Links - 10/4/2020
“We think in terms of not exposing ourselves to any mistakes that could really hurt our ability to play tomorrow. And so we are always thinking about worst-case situations. On the other hand, we have a natural instinct to do things big, both of us. So we have to think about whether we’re doing anything really big that could have really terrible consequences.” —Warren Buffett (2012)
“I don’t worry much about mistakes, I mean, the idea of learning from mistakes. The next mistake is something different. So I do not sit around and think about my mistakes and things I’m going to do differently in the future or anything of the sort…. I think I’ve learned more about people over the years. And I’ll make mistakes with people, that’s inevitable. But, I think I’ll make more good judgments about people. I’ll recognize the extraordinary ones better than I would have 40 or 50 years ago. So I think that improves, but I don’t think it improves by any conscious sitting around and focusing on what mistake did I make with that person or this person. I just don’t operate that way.” —Warren Buffett (2012)
“Don’t fear failure.... Don’t let it eat at you. Don’t look back. Just keep going. You’re going to have some things, but forget them. Go forward.” —Warren Buffett (2017)
Portfolio Turnover is the Price of Progress - by Ian Cassel (LINK)
“The (Not Failing) New York Times”: How The New York Times went from a failing newspaper to a thriving digital subscription business. (LINK)
Common Causes of Very Bad Decisions - by Morgan Housel (LINK)
Benchmark's Gurley: We are in a speculative technology market like we haven't seen since the 1999 tech boom (video) (LINK)
Inflation to the rescue [Edward Chancellor] (LINK)
Investing Tweet worth reading [macro, inflation risk, etc.], via @ChrisBloomstran:
“What happens when the central bank, instead of financing Treasury deficit spending by purchasing ‘recently issued’ Treasuries in the secondary market, instead creates currency and distributes it directly to the citizenry? See page 9.”
This Week in Intelligent Investing Podcast: Persistent vs. Transient Pandemic Effects | Busted IPOs and Post-Hype Sleepers (LINK)
Value Investing with Legends Podcast: Rishi Renjen - Evolving Your Investment Process (LINK)
Jim Chanos | Time to Short Commercial Real Estate? (video) [H/T Linc] (LINK)
Barron's Streetwise Podcast: Life of an Activist Short Seller [Carson Block] (LINK)
Village Global's Venture Stories Podcast: The Untold History of the Internet with Chris Castiglione (LINK)
Yuval Noah Harari at the Athens Democracy Forum 2020 (Video 1, Video 2)
Correcting Britain's Vitamin D deficiency could save thousands of lives - by Matt Ridley (LINK)
Biden’s Negative Test Result Isn't Enough to Say He’s in the Clear - by Ed Yong (LINK)
K: The Overlooked Variable That's Driving the Pandemic (LINK)
“Ambition means tying your well being to what other people say or do. Self-indulgence means tying it to the things that happen to you. Sanity means tying it to your own actions.” —Marcus Aurelius