Quote for the Week
The necessity to distinguish between the short run and the long run is one of the most difficult tasks the businessman faces — and yet perhaps it is the most essential of his tasks. At the same time, however, how does one determine whether the events of the past few weeks or months are just random blips or early harbingers of a more fundamental shift in the long-run environment? If short-run decisions made without regard to the long run are the sure road to disaster, we must also never forget that the long run is nothing more than an extended series of shorter-run variations. — Peter Bernstein (source)
From the Archives
Last Call
- The Ten Commandments of Banking – Maxfield on Banks
- All Together Now – M. Housel
- Short-Term Gain, Long-Term Pain, Part 2 – Capital Allocators
- Cliff Asness on Quant Value Investing (podcast) – Masters in Business
- IC Interviews: Joel Greenblatt (podcast) – Investors’ Chronicles
- There’s a Psychological ‘Vaccine’ against Misinformation – Scientific American
- Robots Have Been About to Take All the Jobs for 100 Years – Pessimists Archive
- The Age of AI has Begun – Gates Notes
- The Brilliant Inventor Who Made Two of History’s Biggest Mistakes – NY Times