Earlier this year we introduced Ben Darwin’s insightful work on how relationships within teams (‘cohesion’) are important drivers of success or failure, and often overlooked in most conventional analysis which tends to study talent and leadership.The Fairness Principle: How the Veil of Ignorance Helps Test Fairness (LINK)
Lessons for 2017 from a Man Who ‘Called’ the Crash of 1929 - by Jason Zweig (LINK)
30% of Your Assets in Bitcoin? - by Jason Zweig (LINK)
Fund manager Bill Miller, who beat the market for 15 years in a row only to lose 55% in 2008, is bullish on bitcoin.
How I Built This podcast -- Chipotle: Steve Ells (LINK)The former manager of the Legg Mason Value Trust mutual fund, Mr. Miller now runs his own investment firm, Miller Value Partners LLC, in Baltimore. Among its $2.3 billion in assets is a $154 million hedge fund, MVP 1. The fund is up 72.5% so far this year, Mr. Miller said in an interview. It has about 30% of its assets in bitcoin, he said, up from about 5% in 2016.
In 1992, Steve Ells was a classically trained chef working in a high-end restaurant in San Francisco. But after eating a burrito at a local taqueria, he got an idea: to sell burritos and earn enough money to open his own gourmet restaurant. The first Chipotle opened in Denver the following year. Bringing his culinary training to taqueria-style service, Steve Ells helped transform the way we eat fast food.Grant’s Podcast: The stability paradox (LINK)
The David Rubenstein Show: Satya Nadella (video) (LINK)
Related book: Hit RefreshIn case you missed this earlier... An interview with Tamás Vincze, author of "Eighteen and Cancer"
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Investing quote of the day, via Benjamin Graham's The Interpretation of Financial Statements:
If the market price of some issue appears out of line with the facts and figures available, it will often be found later that the price is discounting future developments not then apparent on the surface. There is, however, a frequent tendency on the part of the stock market to exaggerate the significance of changes in earnings both in a favorable and unfavorable direction. This is manifest in the market as a whole in periods of both boom and depression, and it is also evidenced in the case of individual companies at other times.
At bottom the ability to buy securities—particularly common stocks—successfully is the ability to look ahead accurately. Looking backward, however carefully, will not suffice, and may do more harm than good. Common stock selection is a difficult art, naturally, since it offers large rewards for success. It requires a skillful mental balance between the facts of the past and the possibilities of the future.