Links - 9/15/2021
“Choosing to avoid loss is not a complete investment strategy; it says nothing about what to buy and sell, about which risks are acceptable and which are not. A loss-avoidance strategy does not mean that investors should hold all or even half of their portfolios in U.S. Treasury bills or own sizable caches of gold bullion. Rather, investors must be aware that the world can change unexpectedly and sometimes dramatically; the future may be very different from the present or recent past. Investors must be prepared for any eventuality.” —Seth Klarman (“Margin of Safety”)
Mark Spitznagel on investing for financial storms (video) (LINK) [He also made a brief appearance on CNBC this morning.]
Related book: Safe Haven: Investing for Financial Storms
The Polen Heat Map: Degrees of Expected Return [H/T @mastersinvest] (LINK)
Analyzing Good Businesses: O'Reilly Automotive (ORLY) (LINK)
Democratic Tax Proposal Takes Aim at ETFs (LINK)
Bloomberg Wealth with David Rubenstein: John Paulson (video) (LINK)
2021 13th Annual Shipping & Marine Services Forum - Keynote Presentation - Dr. Martin Stopford (video) (LINK) [More videos from the Forum can be found HERE.]
OutsideVoices Podcast: Mohnish Pabrai: Cloning, Learning from Charlie Munger, 100 Baggers (LINK)
Construction Genius Podcast: How to Create Incentive Programs That You and Your Employees Will Love (LINK)
Life Happens in Public. Get Used to It. - by Ryan Holiday (LINK)
Related book: Courage Is Calling: Fortune Favors the Brave
“Leadership means creating an organizational culture by example. Followers take their cue from what leaders do, not what they say. Leaders create a strong ethical base. From that follow the specifics of ‘doing the right thing’ for suppliers, employees, customers, and stockholders.” —Gene Hoots (“Going Down Tobacco Road”)
“In my experience, a high-morale group, properly motivated and incentivized, can out-perform a low-morale peer group by a factor of 5x or more. The typically untapped, latent potential of human beings is stunning, and can be reliably unleashed by the right cultural framework.” —Peter D. Kaufman (“Culture”)