Links - 9/20/2021
“It’s the future that counts. It’s like what I wrote there, what Wayne Gretzky says, to go where the puck is going to be, not where it is. So, the current multiple interacts with the reinvestment of capital and the rate at which that capital’s invested, to determine the attractiveness of something now. And we are affected in that valuation process to a considerable degree by interest rates, but not by whether they’re 7.3, or 7.0, or 7.5. But I mean, we’ll be thinking much differently if long-term rates are 11 percent or 5 percent. But we don’t have any magic multiples in mind. We want to be in the business that 10 years from now is earning a whole lot more money than it is now, and that we will still feel good about the prospects of the business at that time. That’s the kind of business we’re trying to buy all of, and that’s the kind of business that we try and buy part of.” —Warren Buffett (1995)
Stat for today, via Ryan Petersen….
“There are now 72 container ships at anchor waiting to unload at the port of LA-Long Beach. Carriers are cancelling upcoming sailings to allow the backlog to clear. Of course, that just means goods will pile up on loading docks at origin. Bullwhip effect in full effect.” [Up from 51 ten days ago.]
How Warren Buffett Rewards Berkshire's Managers For Using Less Capital - by Adam Mead (LINK)
How and Why I Was Overcharged by Penn Medicine and My Blue Cross Health Plan (A True Story) - by Adam J. Fein [H/T @bgurley] (LINK)
Jim Chanos on CNBC today (LINK)
China Evergrande Fallout Hits Western Bond Funds (LINK)
Odd Lots Podcast: Understanding Evergrande, the Chinese Real Estate Conglomerate That’s Nearing Collapse (LINK)
This Week in Intelligent Investing Podcast: Investment Implications of Labor Shortages | Avoid Missing the Big Ideas in Investing (LINK)
Asia Tech Strategy Podcast: How Hillhouse Capital Invests In and Digitizes Chinese Companies. (LINK)
30 Animals That Made Us Smarter Podcast: Cicada and safe surfaces (LINK)
The Rest Is History Podcast: 98. Thermopylae & Salamis, Episode 1 (LINK)
a16z Podcast: Uncontrolled Spread: Science, Policy, Institutions, Infrastructure (LINK)
Related book: Uncontrolled Spread: Why COVID-19 Crushed Us and How We Can Defeat the Next Pandemic
Six Rules That Will Define Our Second Pandemic Winter - by Katherine J. Wu, Ed Yong, and Sarah Zhang (LINK)
“The search expenses that brought us Ajit Jain, now there was an investment that really paid a dividend. I can think of no higher return investment that we’ve ever made that was better than that one. And I think that’s a good life lesson. In other words, getting the right people into your system can frequently be more important than anything else.” —Charlie Munger