"Controlling risk is the mark of a professional. Anybody can make money when the market goes up. And most of the time the market goes up. And anybody who takes above-average risk can do above average when the market rises. So achieving returns is not a point of distinction in good times. In my opinion, the distinction of a superior investor is achieving returns in good times with the risk under control, because you never know when the environment is going to shift from favorable to unfavorable. And the question is: are you prepared?" --Howard Marks
Cycles with Howard Marks, Julio Herrera, Jordon Kruse and Robert O'Leary (video) (LINK)
Greenhaven Road Capital Q3 2018 Letter [with an overview of new holding Box, Inc.] (LINK)
Apple’s Social Network - by Ben Thompson (LINK)
Sometimes, It’s Bonds For the Long Run - by Jason Zweig ($) (LINK)
How Tesla Made a Record Profit - by Charley Grant ($) (LINK)
Avenue’s Marc Lasry Sees Reckoning for Investment-Grade Company Bonds [H/T @ShaiDardashti] (LINK)
Book review: “The Myth of Capitalism” by Jonathan Tepper (LINK)
What’s Staying the Same (LINK)
5 Tactics Used By Passive-Aggressive Arguers (And The Best Forms of Defense) - by Robert Greene (LINK)
The Most Misread Poem in America [H/T @kevin2kelly] (LINK)
Why the Long Face, Extinct Dolphin? - by Ed Yong (LINK)
Bill Gates talks toilets (video) (LINK)