Links - 12/20/2020
“...business growth, per se, tells us little about value. It's true that growth often has a positive impact on value, sometimes one of spectacular proportions. But such an effect is far from certain.... Growth benefits investors only when the business in point can invest at incremental returns that are enticing - in other words, only when each dollar used to finance the growth creates over a dollar of long-term market value. In the case of a low-return business requiring incremental funds, growth hurts the investor.” —Warren Buffett
A great, 59-Tweet thread from Chris Bloomstran on Tesla, its business, bubbles, and index investing (LINK)
Charlie Munger: Full Transcript of Caltech Zoom Talk, Dec. 2020 (LINK)
The State of the Platform Revolution 2021 - by Sangeet Paul Choudary (LINK)
The Barry Diller Playbook (LINK)
What comes after smartphones? (LINK)
Global Value Creators Podcast: Flying High - Eymeric Segard (LINK)
This Week in Intelligent Investing Podcast: Power of Counterfactual Thinking | Reflexivity as a Valuable Concept in Investing (LINK)
The new Covid strain and its policy implications - by Tyler Cowen (LINK)
The silent cost behind the world's electric vehicle revolution (LINK)
Black dwarf supernovae: The last explosions in the Universe - by Phil Plait (LINK)
“One, remember to look up at the stars and not down at your feet. Two, never give up work. Work gives you meaning and purpose and life is empty without it. Three, if you are lucky enough to find love, remember it is there and don't throw it away.” —Stephen Hawking