Links - 11/22/2021
“It is the nature of business that in even the best-run companies unexpected difficulties, profit squeezes, and unfavorable shifts in demand for their products will at times occur. Furthermore, the companies into which the investor should be buying if greatest gains are to occur are companies which over the years will constantly, through the efforts of technical research, be trying to produce and sell new products and new processes. By the law of averages, some of these are bound to be costly failures. Others will have unexpected delays and heartbreaking expenses during the early period of plant shake-down. For months on end, such extra and unbudgeted costs will spoil the most carefully laid profit forecasts for the business as a whole. Such disappointments are an inevitable part of even the most successful business. If met forthrightly and with good judgment, they are merely one of the costs of eventual success. They are frequently a sign of strength rather than weakness in a company.” —Phil Fisher
Learning from James Dyson (LINK)
Mike Green’s Co/Investor Club Presentation: The Greatest Story Ever Sold: The Impact of Passive Investment on Markets (video) (LINK)
Trimming Your Stocks Without Triggering the IRS - by Jason Zweig (LINK)
A Brief Introduction to Fertilizer Markets (LINK)
Finance Demystified #2 - 7 Flaws with EBITDA (video) (LINK)
The E-commerce (R)evolution: New Business Models and Investing Opportunities [H/T Linc] (LINK)
This Week in Intelligent Investing Podcast: Challenges of Forecasting in Business and Investing | Zillow‘s Retreat From iBuying (LINK)
The Investor’s Podcast: TIP398: Wisdom from the Greatest Investors w/ William Green (LINK)
Related book: Richer, Wiser, Happier
Neckar's Insecurity Analysis Podcast: Sebastian Mallaby: Understanding Legendary Hedge Fund Investors (LINK)
Related book: More Money Than God
Capital Allocators Podcast: Todd Boehly - The Next Berkshire Hathaway at Eldridge Industries (LINK)
Smarter Markets Podcast: Daniel Yergin, Vice-Chair of IHS Markit I ‘An Energy Transition in Three Corresponding Acts’ Part I (LINK)
How I Built This Podcast: Stasher and Modern Twist: Kat Nouri (LINK)
Value Thought Investment Podcast: 0018: 9 Tools to Help Understand the Economics of a Business (Part 3 of 3) (LINK)
Odd Lots Podcast: Jason Furman on Red-Hot Inflation and What To Do About It (LINK)
Masters of Scale Podcast: Need to know, w/ Reid & Bob: Metaverse mania, the great resignation, Facebook quandaries, and more. (LINK)
30 Animals That Made Us Smarter Podcast: Electric eels and medical implants (LINK)
Straight Talk with Hank Paulson (podcast): Episode 51: Evan Osnos (LINK)
Can a Vastly Bigger National-Service Program Bring the Country Back Together? - by Evan Osnos (LINK)
5 books I loved reading this year - by Bill Gates (LINK)
“I must go forward where I have never been instead of backwards where I have.” —Winnie the Pooh
“Don’t fear failure.... Don’t let it eat at you. Don’t look back. Just keep going. You’re going to have some things, but forget them. Go forward.” —Warren Buffett