Links - 1/27/2021
“When we look at the future of businesses, we look at riskiness as being sort of a go/no-go valve. In other words, if we think that we simply don't know what's going to happen in the future, that doesn't mean it's risky for everyone. It means we don't know—that it's risky for us. It may not be risky for someone else who understands the business. However, in that case, we just give up. We don't try to predict those things.” —Warren Buffett
Sorfis Investments’ 2020 Year-End Letter (LINK)
Horizon Kinetics’ Q4 2020 Commentary (LINK) [The audio/video Q4 review is also available HERE.]
[As a reminder, if you’re looking for more year-end investor letters, there is a nice list HERE.]
Flash Mobs Strike the Stock Market (LINK)
What I Wish I Knew When I Was 17 - by Sanjay Bakshi (video) (LINK)
An interview with Lux Capital’s Josh Wolfe (LINK)
Publishing is Back to the Future - by Ben Thompson (LINK)
How Amazon's Super-Complex Shipping System Works [H/T Rational Reflections] (video) (LINK)
Invest Like the Best Podcast: Joost van Dreunen – Unlocking Value in Gaming (LINK)
Superinvestors and the Art of Worldly Wisdom Podcast: #39: John Hussman (LINK)
The Tim Ferriss Show (podcast): #495: David Rubenstein (LINK)
The Daily Stoic Podcast: David Roll on What We Can Learn from General George Marshall (LINK)
Was early Mars wet and warm, or dry and cold? Yes. (LINK)
Bill and Melinda Gates’ 2021 Annual Letter (LINK)
“It is above all things necessary to form a true estimate of oneself, because as a rule we think that we can do more than we are able.” —Seneca