Links - 6/27/2021
“There are three keys to successful investing. First, being a contrarian with a long-term perspective is very important. Second is the ability to be open to new ideas combined with a skeptical approach to those people incentivized to sell these new ideas. Third, having the ability to focus on what matters, while ignoring what doesn't, is important.” —Neil Ostrer
The Impact of Intangibles on Base Rates - by Michael Mauboussin & Dan Callahan (LINK)
Exit, Voice, BlackRock: Why Shareholder Democracy Isn’t - by Roger Lowenstein (LINK)
Yen Liow - Oxford University Alpha Fund conversation 06-07-21 (video) (LINK)
Jason Zweig on WealthTrack (video) (LINK)
Is the stock market in a bubble? | Ray Dalio | June 2021 (video) (LINK)
A Case for Extreme Patience: There Are Only Four Aces in a Deck of Cards. Think of your portfolio the same way. - by Adam Mead (LINK)
Ted Weschler’s statement on the ProPublica report that discussed his Roth IRA account value (LINK)
The investing success of this account has been a function of careful stock selection, exceptional luck and a multi-decade time period. To have a sum of this magnitude built up in my Roth IRA is certainly beyond anything that I ever expected but it was implemented in a way that was available to all taxpayers with an appropriately long investment runway, i.e., the result is exceptional but it is not the product of exclusionary tax strategies.
As to your implied question of whether my personal result is consistent with the thoughts of Senator Roth: I do not know, but he was an incredibly thoughtful legislator and I believe had he thought a cap on this benefit was appropriate he would have included such a cap in his crafting of the plan. Indeed, I could envision Senator Roth holding the above description out as an aspirational example of the power of deferred consumption: each $1 saved as a 22 year old in New York City grew over the ensuing 35 years to over $9,000 – certainly not an expected result, but the sort of example that can hopefully help motivate generations of future savers.
Payments, Processors, & FinTech (Credit Suisse 2021 report from earlier this year) [H/T @Cultivatewealth] (LINK)
More container ships score ‘astronomical’ $100,000/day rates (LINK)
Strange Case of Dan Loeb and Daniel S. Loeb [H/T @kevg1412] (LINK)
An introduction to Litigation Finance as an asset class (LINK)
Marc Andreessen on Crypto (LINK)
Harris Kupperman on Real Vision (video) (LINK)
William Green on The Cashflow Academy Podcast, discussing Richer, Wiser, Happier (LINK)
This Week in Intelligent Investing Podcast: Daniel Kahneman’s “Noise” | Is Customer Acquisition Cost the New Rent? (LINK)
Masters in Business Podcast: Joe Moglia on Going From Football to Wall Street (LINK)
The Investor’s Podcast: TIP356: Investing Mastermind Q2 2021 (LINK)
No One Imagined Giant Lizard Nests Would Be This Weird - by Ed Yong (LINK)
Discovery of ‘Dragon Man’ Skull in China May Add Species to Human Family Tree - by Carl Zimmer (LINK)
Where Did the Coronavirus Come From? What We Already Know Is Troubling. (LINK)
“Keep your face always toward the sunshine—and shadows will fall behind you.” —Walt Whitman