Latticework of Mental Models: Inversion (LINK)
Warren Buffett on Bloomberg (video) (LINK)
Warren Buffett on Fox Business (video) [H/T Will] (LINK)
Of would-be $1B fees, trips to Omaha and hardball negotiating: Behind the scenes of the Precision-Berkshire deal [H/T Linc] (LINK)
Would Seth Klarman Buy His Own Book? (LINK)
Chanos' new big short? Cheniere Energy (video) (LINK)
Queen Elizabeth vs Victoria: their reigns in numbers (LINK)
One area in which the Victorians definitely had the edge over the Elizabethans was in the value of the pound. Price rose in the 19th century, of course, but there were also times when they fell back — and prices were often dependent on how good the harvest was in any given year.
A new, and global, phenomenon was the persistent rise in prices seen from the 1970s until the 1990s. Average prices are now some 1,820 per cent higher than in 1952, equating to 4.8% inflation per year since then.
Book of the day [H/T @farnamstreet]: The Aspirational Investor: Taming the Markets to Achieve Your Life's Goals