Links - 5/30/2021
“We have no system for estimating the correct value of all businesses. We put almost all in the ‘too hard’ pile and sift through a few easy ones.” —Charlie Munger
[Editor’s Note and Reminder: Since we’ve had a number of new subscribers to the free email list recently, I just wanted to remind new subscribers that we normally publish 4-5 times per week (sometimes 6 times, and occasionally only 3 times). 1 or 2 posts per week are public and free for all, while the rest are subscriber-only posts. Sometimes there are many links (like today), and sometimes there are only a few. Our hope is that the time that we save you, and the interesting things we find that you may not have found on your own, are well worth the $7 per month subscription for those who want access to everything.]
Master Series: David Rolfe (LINK)
Artemis Capital Management paper -- Rise of the Dragon: From Deflation to Reflation (LINK) [Chris Cole also had some recent video conversations, HERE and HERE.]
The Safe, High-Return Trade Hiding in Plain Sight - by Jason Zweig (LINK)
How to Do Long Term - by Morgan Housel (LINK)
Amazon and Walmart Have an Rx for Healthcare. The Cure Won’t Be Easy. (LINK)
Will the Housing Market Ever Be Normal Again? - by Derek Thompson (LINK)
Paytm Targets $3 Billion IPO in What Would Be India’s Largest Debut [H/T Linc] (LINK)
The startup, backed by investors including Berkshire Hathaway Inc., SoftBank Group Corp. and Ant Group Co., plans to list in India around November and its offering could coincide with the Diwali festival season, said the person, asking not to be named because the details are private. Paytm, formally called One97 Communications Ltd., is targeting a valuation of around $25 billion to $30 billion.
The Week That Shook Big Oil : NPR (LINK)
Shipping-Container Rates Top $10,000 From Asia to Europe (LINK)
The Kolkata Value Hunters Club; Q&A with Mohnish Pabrai (video) (LINK)
This Week in Intelligent Investing: The Big Ideas of Investing | The Sale of Nuance: A Case Study in Incentives (LINK)
Value Hive Podcast: Thomas Bachrach: Kaspi.kz $KSPI, Allegiance Coal $AHQ, & Exotic Ideas (LINK)
Related paper: HBS Case Study — Kaspi.kz IPO
Masters in Business Podcast: Carson Block on the Short-Selling Market (LINK)
Revisionist History: Bonus Podcast: Malcolm Gladwell and Adam Grant (LINK)
These Adorable Lizards Figured Out a Genius Way to Breathe Underwater [H/T Linc] (LINK)
Covid’s Deadliest Phase May Be Here Soon [H/T @DrSidMukherjee] (LINK)
If world leaders don’t act now, the end of the Covid pandemic may come with a horrible form of herd immunity, as more transmissible variants that are taking hold around the world kill millions.
There’s troubling new evidence that the B.1.617.2 variant, first identified in India, could be far more transmissible than even the B.1.1.7 variant, first identified in Britain, which contributed to some of the deadliest surges around the world.
In countries with widespread vaccination, like the United States and Britain, we can expect that Covid cases, hospitalizations and deaths will continue to decline or stay low, especially because lab tests and real world experience show that vaccines appear to defend recipients well against the severe effects of both variants.
For much of the rest of the world, though, this even more transmissible new variant could be catastrophic.
“‘If you seek tranquillity, do less.’ Or (more accurately) do what’s essential—what the logos of a social being requires, and in the requisite way. Which brings a double satisfaction: to do less, better. Because most of what we say and do is not essential. If you can eliminate it, you’ll have more time, and more tranquillity. Ask yourself at every moment, ‘Is this necessary?’ But we need to eliminate unnecessary assumptions as well. To eliminate the unnecessary actions that follow.” —Marcus Aurelius
“Life is short. That’s all there is to say. Get what you can from the present—thoughtfully, justly.” —Marcus Aurelius