Links - 2/28/2021
“The greatest risk doesn’t come from low quality or high volatility. It comes from paying prices that are too high. This isn’t a theoretical risk; it’s very real.” —Howard Marks
A case study on XPEL, Inc. and its path to becoming a 100-bagger (LINK)
Martin Capital Management’s 2020 Annual Report [H/T Linc] (LINK)
This Week in Intelligent Investing Podcast: Lottery Tickets and Position Sizing | Earnings Season Investment Process (LINK)
Mohnish Pabrai’s Q&A with members of The Babson College Fund (Babson College Students) – Feb 9, 2021 (video) (LINK)
Finsbury Growth and Income Trust - Annual General Meeting, 17th February 2021 (Nick Train video) [H/T @colemanrhawkins] (LINK)
Bio Eats World Podcast: The Art and Science of Biology’s Future (LINK)
The Surprising Key to Combatting Vaccine Refusal - by Derek Thompson (LINK)
A 'Lamborghini' Of Chariots Is Discovered At Pompeii. Archaeologists Are Wowed [H/T Linc] (LINK)
“I think the biggest innovations of the twenty-first century will be the intersection of biology and technology. A new era is beginning, just like the digital one when I was [my son’s] age.” —Steve Jobs (from the book “Steve Jobs” by Walter Isaacson)
“Of all the sciences, biology is the most lawless; there are few rules to begin with, and even fewer rules that are universal. Living beings must, of course, obey the fundamental rules of physics and chemistry, but life often exists on the margins and interstices of these laws, bending them to their near-breaking limit. The universe seeks equilibriums; it prefers to disperse energy, disrupt organization, and maximize chaos. Life is designed to combat these forces. We slow down reactions, concentrate matter, and organize chemicals into compartments; we sort laundry on Wednesdays. ‘It sometimes seems as if curbing entropy is our quixotic purpose in the universe,’ James Gleick wrote. We live in the loopholes of natural laws, seeking extensions, exceptions, and excuses. The laws of nature still mark the outer boundaries of permissibility—but life, in all its idiosyncratic, mad weirdness, flourishes by reading between the lines.” —Siddhartha Mukherjee (“The Gene: An Intimate History”)