Links - 11/2/2021
“If the science of statistics can benefit me in anything, I will use it. If it poses a threat, then I will not. I want to take the best of what the past can give me without its dangers. Accordingly, I will use statistics and inductive methods to make aggressive bets, but I will not use them to manage my risks and exposure. Surprisingly, all the surviving traders I know seem to have done the same. They trade on ideas based on some observation (that includes past history) but, like the Popperian scientists, they make sure the costs of being wrong are limited (and their probability is not derived from past data).” —Nassim Taleb
The Reading Obsession (LINK)
Bill Miller: An Investor's Evolution (Part I) (LINK)
Under Buffett's wing, U.S. fuel retailer Pilot leaps into oil trading, eyes refining (LINK)
Joel Greenblatt’s Keynote Presentation at the Ben Graham VIII Annual Conference from earlier this year (video) [H/T Linc] (LINK)
Hayden Capital’s 73-page Coinbase investment memo (LINK)
Tesla’s Accounting Tricks Could Hurt Investors | Stephen Clapham (video) (LINK)
The Global Energy Crisis, Explained | Warren Pies (video) (LINK)
Absolute Return Letter, November 2021: When r>g (LINK)
HOW PROFITABLE WAS/IS TOBACCO? - by Gene Hoots (LINK)
How I Built This Podcast: Audible: Don Katz (LINK) [“There were 1,500 public internet companies at the beginning of 2000, and 140 at the beginning of 2003.”]
Excess Returns Podcast: Everything You Need to Know About Inflation with Cullen Roche (LINK)
Masters of Scale Podcast: 100. Lessons that matter most: What we’ve learned from 100 episodes of Masters of Scale (LINK)
Capital Allocators Podcast: Savneet Singh – The Operator/Investor whose Software is Feeding the World (LINK)
Asia Tech Strategy Podcast: Snowflake, Tuya and the Fight for Dominant Design in Cloud (LINK)
Invest Like the Best Podcast: Sarah Friar - Building the Local Graph (LINK)
The Knowledge Project Podcast: #123 William Irvine: How To Live a Stoic Life (LINK)
Hot Streaks in Your Career Don’t Happen by Accident - by Derek Thompson (LINK)
America Has Lost the Plot on COVID (LINK)
My message to the world at COP26 - by Bill Gates (LINK)
“Character is fate.” —Heraclitus
“Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are.” —John Wooden