Links - 10/7/2021
“Until the beginning of 1928, even a man of conservative mind could believe that the prices of common stock were catching up with the increase in corporation earnings, the prospect for further increases, the peace and tranquility of the times, and the certainty that the Administration then firmly in power in Washington would take no more than necessary of any earnings in taxes. Early in 1928, the nature of the boom changed. The mass escape into make-believe, so much a part of the true speculative orgy, started in earnest. It was still necessary to reassure those who required some tie, however tenuous, to reality. And, as will be seen presently, this process of reassurance—of inventing the industrial equivalents of the Florida climate—eventually achieved the status of a profession. However, the time had come, as in all periods of speculation, when men sought not to be persuaded of the reality of things but to find excuses for escaping into the new world of fantasy.” —John Kenneth Galbraith (“The Great Crash 1929”)
Market Champions Podcast: 177|The Future of Value Investing ft. Chris Bloomstran (LINK)
Expat Literature: Roots of the Venezuelan Crisis - by Roger Lowenstein (LINK)
Natural-Gas Shortage Sets Off Scramble Ahead of Winter (LINK)
America Is Running Out of Everything - by Derek Thompson (LINK)
Nature Shows How This All Works - by Morgan Housel (LINK)
Manager Meetings Podcast: Jonathan Brolin – Edenbrook Capital (LINK)
The Business Brew Podcast: Meb Faber - Quant Savant (LINK)
COMPLEXITY Podcast: W. Brian Arthur (Part 2) on “Prim Dreams of Order vs. Messy Vitality” in Economics, Math, and Physics (LINK)
Freakonomics Radio (podcast): 477. Why Is U.S. Media So Negative? (LINK)
Q&A with Author Luke Burgis (LINK)
We got to Pluto just in time: Its air is starting to freeze out (LINK)
Naval Ravikant on work and controlling your time, via The Almanack of Naval Ravikant:
What you want in life is to be in control of your time. You want to get into a leveraged job where you control your own time and you’re tracked on the outputs. If you do something incredible to move the needle on the business, they have to pay you. Especially if they don’t know how you did it because it’s innate to your obsession or your skill or your innate abilities, they’re going to have to keep paying you to do it.
If you have specific knowledge, you have accountability and you have leverage; they have to pay you what you’re worth. If they pay you what you’re worth, then you can get your time back—you can be hyper-efficient. You’re not doing meetings for meetings’ sake, you’re not trying to impress other people, you’re not writing things down to make it look like you did work. All you care about is the actual work itself.
When you do just the actual work itself, you’ll be far more productive, far more efficient. You’ll work when you feel like it—when you’re high-energy—and you won’t be trying to struggle through when you’re low energy. You’ll gain your time back.