Links - 2/7/2021
“Looking back, when we’ve bought wonderful businesses that turned out to continue to be wonderful, we could’ve paid significantly more money, and they still would have been great business decisions. But you never know 100 percent for sure. It isn’t as precise as you might think. Generally speaking, if you get a chance to buy a wonderful business — and by that, I would mean one that has economic characteristics that lead you to believe, with a high degree of certainty, that they will be earning unusually high returns on capital over time and, better yet, if they get the chance to employ more capital — again, at high rates of return — that’s the best of all businesses. And you probably should stretch a little. Charlie and I have had several conversations where we were looking at a business which we liked, and were sort of gagging at the price, and Charlie or I will say, ‘Let’s do it,’ even though it kind of kills us to pay that last 5 percent.” —Warren Buffett (2013)
In case you haven’t seen or saved them yet, Phil Ordway’s compilations of Investment Principles and Checklists and Investing Quotations are worth saving and re-visiting from time-to-time.
This Week in Intelligent Investing Podcast: Note Taking, Cloning, and Idol Worship | A Market in Replacement Capital (LINK)
Mohnish Pabrai’s Q&A Session with Students at Clemson University - Jan 27, 2021 (video) (LINK)
Talks at Goldman Sachs: Stanley Druckenmiller, Chairman and CEO of Duquesne Family Office (video) (LINK)
Charlie Dreifus on WealthTrack (video) (LINK)
Unfortunate Investing Traits - by Morgan Housel (LINK)
The Lindy Effect - by Chris Mayer (LINK)
Lindsell Train: Rational Numbers [H/T @lhamtil] (LINK)
Cathie Wood Has Wall Street’s Hottest Hand. Maybe Too Hot. - by Jason Zweig ($) (LINK)
Jeff Immelt Oversaw the Downfall of G.E. Now He’d Like You to Read His Book. (LINK)
The Keto Way: What If Meat Is Our Healthiest Diet? - by Gary Taubes [H/T The Rational Walk] (LINK)
Did the Covid-19 virus really escape from a Wuhan lab? - by Matt Ridley and Alina Chan (LINK)
PBS Frontline: “China's COVID Secrets” (video) (LINK)
Vaccines alone won’t solve the pandemic. Here are 3 other things we must do. (LINK)
Happy (Martian) New Year! (LINK)
For Audible members, there are currently a bunch of notable audiobooks on sale for $5 each. Here are the titles that stood out to me:
The Autobiography of Benjamin Franklin
Endurance: Shackleton's Incredible Voyage [one of my all-time favorites]
Capitalism in America: A History
Barbarian Days: A Surfing Life
A History of the World in 6 Glasses
Friends Divided: John Adams and Thomas Jefferson
SPQR: A History of Ancient Rome
The History of the Ancient World
The History of the Medieval World
River Town: Two Years on the Yangtze