The hardest part of vacations is getting caught up on everything after you get back. Email is the worst. Reading is a close second only because there is so much more to wade through in a limited amount of time.
I’m almost caught up. Two things I did read are worth highlighting, so I pulled a few quotes from each. Links to both are below.
The first was an interview with Jack Bogle:
I’ve been in this business for 65 years. I’ve seen many pendulums. Every one swings back and forth, and the further it goes left, the further it will go right. So pendulums are there, and they can be scary when something gets very popular.
I glance at anything favorable to indexing; I pore over anything unfavorable. You don’t need people to tell you you’re right all the time. You need people to tell you that you’re wrong.
Great markets don’t go on forever.
So we have market risk, and then we have all the other risks: war, religious uprisings, nuclear weapons, disease, global warming. We live in a risky world. But you have to invest. If you put nothing away for retirement, I can tell you, to the last penny, how much you will have when you retire: nothing.
The other was notes from a recent U of Maryland meeting with Warren Buffett:
If you know who someone’s heroes are, then you will know how they will turn out.
Passive management is active management in aggregate. The S&P 500 represents the aggregate result of America.
Interest rates are to asset valuation as gravity is to matter.
Borrowed money causes more people to go broke than anything else. Charlie Munger has said, smart people “go broke from liquor, ladies and leverage”.
The most important skill in finance is salesmanship. That’s how you convince someone to marry you and that’s how you get a job. The most important quality to do well is temperament which would permit the control of fear and greed which have ruined many. Anyone who has become rich twice is dumb. Why would you risk what you need and have for what you don’t need? If you are already rich, there is no upside to taking on a lot more risk, but there is disgrace on the downside.
- How Humans Became ‘Consumers’: A History – The Atlantic
- A Dozen Things Buffett and Munger Learned From See’s Candies – 25IQ
- Some of the Wisest Words Spoken about Investing – J. Zweig
- The Look of a Winner (Is a Loser) – Basis Pointing
- The Probability Distribution of the Future – Farnam Street
- Want Success? Think Long-Term and Take Risks – M. Sorrell
- Session with Dan Ariely – Quora
- Mark Andreessen: Flying Cars are Closer than You Think – The Verge
- The Non-Technical Guide to Machine Learning & Artificial Intelligence – Medium
- The Panic of 1907 and the Birth of the Fed – NY Fed
- The Short, Frantic, Rags-to-Riches Life of Jack London – Smithsonian
- The True Story of Nintendo’s Most Coveted Game – ESPN