Links

The Market Really Is Different This Time - by Jason Zweig (LINK)

The market has hit Dow 22000 not because of the individual investors Wall Street calls “the dumb money” but in spite of them. 

Over the past month, small investors have pulled $17 billion out of U.S. stock mutual funds and exchange-traded funds and added $29 billion to bond funds. That’s the latest leg of a long-term trend: Since the internet-stock bubble burst in 2000, investors have withdrawn half a trillion dollars from U.S. stock mutual funds.

Jeff Brotman Hit the Big Time With Costco (LINK)

“He was one of the smartest businessmen that has ever operated in America,” said Charles Munger, a Costco board member and vice chairman of Berkshire Hathaway Inc.

Rick Bookstaber is going to start blogging again (LINK)

More Bookstaber: The Four Horsemen of the Econopocalypse (LINK)

Related book: The End of Theory

Counting Boxes - by Eric Cinnamond (LINK)

A Dozen Lessons about Angel Investing from Jason Calacanis (Poker Edition) - by Tren Griffin (LINK)

Finding “Unicorns:” Questions to Ask Before You Invest in a Startup (LINK)

The Transformation of the ‘American Dream’ - by Robert Shiller (LINK)

Masters in Business podcast: Richard Clarida of Pimco on the New Neutral of Monetary Policy (LINK)

a16z Video: What is the S-curve? (LINK)

Have Smartphones Destroyed a Generation? [H/T @morganhousel] (LINK)