Links - 3/13/2021
“To us, value is simply arithmetic that entails buying something cheap relative to the present value of its future cash flows, which we measure using normal earnings. Value is not a factor. It is a timeless and logical approach to estimating the long-term value of a business and determining whether there is a dislocation between the fundamentals and how the market perceives that value. Since there are no reliable datasets for future cash flows, other proxies, including price to book, price to earnings, or price to cash flow, are often used for historical comparisons. We don’t believe any of these metrics are true measures of value, but they are satisfactory in studying past value cycles.” —Pzena Q3 2020 Commentary
Tom Gayner, how do you allocate Markel's capital? A talk with the Co-CEO (video) (LINK)
Change, Forgetting, Pizza & Happiness - by Chris Mayer (LINK)
Fund Red Flags: How You Could Easily Spot Issues with the Credit Suisse Greensill Funds (video) (LINK)
Greensill - who is holding the bag? - by John Hempton (Part 1, Part 2)
What Came Before the $10 Billion Bet on Flying Taxis - by Jason Zweig ($) (LINK)
The Money Maze Podcast: Sir Chris Hohn. Billionaire Hedge Fund Manager and Philanthropist (LINK)
Value Investing with Legends Podcast: Elizabeth Lilly - Embodying the Principles of Value Investing (LINK)
These 5 Stoic Strategies Will Help You Slay Your Stress - by Ryan Holiday (LINK)
A second wind – literally – for a scorching hot super-Earth - by Phil Plait (LINK)
“There is nothing old fashioned or out of date about [Epictetus]; you find just as many applications for what he says while in a dogfight in a supersonic jet as you can in a classroom talking about the nature of evil in the world. But he urges us to acquire a constancy of character that will make it impossible for another to do you wrong. And to get that invulnerability, that inner invulnerability, requires mastering the ability to be continually conscious of whether you are dealing with something you control or something that in the last instance you do not control. The only good things of absolute value are those that lie within your own control. And they are relatively few: things like thought, impulse, our opinions, our desires, our aversions, what we conceive of, what we choose, and so on. Who is the invincible man? He who cannot be dismayed by any happening beyond his control.” —James B. Stockdale (via “Thoughts of a Philosophical Fighter Pilot”)