Links - 5/28/2020

“The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.” —Charlie Munger

Moats Before (Gross) Margins (LINK)

Interview with Harris Kupperman on How the Tanker Thesis is Evolving (video) (LINK) [If you look into the tanker thesis, much of the discussion centers around demand—which is important but less predictable than supply. For emphasis on why supply is so important, see: Investors should be thinking 90% about supply...]

The Investing Edge Podcast: Value Investor’s Edge Live #20: Torm PLC’s Management Team On The Product Tanker Market (LINK)

U.K. car dealerships given the go-ahead to open on June 1st (LINK) [While many of the dealerships names in the U.K. have seen their stock prices rise quite a bit off of the lows, most still remain well off the highs and many are at a mid-single digit multiple 2019 after-tax earnings. I (and others) have discussed Cambria Automobiles before, which falls into that category.]

The Grant Williams Podcast: Super Terrific Happy Hour Ep. 3 - Super Terrific Guest [Bob Rodriguez] (LINK)

Grant’s Current Yield Podcast: Bond fun (LINK)

Carolina Stories with Steve Vafier (podcast): 9: Glen Kacher – Detective Work in Silicon Valley (LINK)

The Meb Faber Show (podcast): #224 - Eric Kinariwala, Capsule - The Pharmacy Sits At The Center Of The Healthcare System (LINK)

Infinite Loops Podcast: Ed Latimore: Lessons from Boxing, Sobriety, and Building Mental Fortitude (EP.10) (LINK)

The making of Jack Daniel’s whiskey (video) (LINK)

Man’s Search for Meaning (LINK)

Dr. Michael Osterholm speaks at Policy Fellows webinar, May 15, 2020 (video) [H/T Linc] (LINK)

Dr. Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota, shared insight about the COVID-19 pandemic and its policy implications with Prof. Larry Jacobs and the 2019–20 Policy Fellows cohort.

5 Ways to Build Resilience and Conquer Adversity - by Mark Manson (LINK)

"Natural desires are limited; but those which spring from false opinion can have no stopping-point. The false has no limits. When you are travelling on a road, there must be an end; but when astray, your wanderings are limitless. Recall your steps, therefore, from idle things, and when you would know whether that which you seek is based upon a natural or upon a misleading desire, consider whether it can stop at any definite point. If you find, after having travelled far, that there is a more distant goal always in view, you may be sure that this condition is contrary to nature." —Seneca