Links - 11/11/2023

“Some argue that holding significant cash is gambling, that being less than fully invested is akin to market timing. But isn’t a yes or no decision the crucial one in investing? Where does it say that investing means always buying something, even the best of a bad lot? An investor who can’t or won’t say no forgoes perhaps the most valuable tool available to investors.” —Seth Klarman

---

It looks like the full John Malone interview is still only available to paid subscribers of CNBC Pro. But the Squawk on the Street Podcast has the audio of the CNBC LEADERS Show that was aired on T.V. the night of the interview, which includes most of the conversation.

Dorsey Asset Management: Competitive Advantage & Capital Allocation (October 2023) [H/T @HurriCap] (LINK)

Horizon Kinetics’ Q3 2023 Portfolio Webinar Replay & Commentary (Webinar, Commentary)