Links - 1/3/2021
“Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts.... Slug it out one inch at a time, day by day. At the end of the day—if you live long enough—most people get what they deserve.” —Charlie Munger
From one of America’s most disorganized firms on the verge of bankruptcy to the most admired (LINK)
Related book: Winning Now, Winning Later
Mutual Fund Observer, January 2021 (LINK)
Peter Lynch: How to Invest When Stock Prices are At All-Time Highs (1997 video) (LINK)
How the American Mortgage Machine Works ($) (LINK)
The Investor’s Podcast: TIP330: Lawrence Cunningham (LINK)
Smarter Markets Podcast: Mike Green: Market Deficiencies and Incentives for NOT fixing them (LINK)
Origin Stories: Episode 49: Exercise (LINK)
The Latticework: On Physics (teacher’s reference guide) (LINK) [For those interested in the topic, you may also want to check out the book The Atom: A Visual Tour, or some of the books listed HERE under the Physics section.]
“I think the most important thing we've learned as we've grown is that we have to prioritize. We talk about it as ruthless prioritization. And by that what we mean is only do the very best of the ideas. Lots of times you have very good ideas. But they're not as good as the most important thing you could be doing. And you have to make the hard choices.” —Sheryl Sandberg
“When things are going wrong, when multiple problems are occurring all at once, when things get overwhelming, you have to prioritize and execute. Take a step back. Detach from the mayhem. Look at the situation and assess the multitude of problems, tasks, or issues. Choose the one that is going to have the biggest impact and execute on that. If you try to solve every problem or complete every task simultaneously, you will fail at all of them. Pick the biggest problem or the issue that will provide the most positive impact. Then focus your resources on that and attack it. Get it taken care of. Once you have done that, you can move on to the next problem or issue, then the one after that. Continue doing that until you have stabilized the situation. Prioritize and execute.” —Jocko Willink