Links - 5/18/2021
“Very few things move in a straight line. There’s progress and then there’s deterioration. Things go well for a while and then poorly. Progress may be swift and then slow down. Deterioration may creep up gradually and then turn climactic. But the underlying principle is that things will wax and wane, grow and decline. The same is true for economies, markets and companies: they rise and fall. The basic reason for the cyclicality in our world is the involvement of humans…. People are emotional and inconsistent, not steady and clinical.” —Howard Marks
GMO Quarterly Letter: SPECULATION AND INVESTMENT - by Ben Inker (LINK)
A comment on market valuation and GMO’s valuation estimates [H/T Linc] (LINK)
Buffett’s Berkshire buys Aon, slashes Chevron and Wells Fargo (LINK)
A startup owned by Berkshire Hathaway aims to make the construction industry more like car manufacturing ($) (LINK)
A startup owned by Warren Buffett’s Berkshire Hathaway Inc. aims to shake up the construction industry by making it more like car manufacturing.
MiTek Inc., a Missouri-based construction-technology company, is launching a new modular building venture with New York City-based architect Danny Forster & Architecture. The company plans to build entire rooms for hotels and apartment buildings in factories, and then send them to a construction site to be stacked on top of each other.
What Do You Care What Other People Think? - by Jason Zweig (LINK)
Goehring & Rozencwajg: The Problems with Copper Supply [H/T Linc] (LINK)
Distribution and Demand - by Ben Thompson (LINK)
The Knowledge Project Podcast: #111 Joel Greenblatt: Investing Made Simple (LINK)
Invest Like the Best Podcast: Brent Beshore - Learnings from a Year of Unexpected Events (LINK)
The Body’s Most Embarrassing Organ Is an Evolutionary Marvel (LINK)
“It never ceases to amaze me: we all love ourselves more than other people, but care more about their opinion than our own.” —Marcus Aurelius