Links - 1/25/2021

“The very best investors don't even try to forecast the future. Rather, they seize such opportunities as the present affords them.” —James Grant (Sept. 19, 2009 - “From Bear to Bull”)

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FAM Small Cap Fund Annual Letter (LINK) [Those of you who followed this newsletter back when it was a blog might remember one of this fund’s co-managers, whom I interviewed back in 2009.]

The Transcript 01.25.21 (LINK)

Off Wall Street and Off-Off Wall Street: Everything You Always Wanted to Know About r/wallstreetbets (LINK)

This Week in Intelligent Investing Podcast: Level 1 Thinking and Keynes’ Beauty Contest | Sources of Operating Leverage (LINK)

The Grant Williams Podcast - Both Sides Of The Coin: A Civilized Bitcoin Debate (LINK)

Straight Talk with Hank Paulson Podcast: Episode 28: Ben Bernanke (LINK)

Odd Lots Podcast: The Story of How TSMC Came to Dominate the World (LINK)

Bio Eats World Podcast: The Fundamental Principles of Reality (LINK)

Related book: Fundamentals: Ten Keys to Reality

The High Price of Mistrust (LINK)

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“A person who knows little likes to talk, and one who knows much mostly keeps silent. This is because a person who knows little thinks that everything he knows is important, and wants to tell everyone. A person who knows much also knows that there is much more he doesn't know. That's why he speaks only when it is necessary to speak, and when he is not asked questions, he keeps his silence.” —(After) Jean Jacques Rousseau (via “A Calendar of Wisdom”)