Quote for the Week
As an investor, you have to deal with two risks: The risk of losing money, and the risk of missing out on opportunities. It’s the job of a good investor to balance the two… I think it’s better to turn cautious too soon rather than too late… It’s precisely when people can’t see what it is that could make things turn down that risk is the highest. It could be an economic slowdown, rising interest rates, the effect of central bank tightening, or geopolitical events. Or it could be “something else.” It’s always the things we don’t know about that really bite us in the end. — Howard Marks (source)
From the Archives
Last Call
- Piecing Together Berkshire Hathaway’s 1987 Shareholders Meeting – Kingswell
- Never Mind Market Efficiency: Are the Markets Sensible? – J. Rekenthaler
- Survival – MicroCapClub
- The Gold Rally – Verdad
- Why Prediction Markets Aren’t Popular – Works in Progress
- Ways to Think about AGI – B. Evans
- What I’ve Learned: Stephen King – Esquire
- How to Build 300,000 Airplanes in Five Years – Construction Physics
- The Remarkable Proposal Letter Steve Albini Sent to Nirvana – Far Out