Links

“The greatest hindrance to living is expectancy, which depends upon the morrow and wastes today. You dispose of that which lies in the hands of Fortune, you let go that which lies in your own. Whither do you look? At what goal do you aim? All things that are still to come lie in uncertainty; live straightway!” -Seneca (On the Shortness of Life)

Transcript of a talk Sanjay Bakshi gave this week: What Do Conservative Value Investors Look For In Risk Seeking Entrepreneurs? (LINK)

Michael Mauboussin reflects on 30 years in the markets (FT Alphachat podcast) (LINK)

Related paper: Reflections on the Ten Attributes of Great Investors

Small Things that Make a Big Difference - by Ian Cassel (LINK)

Renowned value investor Francis Chou is willing to wait on a bargain (LINK)

BNSF Announces Plan for 2017 Capital Investments [H/T Linc] (LINK)

A Default in China Spreads Anxiety Among Investors [H/T Matt] (LINK)

What did NAFTA really do? [H/T @cullenroche] (LINK)

Ed Thorp on the Chat With Traders podcast (LINK)

Related book: A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market - by Edward O. Thorp

Exponent podcast: Episode 102 — Snakes and Ladders (LINK)

Ben and James discuss the history of messaging apps, the rise of Snapchat, and why Instagram Stories was such a brilliant move.

Tim Ferriss on the Recode Decode podcast (LINK)

Related book: Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers

Scientists create a part-human, part-pig embryo — raising the possibility of interspecies organ transplants [H/T Linc] (LINK)

How Life (and Death) Spring From Disorder [H/T @mjmauboussin] (LINK)

Life was long thought to obey its own set of rules. But as simple systems show signs of lifelike behavior, scientists are arguing about whether this apparent complexity is all a consequence of thermodynamics.

Book of the day: Process and Reality - by Alfred North Whitehead

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[Below is a section from the Oaktree video linked to yesterday--a discussion between Howard Marks and Ian Schapiro--that I thought was worth posting here for easy future reference.]

Risks to Avoid:

• Commodity Risk
• Turnaround Risk
• Technology/Start-up/Venture Risk
• Leverage Risk
• Regulatory Risk
• Inertia Risk