Links

Bud Labitan made his book Moats free for all (LINK)

Read the letter Bill Gates sent to Microsoft employees for the company's 40th anniversary (LINK)

Life after Pimco: Mohamed El-Erian on economics, politics and his hope for a 'Sputnik moment' (LINK)

Q. Where is your money? Stocks? Treasuries? Bonds? 

A. It is mostly concentrated in cash. That’s not great, given that it gets eaten up by inflation. But I think most asset prices have been pushed by central banks to very elevated levels.

Some interesting thoughts on Amazon and Wal-Mart [H/T Linc] (LINK)

Richard Duncan visits the Peak Prosperity podcast (LINK)

Related book: The New Depression: The Breakdown of the Paper Money Economy

Hussman Weekly Market Comment: Stock-Flow Accounting and the Coming $10 Trillion Loss in Paper Wealth (LINK)

Many of the misconceptions that investors hold about the economy and the financial markets can be clarified by understanding the relationship between the “flow” and “stock” of various quantities in the economy.

Book of the day: The Way to Wealth: To which is added: The Whistle & The Advantages of Drunkenness - by Benjamin Franklin