Links - 11/15/2021
“You want to keep reminding yourself of how difficult this business is.… Humility is extremely important in investing. Always, always think about your own limitations.” —Fred Martin [via Richer, Wiser, Happier]
Packed ports and empty shelves: Inside the issues behind the U.S. supply chain crisis (60 Minutes video) (LINK)
Bottlenecks: causes and macroeconomic implications [H/T @colemanrhawkins] (LINK)
It’s Mostly a Demand Shock, Not a Supply Shock, and It’s Everywhere [H/T @ChrisPavese] (LINK)
The Most Misunderstood Area In Finance: “What Is Your Company’s Maintenance Capex”? [H/T @ChrisBloomstran] (LINK)
What if the Fed Is Wrong? - by Roger Lowenstein (LINK)
GE and the Belief in Management Magic - by Jason Zweig (LINK)
1st European Value Investing Conference | Value Investor Speaker: Guy Spier (video) [H/T Linc] (LINK)
Hayden Capital’s Q3 Letter (LINK)
An interview with Chris Best, founder of Substack (LINK)
Chinese embassy lobbies U.S. business to oppose China bills (LINK)
This Week in Intelligent Investing Podcast: GE and the Deconglomeration Push | Kasparov Principle as Applied to Investing (LINK)
Value Investing with Legends Podcast: Lauren Taylor Wolfe - Adding Value With A Creative Approach to Environmental, Social, and Governance Change (LINK)
The Investor’s Podcast: TIP396: China and the Macro Impact w/ Kyle Bass (LINK)
How I Built This Podcast: Coinbase: Brian Armstrong (LINK)
Web3 Breakdowns Podcast, EP. 1: Bored Ape Yacht Club (LINK)
Odd Lots Podcast: ASML, the Obscure Powerhouse at the Cutting Edge of Chip Technology (LINK)
The Rest Is History Podcast: 120. The Oil Weapon (LINK)
1973: Major oil-producing nations led by Saudi Arabia quadruple the price of oil overnight, sending the West (particularly the United Kingdom) into crisis.
30 Animals That Made Us Smarter Podcast: Camel and desert architecture (LINK)
The last moments of Earth's formation seriously scarred the Moon (LINK)
Europe’s Migration Crisis, Born in Belarus - by Dexter Filkins (LINK)
How the Week Organizes and Tyrannizes Our Lives - by Jill Lepore (LINK)
From work schedules to TV seasons to baseball games, the seven-day cycle has long ordered American society. Will we ever get rid of it?
Is There Such a Thing as Good Taste? - by Paul Graham (LINK)
“Ignorance more frequently begets confidence than does knowledge: it is those who know little, and not those who know much, who so positively assert that this or that problem will never be solved by science.” —Charles Darwin
“The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts.” —Bertrand Russell
“The best lack all conviction, while the worst are full of passionate intensity.” —William Butler Yeats