"If you're going to do anything new or different in the world, it is going to be misunderstood. Sometimes by well-meaning critics. Sometimes by self-interested critics. You'll get all kinds. And it's okay. It's all part of the process. The only way to avoid criticism altogether is to be completely conventional in everything you do. So how do you respond the the criticism?... What's the right thing to do? Well, I think the first thing you do is you ask: Are the critics right? You listen. You ask are they right? Or even if they're not completely right, is there some piece of it that's right that you can be inspired by? And then if you decide, by the way, that the answer is no—that you believe you have conviction that what you're doing is the right course—then no force in the world should be able to move you. You should have a deep keel. But if you decide that there is something, then you should change." --Jeff Bezos
Jeff Bezos receives the Sammies Spirit of Service award, and then chats with Michael Lewis [H/T ValueWalk] (it starts with 27 minutes left in the livestream video) (LINK)
Mohnish Pabrai Lecture at Boston College: "The Ten Commandments of Investment Management" (video) (LINK)
James Grant and Jason Zweig on WealthTrack (video) (LINK)
Hedge Fund Billionaire Rode the Worst Trade of His Life All the Way Down [Lampert/Sears] (LINK)
Introduction and Chapter One of Jonathan Tepper's new book, The Myth of Capitalism: Monopolies and the Death of Competition (LINK)
Stephen King’s 20 Rules for Writers (LINK)
"Generally speaking, there’s more felicity to be gained...from reducing expectations than in any other way." --Charlie Munger