Links - 12/14/2021
“Each age has its peculiar folly, some scheme, project or phantasy into which it is plunged, spurred on either by the love of gain, the necessity of excitement, or the mere force of imitation…. Money has often been a cause of the delusion of multitudes. Sober nations have all at once become desperate gamblers and risked almost their existence upon the turn of a piece of paper…. Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly and one by one.” —Charles MacKay
Busting Your Hindsight Bias - by Jason Zweig (LINK)
Howard Marks interview on InfoMoney [H/T Linc] (video) (LINK)
GMO Quarterly Letter | By John Thorndike, with Introduction by Ben Inker (LINK)
Time to Raise Rates - by Roger Lowenstein (LINK)
The Great Bifurcation - by Ben Thompson (LINK)
The Revolution That Wasn’t (LINK)
Invest Like the Best Podcast: Doug Colkitt - The Evolution of Markets (LINK)
Compounders Podcast: Creating a Niche Global Franchise with Peter Holt, CEO of The Joint Corp. (NASDAQ: JYNT) (LINK)
The Knowledge Project Podcast: #126 Nancy Sherman: Soldiers and Stoics (LINK)
How to Take Over the World Podcast: Napoleon Revisited (LINK)
The Point Is to Stop - by Mark Manson (LINK)
Amazing new images show stars flung around by the Milky Way's enormous central black hole (LINK)
T Cells Might Be Our Bodies’ Best Shot Against Omicron (LINK)
“If you ask yourself why you are in business and can find no answer other than "I want to make money," you will save money by getting out of business and going to work for someone, for you are in business without sufficient reason. A business which exists without a reason is due for an early death. The single reason for the existence of any business must be that it supplies a human need or want, and, if my experience is worth anything, a business which has this reason for its existence will be bound in the end to prosper if thought be put into it. Thought, not money, is the real business capital, and if you know absolutely that what you are doing is right, then you are bound to accomplish it in due season.” —Harvey Firestone (“Men and Rubber: The Story of Business”)