Quote for the Week
I’ve been an advisor to a couple of endowment funds. I was on a finance committee on one of them for quite a while. We had an outside advisor who set up benchmarks and suggested managers and hedge funds that would supposedly outperform, and so forth. The committee would work on this very seriously. These were smart, successful people, about a dozen, with a range of expertise. They would debate long and hard about how to allocate the assets — how much to emerging markets, how much to bonds, and so forth. And they’d fine-tune it from time to time, but mostly it didn’t make much difference. I found it difficult to persuade them that all this cerebration was a waste of our time. — Ed Thorp (source)
From the Archives
Last Call
- Market Resilience or Investors In Denial? A Mid-year Assessment for 2023 – Musings on Markets
- Going the Distance – MicroCapClub
- When to Dig a Moat – Not Boring
- Seth Klarman: Timeless Value Investing (podcast) – Capital Allocators
- Bill Bernstein: Revisiting The Four Pillars of Investing (podcast) – The Long View
- How the Possibility Grid Can Help You Evaluate Evidence Better – Behavioral Scientist
- Investing in AI: Navigating the Hype – Sparkline
- Researchers Decipher the Secrets of Benjamin Franklin’s Paper Money – ND News
- How a Vast Demographic Shift Will Reshape the World – NY Times
- The Real History Behind Christopher Nolan’s ‘Oppenheimer’ – Smithsonian
