Links - 9/6/2021
“There can’t be a rule that always works.... These things cannot be reduced to a rule. The market operates so as to confound rule makers.... It all comes down to judgment. If we’re going to have superior investment performance we have to have superior judgment. You can work on your processes, both intellectually and emotionally, but superior judgment isn’t something you can order up. And not everybody can necessarily attain it. I think that one of the most important things is to dismiss the concept of a process or rule that always works in the absence of superior judgment.” —Howard Marks
What You’ve Lost in This Bull Market - by Jason Zweig (LINK)
More Than Surviving Uncertainty (Part I of II) - by Frank Martin (LINK)
The Panic Series (Pt. I) – 1792 (LINK)
A video overview of the 2021 BP Statistical Review of World Energy (LINK) [The full report can be found HERE.]
Aaron Edelheit of Mindset Capital talks with Alex Rubalcava of Stage Venture Partners about what he learned as a value investor and how he applies that successfully to the venture world (video) (LINK)
Edwin Dorsey interviews Michelle Leder (video) (LINK)
Related book: Financial Fine Print
The Rest Is History Podcast: 93. Silicon Valley Part 1 [w/ Marc Andreessen] (LINK)
Odd Lots Podcast: Patrick O’Shaughnessy on the Next Big Thing in Passive Investing (LINK)
The Education of a Value Investor Podcast: Gautam Baid (LINK)
Capital Allocators Podcast: Mike Tian – Moat Trajectories and Investing in China at WCM (LINK)
Asia Tech Strategy Podcast: Lessons in Digital Operating Basics from Ram Charan. Part 1 of 2 on “Rethinking Competitive Advantage”. (LINK)
Related book: Rethinking Competitive Advantage: New Rules for the Digital Age
Dismantling the environmental theory for Covid’s origins - by Matt Ridley (LINK)
What We Actually Know About Waning Immunity - by Katherine J. Wu (LINK)
Did Making the Rules of War Better Make the World Worse? - by Dexter Filkins (LINK)
“Someone is sitting in the shade today because someone planted a tree a long time ago.” —Warren Buffett