"All investment is, is laying out some money now to get more money back in the future. Now, there’s two ways of looking at the getting the money back. One is from what the asset itself will produce. That’s investment. One is from what somebody else will pay you for it later on, irrespective of what the asset produces, and I call that speculation. So, if you are looking to the asset itself, you don’t care about the quote because the asset is going to produce the money for you." --Warren Buffett
Bogle Sounds a Warning on Index Funds [H/T Will] (LINK)
Brookfield Pulls Multibillion-Dollar U.K. Deal as Brexit Uncertainty Bites [H/T @rationalwalk] (LINK)
China is underestimating its US$3 trillion dollar debt and this could trigger a financial crisis, says economist [H/T @jasonzweigwsj] (LINK)
The Miseducation of Sheryl Sandberg (LINK)
David Rosenberg chats with Meb Faber (podcast) (LINK)
a16z Video: When Software Eats the Real (Estate) World (LINK)
Freakonomics Radio (podcast): Should America Be Run by … Trader Joe’s? (LINK)
Good news in the fight to stop one of the world’s oldest diseases - By Bill Gates (LINK)
George Church takes a more nuanced view than many scientists on the recently revealed gene editing of human babies (LINK)
The Insect Apocalypse Is Here: What does it mean for the rest of life on Earth? (LINK)
There’s a Spider That Makes Milk - by Ed Yong (LINK)
2.4-Million-Year-Old Stone Tools Turn Up in an Unexpected Place - by Ed Yong (LINK)
Book of the day (released this week): The Model Thinker: What You Need to Know to Make Data Work for You - by Scott E. Page
"Rationality resides in what you do, not in what you think or in what you "believe" (skin in the game).... Rationality is about survival." --Nassim Taleb, "Skin in the Game" [Related previous post: Filters, Beliefs, Survival and Crotchets]