"When bargains are scarce, value investors must be patient; compromising standards is a slippery slope to disaster. New opportunities will emerge, even if we don’t know when or where." - Seth Klarman
CBS Sunday Profile: Warren Buffett (video) [H/T Linc] (LINK)
Buffett's Fruit of the Loom Tries on Subscription Underwear [H/T Linc] (LINK)
The Interesting Story of the Founding of the Fed - by John Huber (LINK)
Related book: America's Bank: The Epic Struggle to Create the Federal ReserveTax Cuts, Debt, & The Pretense of Knowledge - by Frank Martin (LINK)
Platform business models are transforming insurance – by Sangeet Paul Choudary (LINK)
Bitcoin, Ignorance, and You - by Jason Zweig (LINK)
The Winklevoss twins' September 17, 2013 Value Investing Congress presentation on Bitcoin (LINK)
Bitcoin Storms Wall Street (LINK)
And to repeat from last week... Howard Marks' comments about Bitcoin in his last memo ("Yet Again?"), which he wrote after chatting with the Horizon Kinetics team and others, are also worth revisiting (starting on page 4).
The cannibalizing effect of share buybacks. Are there parallels with Japan’s bubble years? (LINK)
Tim O'Reilly: "WTF?: What's the Future and Why It's Up to Us" | Talks at Google (LINK)
Exponent Podcast: Episode 133 — Two Terrible Options (LINK)
Reading at work - by Seth Godin (LINK)
Voyager 1 Fires Up Thrusters After 37 Years [H/T Linc] (LINK)
Scallops Have Eyes, and Each One Builds a Beautiful Living Mirror - by Ed Yong (LINK)
We Might Absorb Billions of Viruses Every Day (And that’s a good thing.) (LINK)
The Complicated Legacy Of A Panda Who Was Really Good At Sex [H/T @edyong209] (LINK)
Book of the day [H/T Evan Osnos]: The China Fantasy
"When people are free to do as they please, they usually imitate each other." - Eric Hoffer