Links - 7/6/2021
“Quality is underappreciated. It cannot be modeled in Excel, it’s not on the balance sheet, nor does it make for an exciting investment pitch. Quality is not easy to pin down, because it often represents new ways of doing things that stretch or break old mental models. Investment ideas based on quality can be difficult for investment organizations to implement because deep appreciation of and conviction in quality is difficult to convey from one person to another. It seems common for quality to be dismissed in favor of so-called “structural” advantages—things like a brand or a switching cost. These are important, too, but the more I have seen, the more I’m convinced that the difference between great and merely good is qualitative.” —Josh Tarasoff
Josh Tarasoff wrote an essay about how Greenlea Lane invests (LINK)
Money Rules - by Morgan Housel (LINK)
Great Expectations - by Jason Zweig (LINK)
Investing Abroad - by Chris Mayer (LINK)
What is “Fractional Reserve Banking”? (LINK)
Invest Like the Best Podcast: Balaji Srinivasan - Optimizing Your Inputs (LINK)
Land of the Giants Podcast: Who’s Driving Whom? (LINK)
Acquired Podcast: Ethereum (LINK)
Odd Lots Podcast: Ryan Holiday on Opening a Bookstore During a Pandemic (LINK)
30 Animals That Made Us Smarter Podcast: Squid and self-healing materials (LINK)
What Do We Hope to Find When We Look for a Snow Leopard? - by Kathryn Schulz (LINK)
The motions of 66 nearby galaxies have now been reliably measured. Not stars. Galaxies. (LINK)
The 60-Year-Old Scientific Screwup That Helped Covid Kill [H/T Phil] (LINK)
“To live only for some future goal is shallow. It’s the sides of the mountain that sustain life, not the top.” —Robert M. Pirsig