Links - 1/18/2021
“It is important to note that mass speculation can flourish only in such an atmosphere of illogic and unreality. The self-deception of the mass speculator must, however, have its element of justification. This is usually some generalized statement, sound enough within its proper field, but twisted to fit the speculative mania. In real estate booms, the ‘reasoning’ is usually based upon the inherent permanence and growth of land values. In the new-era bull market, the ‘rational’ basis was the record of long-term improvement shown by diversified common-stock holdings.” —Benjamin Graham and David Dodd (“Security Analysis”)
Howard Marks on Asset TV (video) (LINK)
Apollo Asia Fund: the manager's report for 4Q20 (LINK)
The State of Micro Private Equity (LINK)
Inside California’s colossal container-ship traffic jam (LINK)
Global Value Creators Podcast: Norway’s Berkshire — Sverre Bjerkeli (LINK)
The Investor’s Podcast Network: TIP332: Long-Term Investing w/ Tom Gayner (LINK)
This Week in Intelligent Investing Podcast: How Smaller Companies Beat Giants | Equity Research: How to Detect BS (LINK)
Jeff's Asia Tech Class Podcast: The Difference Between Competitive Advantages and 7 Powers (LINK)
Post Reports Podcast: Four hours of insurrection (LINK)
What America's Founders Learned from the Greeks and Romans (video) (LINK)
Related book: First Principles: What America's Founders Learned from the Greeks and Romans and How That Shaped Our Country
Your Undivided Attention Podcast: Two Million Years in Two Hours: A Conversation with Yuval Noah Harari (LINK)
Do I really need 8 glasses of water a day? (LINK)
“Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.” —Martin Luther King Jr.
“Violence is immoral because it thrives on hatred rather than love...violence ends up defeating itself. It creates bitterness in the survivors and brutality in the destroyers.” —Martin Luther King Jr.
“If you can't fly then run, if you can't run then walk, if you can't walk then crawl, but whatever you do you have to keep moving forward.” —Martin Luther King Jr.