Links - 9/17/2020
“The investor trying to buy right and hold on could buy as many different stocks as appealed to him. The difference is not in the focussing of investment money but in the intent of the buyer. The trader believes that in a swift-moving, rapidly changing world, with visibility always limited, he can make a series of commitments with better chance of success than trying to decide which companies will do well for the next twenty years. The investor dedicated to buying right and holding on picks managements, products, and processes he thinks able to cope with the unforeseeable as it hoves into view.” —Thomas W. Phelps (“100 to 1 in the Stock Market”)
One Job: Expectations and the Role of Intangible Investments - by Michael J. Mauboussin & Dan Callahan (LINK)
Multibagger Interview with Alta Fox Capital (LINK)
Investing with Perfect Confidence (LINK)
Obvious Things That Are Easy To Ignore - by Morgan Housel (LINK)
WIRED 25: Netflix’s Reed Hastings on Broadening Your Horizons (video, starting at the 18:20 mark) (LINK)
The Billionaire Who Wanted To Die Broke . . . Is Now Officially Broke (LINK)
It took decades, but Chuck Feeney, the former billionaire cofounder of retail giant Duty Free Shoppers has finally given all his money away to charity. He has nothing left now—and he couldn’t be happier.
COMPLEXITY Podcast: Carl Bergstrom & Jevin West (LINK)
Related book: Calling Bullshit: The Art of Skepticism in a Data-Driven World
The Journal. Podcast: Fauci on the Timing and Limits of a Covid Vaccine (LINK)
“Discovery consists in seeing what everyone else has seen and thinking what no one else has thought.” —Albert Szent-Györgyi