Links - 11/20/2024
“The hardest financial skill is getting the goalpost to stop moving. But it’s one of the most important. If expectations rise with results there is no logic in striving for more because you’ll feel the same after putting in extra effort. It gets dangerous when the taste of having more—more money, more power, more prestige—increases ambition faster than satisfaction. In that case one step forward pushes the goalpost two steps ahead. You feel as if you’re falling behind, and the only way to catch up is to take greater and greater amounts of risk.” —Morgan Housel (“The Psychology of Money”)
Oaktree’s Howard Marks on China Opportunities, Trump’s Cabinet, Market Sentiment (video) (LINK)
Robotti Fireside Chat W/ Haypp Group (video) (LINK)
Awash in Cash - by Jason Zweig (LINK)
A Letter a Day: Letter #237: Scott Bessent and Kieran Cavanna (2024) (LINK)
This Week in Intelligent Investing Podcast: SPECIAL: Simon Kold Discusses His Book, On the Hunt for Great Companies (LINK)
Business Breakdowns Podcast: Informa: Where Industries Meet (LINK)
Against the Rules with Michael Lewis Podcast: Episode 5: The Mule (LINK)
The Daily Stoic Podcast: Donald Robertson on the Life of Socrates and His Impact on Stoicism (LINK)
A nearby galaxy is undergoing a rare blueshift (LINK)
“Fatigue makes cowards of us all.” —Vince Lombardi
“We didn’t know, when we started out, this modern psychological evidence to the effect that you shouldn’t make a lot of important decisions when you’re tired and that making a lot of difficult decisions is tiring.... I cannot remember an important decision that Warren [Buffett] has made when he was tired.” —Charlie Munger