Links - 6/13/2021
“Let me conclude with one of my favorite clichés – the French saying: ‘The more it changes the more it’s the same thing.’ I have always thought this motto applied to the stock market better than anywhere else. Now the really important part of this proverb is the phrase ‘the more it changes.’ The economic world has changed radically and it will change even more. Most people think now that the essential nature of the stock market has been undergoing a corresponding change. But if my cliché is sound – and a cliché’s only excuse, I suppose, is that it is sound – then the stock market will continue to be essentially what it always was in the past – a place where a big bull market is inevitably followed by a big bear market. In other words, a place where today’s free lunches are paid for doubly tomorrow. In the light of experience, I think the present level of the stock market is an extremely dangerous one.” —Benjamin Graham (1959)
You Can’t Invest Without Trading. You Can Trade Without Investing. - by Jason Zweig ($) (LINK)
Stripe: Thinking Like a Civilization (LINK)
Music execs on the music industry investment thesis (LINK)
The Hedge-Fund Manager Who Did Battle With Exxon—and Won ($) (LINK)
Container rates rocket even higher — and there’s no end in sight (LINK)
Container lines cannot be held responsible for all that ails the supply chain (LINK)
To Succeed at Investing, Think of Dennis Rodman (LINK)
This Week in Intelligent Investing Podcast: On Being an Emerging Manager: Experiences, Lessons Learned, Success Factors (LINK)
Brinton Johns on Complexity Investing: Resilience and Optionality | MOI Global (audio) (LINK)
Deep Dives Podcast: FINDING VALUE with John Huber, managing partner of Saber Capital Management. (LINK)
Planet Money Podcast: Used Car Talk (LINK)
Masters in Business Podcast: Brad Stone on Big Tech Companies (LINK)
Warren Pies on Real Vision (video) (LINK)
Dave Rosenberg on WealthTrack (video) (LINK)
HBR IdeaCast Podcast: The Rise and Fall of Carlos Ghosn (Part 1, Part 2)
The Daily Stoic Podcast: Holocaust Survivor Dr. Edith Eger on the Gift of Forgiveness (LINK)
Neil deGrasse Tyson on the Making Sense with Sam Harris Podcast (LINK)
The Human Genome Is—Finally!—Complete (LINK)
“There is nothing permanent except change.” —Heraclitus
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” —William Arthur Ward