Links - 12/14/2023

“Investors hold to their convictions as long as they can, but when the economic and psychological pressures become irresistible, they surrender and jump on the bandwagon…. As an overpriced stock goes even higher or an underpriced stock continues to cheapen, it should get easier to do the right thing: sell the former and buy the latter. But it doesn’t. The tendency toward self-doubt combines with news of other people’s successes to form a powerful force that makes investors do the wrong thing, and it gains additional strength as these trends go on longer. It’s one more influence that must be fought.” —Howard Marks

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Lex Fridman Podcast: #405 — Jeff Bezos: Amazon and Blue Origin (video) (LINK)

Pattern Recognition: Opportunities and Limits - by Michael J. Mauboussin & Dan Callahan (LINK)

GMO Quarterly Letter | The Quality Anomaly (LINK)

Long-Term News - by Morgan Housel (LINK)