on an enterprise-value to cash-flow basis, small-caps now trade at a 22% discount, a valuation gap not seen in many decades.
How I write - by Nassim Nicholas Taleb (LINK)
Cumulative vs. Cyclical Knowledge - by Morgan Housel (LINK)
Founders Podcast : #274 A Silicon Valley Story (LINK)
The Business Brew Podcast: Alex Morris - TSOH Returns (LINK)
Odd Lots Podcast: This Is The Legal Mess Now Facing the Trucking Industry (LINK)
Plain English Podcast: How to Invest and Be Happy When It Feels Like the World Is Falling Apart [w/ Morgan Housel] (LINK)
The School of Greatness Podcast: How Getting Bad Sleep Is Affecting Your Health [MASTERCLASS] (LINK)
Short History Of... Podcast: Albert Einstein (LINK)
The TED Interview Podcast: Randall Munroe answers your wildest questions (LINK)
People I (Mostly) Admire Podcast: 91. Jane Goodall Changed the Way We See Animals. She’s Not Done. (LINK)
‘The Song of the Cell’ Review: Fantastic Voyage Within (LINK)
Related book: The Song of the Cell
COVID-19 Origins: Investigating a “Complex and Grave Situation” Inside a Wuhan Lab (LINK)
The Wuhan lab at the center of suspicions about the pandemic’s onset was far more troubled than known, documents unearthed by a Senate team reveal. Tracing the evidence, Vanity Fair and ProPublica give the clearest view yet of a biocomplex in crisis.
“The highest result of education is tolerance.” —Helen Keller