“You gain more by not being stupid than you do by being smart. Smart gets
neutralized by other smart people. Stupid does not.”
– Phil Birnbaum
book of the week
Shoe Dog, Phil Knight – memoir by the founder of Nike. I found the book extremely difficult to put down, predominantly because you’re always waiting to see how the company was going to survive the next week! An exhilarating story that highlights the tribulation & effort required to get a business off the group.
Rating: 4/5
weekly links
Notes from the Great Investors Best Ideas Conference
Eric Cinnamond on Buffett 1999 vs. today
Eric Cinnamond being contrarian
QVG capital Sep report
Evolving Economics on the benefit of doing nothing
Arquitos Capital AGM presentation
20 lessons from Seth Klarman
Sapient Capital Sep report
Long Cast Advisers discusses his thought process
Long Cast Advisers Q3 2017
Geoff Gannon has been writing a lot lately:
Danger of holding great stocks
Bought a new stock: 50% position (spoiler alert, it’s Nacco Industries)
Munger on the need to under-perform
Jack Bogle talking about Buffett
Boole Microcap Fund on old school Buffett
Cyan Investment Management Sep Update
The Science of Hitting on being consistent
Vitaly Katsenelson on finding investments today
LT3000 discussing Australian debt
Cable Car Capital latest update
Arowana Sep Update
Frank Martin on Tail Risk
Crossing Wall Street’s watch list
Horizon Kinetics on the role of active managers
Stone House Parterns up 157% YTD
A play-by-play of the ’87 stock market crash (a good read)
Graham & Doddsville latest
LT3000 on why he isn’t worried about war
Avenir Capital Jun Update
Michael Maubossin on reversion to the mean
Rick Bookstaber on the potential for an ETF meltdown
Science of Hitting – misc
Science of Hitting – losers average losers
GreenWood Investors update
Cove Street Capital update
