Links - 6/20/2021
“Charlie and I don’t think about the market. And Ben [Graham] didn’t very much. I think he made a mistake to occasionally try and place a value on it. We look at individual businesses. And we don’t think of stocks as little items that wiggle around on the paper and that have charts attached to them. We think of them as parts of businesses.... I know of no one that has been successful at...[making] a lot of money predicting the actions of the market itself. I know a lot of people who have done well picking businesses and buying them at sensible prices. And that’s what we’re hoping to do.” —Warren Buffett (1999)
The Peter Lynch Playbook [H/T @RamBhupatiraju] (LINK)
How Charlie Munger navigated the inflationary backdrop of 1970s era (Wesco Annual Reports) [H/T @ShaiDardashti] (LINK)
Related compilation: Sequoia Fund letters from 1974-1982
Warren Buffett's deputy has scored a 300% gain on Dillard's in 9 months - and now boasts a $170 million stake (LINK)
Wishful Thinking in a World Without Yield - by Jason Zweig ($) (LINK)
Pounds of Salt: The Fed’s Epistemic Arrogance (LINK)
Technology Saves the World - by Marc Andreessen (LINK)
Beyond the Meme: Ever Given, Supply Chains, and the Physical World - by Ryan Petersen (LINK)
Whose fault is the current crisis in the ocean freight market? Nobody, really. - by Ryan Petersen (LINK)
a16z Live (podcast): One on One with A and Z #9: The Big Questions around Remote Work (LINK)
Masters in Business Podcast: Robert Cialdini on the Psychology of Influence (LINK)
The Daily Stoic Podcast: Malcolm Gladwell on Running, Writing, and Storytelling (LINK)
“When we are no longer able to change a situation, we are challenged to change ourselves.” —Viktor E. Frankl