Links - 1/11/2021
“There is a substantial distinction between people who are investors and people who are owners of businesses. An owner in a business is far more interested in [its] survival…than its necessary monetary value. No owner of a business wakes up every morning asking himself what he's worth. He doesn't know what he's worth. He's concerned with his products. He's concerned with his employees. He's concerned with his suppliers. He's concerned with his customers. To do that, you have to have a time preference that is different from other people.” —Tony Deden [Source, 36:44 mark]
Howard Marks Memo: Something of Value (LINK)
The dichotomy of “value” and “growth” investing has become a sharp stylistic divide. But is it helpful? Howard Marks writes in his latest memo how he views the art and science of value investing, especially in the increasingly efficient and complex world we face today.
Another great Twitter thread from Chris Bloomstran on Tesla over the weekend (LINK) [“Tesla is a bigger bubble than any single company in 2000, 1972 or 1929. It’s the biggest bubble I’ve seen.”]
Breaking Down the Cell Tower Business with Morningstar's Matthew Dolgin (LINK)
Robert Shiller on WealthTrack (video) (LINK)
The Folly of Renewable Energy - by Matt Ridley (LINK)
Data Update 1 for 2021: A (Data) Look Back at a Most Forgettable Year (2020)! - by Aswath Damodaran (LINK)
Kuppy's Event Driven Monitor - Vol.15: January 9, 2021 (LINK)
BABA Black Sheep (LINK)
Capital Allocators Podcast: Chris Dixon – The Future of Blockchain at a16z (LINK)
Jeff's Asia Tech Class Podcast: Economies of Scale and Switching Costs According to 7 Powers (LINK)
The Investor’s Podcast Network: TIP331: Inflation w/ Cullen Roche (LINK)
What’s Wrong with the Way We Work (LINK)
How mRNA Technology Gave Us the First COVID-19 Vaccines - by Walter Isaacson (LINK)
Eric Hoffer: The True Believer and The Nature of Mass Movements (2014 video overview) (LINK)
“All mass movements generate in their adherents a readiness to die and a proclivity for united action; all of them, irrespective of the doctrine they preach and the program they project, breed fanaticism, enthusiasm, fervent hope, hatred and intolerance; all of them are capable of releasing a powerful flow of activity in certain departments of life; all of them demand blind faith and singlehearted allegiance.” —Eric Hoffer (“The True Believer”)