Sublime
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Embracing Paradox
Public markets reward predictability.
Patrick Vernon • Venture Capital Strategy: How to Think Like a Venture Capitalist
In 1938, John Burr Williams published a book called The Theory of Investment Value, a seminal articulation of the usefulness
Michael J. Mauboussin • Expectations Investing: Reading Stock Prices for Better Returns, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)
And let’s say he still went on to earn the extraordinary annual investment returns he’s been able to generate (22% annually), but quit investing and retired at age 60 to play golf and spend time with his grandkids. What would a rough estimate of his net worth be today? Not $84.5 billion. $11.9 million. 99.9% less than his actual net worth.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Everybody gets levered up the wazoo. If you can’t save because money does not retain value, then you have to be fully invested. If capital has all been misallocated such that price signals are unreliable and losses are artificially sustained, then any minor advantage has to be levered to achieve a satisfactory return. And if interest rates are
... See moreSacha Meyers • Bitcoin Is Venice: Essays on the Past and Future of Capitalism
