Links - 12/2/2021
“I must remind you that value investing is not designed to outperform in a bull market. In a bull market, anyone, with any investment strategy or none at all, can do well, often better than value investors. It is only in a bear market that the value investing discipline becomes especially important because value investing, virtually alone among strategies, gives you exposure to the upside with limited downside risk. In a stormy market, the value investing discipline becomes crucial, because it helps you find your bearings when reassuring landmarks are no longer visible.” —Seth Klarman (1997)
Bulls, Bears and Pigs - by Jason Zweig (LINK)
Ruane, Cunniff & Goldfarb’s Investor Day Transcript [H/T Linc] (LINK)
Absolute Return Letter, December 2021: COP25½ (LINK)
Ships in California logjam now stuck off Mexico, Taiwan and Japan (LINK)
Assured Misery - by Morgan Housel (LINK)
“PUTTING OUT” A CROP OF TOBACCO - by Gene Hoots (LINK)
Related book: Going Down Tobacco Road
From the archives (April 1996)…. WHEN THE SHOESHINE BOYS TALK STOCKS IT WAS A GREAT SELL SIGNAL IN 1929. SO WHAT ARE THE SHOESHINE BOYS TALKING ABOUT NOW? - By JOHN ROTHCHILD [H/T Linc] (LINK)
Jonathan Boyar’s recent presentation with GuruFocus (video) (LINK)
The World According to Boyar Podcast: James Hagedorn, Chief Executive Officer and Chairman of the Board Scotts Miracle Gro (LINK)
Business Breakdowns Podcast: Novocure: Using Physics to Fight Cancer (LINK)
Asia Tech Strategy Podcast: An Intro to ANE Logistics and Franchised Physical Networks (LINK)
Manager Meetings Podcast: Will Cook - Sunriver Management (LINK)
Trailblazers with Walter Isaacson (podcast): Coffee: Brewing Innovation (LINK)
Bad Blood: The Final Chapter Podcast: Episode 11: Investors (LINK)
Masters of Scale: Rapid Response Podcast: Re-founding Instacart, w/first-time CEO Fidji Simo (LINK)
Freakonomics Radio Podcast: Part 1 of “The Hidden Side of the Art Market” (LINK)
Living A Life In Full Podcast: Jon Gertner on the Stories Worth Telling (LINK)
ToKCast Podcast: Ep 100: David Deutsch (LINK)
The Rest Is History Podcast: 127. Neanderthals (LINK)
What is melatonin -- and should you take it to fall asleep? | Matt Walker (video) (LINK)
Animals of the Future (LINK)
Lizards’ feet are morphing, squid are shrinking, rats’ teeth are getting shorter. What’s in store for us?
The Government is still fighting the wrong war on Covid-19 - by Matt Ridley (LINK)
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” —Thomas A. Edison