Related book: A Powerful Mind: The Self-Education of George WashingtonThe $3.5 Million Buffett Lunch Special (LINK)
Warren Buffett’s Dicey Power Play [H/T Will] (LINK)
Henry Kravis Q&A: ‘Worry About What You Might Lose on the Downside’ [H/T @iancassel] (LINK)
One Unspoken Reason Behind the LinkedIn Sale [H/T Linc] (LINK)
Microsoft and Apple Double Down - by Ben Thompson (LINK)
Leithner Letter Nos. 200-204 (July-October 2016) (LINK)
Non-GAAP Measures: An Investor Perspective (CFA Webinar) (LINK)
German 10-Year Government Bond Yields Dip Below Zero for First Time (LINK)
Hussman Weekly Market Comment: Like Water Out of a Sponge (LINK)
Last week, the 10-year Treasury yield dropped to just 1.6%. Technician Walter Murphy noted that his index of global 10-year yields also plunged to an all-time low. The overall structure of global bond yields is undoubtedly the outcome of years of aggressive monetary easing, though the break to fresh lows among European bank stocks may convey some additional information content. Of course, the compression of prospective investment returns isn’t limited to bonds. On the basis of the valuation measures best correlated with actual subsequent S&P 500 total returns across history, prospective 10-12 year S&P 500 nominal total returns have declined to just 0-2% by our estimates, with negative real expected returns on both horizons.a16z Podcast: Move Fast But Don’t Break Things (When It Comes to Computational Biology) (LINK)
On Reading Issues of Wired from 1993 to 1995 (LINK)
Malcolm Gladwell: Why mass shootings, like Orlando's club attack, keep happening (video) (LINK)
Related Gladwell article from last year: THRESHOLDS OF VIOLENCE