"What could cause a market decline? A drop in investor confidence -- perhaps the commodity that's most freely available today -- would likely be the key, but the reason is hard to foresee. "We're not expecting any surprises," people say, and that has become our new favorite oxymoron. Surprises are never expected -- by definition -- and yet they're what move the market. (If they were expected, their effects would already be priced into the market, rendering a price reaction unnecessary.) The next surprise might be geo-political (oil embargo, war in Korea), economic (tight money, slowing profit growth) or internal to the market (competition from bonds at higher interest rates, discovery of a fraud), but it's most likely to be something that no one has anticipated -- including us." - Howard Marks, September 1997 ("Are You An Investor or a Speculator?")
Jamie Dimon on CNBC (LINK)
The Arrogance and Conceit of a Well-Formed Argument | Hugh Hendry Outtake | Real Vision Video [H/T ValueWalk] (LINK)
The Break Up Of Big Tech (Scott Galloway, L2) | DLD 18 (video) (LINK)
Uber’s Next Chapter (Tanit Koch, Bild & Dra Khosrowshahi, Uber) | DLD 18 (video) (LINK)
A Tectonic Shift In The Platform Business (P. Kochikar, C. Schläffer, M. Bishop) | DLD 18 (video) (LINK)
How Alibaba’s “New Retail” Disrupts JD’s World (Part 1, Part 2, Part 3, Part 4)
Overconfidence: The mother of all biases. [H/T Daniel] (LINK)
Baby macaques are the first primates to be cloned like Dolly the Sheep (LINK)
When Your Eyes Move, So Do Your Eardrums - by Ed Yong (LINK)
Carl Sagan’s “The Pale Blue Dot” Animated (LINK)
Related previous post: Inspiration from the universe...