Sublime
An inspiration engine for ideas
- The muscles of portfolio construction and valuation atrophy, as consensus-driven ‘access’ dominates behavior and idiosyncratic risk falls out of favour.
- The typical ‘power law’ distribution of outputs collapses as few genuine outliers can be realised from a concentrated pattern of investment.
- As returns converge on a mediocre market-rate, investors
WIll Manidis • Risk Capital - Credistick
Lead the discussion by being assertive and open-minded.
Ray Dalio • Principles: Life and Work
Second, those who hold return-seeking capital assets but who do not lever up are comparatively disadvantaged if their competitors do.
Sacha Meyers • Bitcoin Is Venice: Essays on the Past and Future of Capitalism
Another lever was accountability. As the governor of Arkansas, Bill Clinton was confronted early on with an impossible equation whereby his constituents wanted more public spending, but they hated any politician that raised taxes to finance that spending. Clinton experienced the bitter results: after becoming governor in 1978, he lost his reelectio
... See moreNicolas Colin • Hedge: A Greater Safety Net for the Entrepreneurial Age
Berkshire Hathaway Inc. Annual Report 2024
An annual shareholder letter from Warren Buffett discusses Berkshire Hathaway's performance, investment strategy, management perspectives, company developments, mistakes, and updates on key businesses, emphasizing a long-term approach to capital allocation and growth.
berkshirehathaway.com
The latest piece from Russell Napier is a must-read for all investors.
The TL;DR:
• The world is moving to National Capitalism (Reshoring)
• Everyone will choose to inflate their debt away
• Don't own the S&P 500 ___LINEBREAK__... See more