"Sometimes there are plentiful opportunities for unusual return with less-than-commensurate risk, and sometimes opportunities are few and risky. It’s important to wait patiently for the former. When there’s nothing clever to do, it’s a mistake to try to be clever." -Howard Marks (via the presentation below)
The slides from Howard Marks' presentation ("The The Truth about Investing") are available HERE.
Via Negativa: Wisdom Through Subtraction (LINK)
David Einhorn Ratchets Up Pressure on GM (LINK)
Apollo Asia Fund: the manager's report for 1Q2017 (LINK)
Buyout Firms Are Magically -- and Legally -- Pumping Up Returns [H/T Matt] (LINK)
How Canada completely lost its mind over real estate [H/T Matt] (LINK)
The Long-Ignored Reptile Rewriting the Prologue to the Dinosaur Story - by Ed Yong (LINK)
Book of the day (to be released in May) [H/T @Sanjay__Bakshi]: The Wisdom of Finance: Discovering Humanity in the World of Risk and Return