Links - 10/8/2020
“My view is that the single-most precious resource in the United States are its hydrocarbon reserves…. I’m a puritan. I always want to suffer now to make the future better, because I think that’s the way grown-ups should behave. So I’m all for using up the other fellow’s oil and conserving our own. And I think the idea of energy independence is one of the stupidest ideas I’ve ever heard grown people talk about. Think of what terrible shape we’d been in if we’d achieved total energy independence way earlier. We wouldn’t have any oil and gas left at all. Wouldn’t that be a wonderful condition? We don’t want energy independence. We want to conserve this stuff. And thank God other people have some of this precious stuff they’re willing to sell. I have the exact opposite idea on this subject than most people and, of course, I think I’m right.” —Charlie Munger (2012)
A Corporate Sleuth Claims Squarepoint Capital Took Her Content. The Hedge Fund Is Threatening Action. What Actually Happened? (LINK)
The Value of Cash - by Sanjay Bakshi (video) (LINK)
Accountable to Darwin vs. Accountable to Newton - by Morgan Housel (LINK)
Five Rules for Picking Winning Stocks - by Stephen Clapham (LINK)
Related book: The Smart Money Method
The latest in the ‘What’s in Your Index?’ series from Horizon Kinetics [H/T Linc] (LINK)
Dan Loeb wants Disney to bet big on streaming (LINK) [His full letter to the company can be read HERE.]
The Scarcity of Industrial Land - by Chris Mayer (LINK)
Government Bond Markets Aren’t “Free” Markets (LINK)
Industry Primer: Contract Research Organizations [H/T @investing_city] (LINK)
Founder’s Field Guide Podcast: Justin Singer - How Regulation Unlocks Opportunity (LINK)
Sailing the lakes of Titan? Prepare for rough seas. (LINK)
“The truth is the one thing that nobody will believe.” —George Bernard Shaw