"There are three words which are among the most important words in our business: I don't know. And if you don't know something...you should admit it—to yourself and to everybody around you. And I think personally that it's very freeing to say 'I don't know.' I think it's very, almost depressing, to feel that you have to have an opinion on every subject, even the ones where by definition you can't have superior knowledge." --Howard Marks (Hong Kong, October 26, 2018)
A good compilation of papers related to valuation [H/T @NeckarValue] (LINK)
Notes from Value Invest NYC - by Chris Mayer (LINK)
Reflections On Cash As An Option - by Frank K. Martin (LINK)
To Help Put Recent Economic & Market Moves in Perspective - by Ray Dalio (LINK)
Sen. Johnny Isakson Called FBI on Behalf of MiMedx Group - by Gretchen Morgenson and Charley Grant (LINK)
What’s Changed Since My First Column for Scientific American - by David Pogue [H/T Linc] (LINK)
The Woolly Mammoth Lumbers Back into View (LINK)