Links - 1/14/2021
“I think that people underestimate—until they get older—they underestimate just how important habits are, and how difficult they are to change when you’re 45 or 50, and how important it is that you form the right ones when you’re young.” —Warren Buffett
The Quality Margin of Safety - by Todd Wenning (LINK)
Renaissance’s Medallion Fund Surged 76% in 2020. But Funds Open to Outsiders Tanked. (LINK)
A Few Thoughts On Writing - by Morgan Housel (LINK)
Howard Marks’ latest memo, “Something of Value,” in podcast format (LINK)
Founder’s Field Guide Podcast: Oliver Hughes – The Secret FinTech Giant (LINK)
The Journal. Podcast: Sheldon Adelson and the Rise of the Megadonor (LINK)
The NFX Podcast: The Founders’ List: ‘The HP Way’ Speech by Dave Packard to Management (1960) (LINK)
Nature Podcast: Coronapod: The rise of RNA vaccines (LINK)
“There's no such thing as analysis of what's coming. We don't know anything about the future, and you can't prove anything about the future. But if you've been in business and you've seen some cycles, and you've gained some experience and you've gone through those cycles with your eyes open saying 'What are the implications of cycles for our behavior?', then I think you can reach a point where you say, 'You know what, it just feels like the power is in the hands of the issuers, not the buyers. It feels like there aren't many sellers, just a lot of buyers. And the market is not acting in a disciplined way.' We want to buy when the market is panicked, not when the market is sanguine. Buffett says that 'The less prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own affairs.' When other people are optimistic, we should be worried. When other people are panicked, we should turn aggressive.” —Howard Marks (2017 video)