"We live on a planet of inexperience, with an unknown future, forced to make decisions based only on the past, a past that may prove to be a limited guide to the future. On this planet we are drawn away from strict optimization and toward heuristics." -Richard Bookstaber (The End of Theory)
Buffett's Berkshire Hathaway Nears $18 Billion Deal for Oncor (LINK)
Berkshire Hathaway's Clayton Buys Oakwood Homes [H/T Linc] (LINK)
Central Banks’ Reversals Signal the End of One Era and the Beginning of Another - by Ray Dalio (LINK)
What I Believe Most - by Morgan Housel (LINK)
Normalizing Earnings and Real Rates - by Eric Cinnamond (LINK)
Forget an IPO, Coin Offerings Are New Road to Startup Riches ($) (LINK)
Two obscure companies with no sales raised nearly $400 million combined in recent days from outside investors. How did they do it? Via a new, unregulated fundraising method that has no connection to Wall Street and is based in the world of cryptocurrencies.
Revisionist History podcast: "The Foot Soldier of Birmingham" (LINK)These fundraisings, called “Initial Coin Offerings,” are exploding in value. So far this year, companies have raised more than $1 billion this way. That is 10 times the amount raised in 2016, according to Smith & Crown, a digital-currency research firm.
The Bipartisan Fight for Quieter Oceans - by Ed Yong (LINK)