"It makes more sense...to buy a wonderful business at a fair price, than a fair business at a wonderful price.... I’ve changed my focus...over the years in that direction.... It’s not hard when you watch businesses for 50 years...to learn a few things about them, as to where the big money can be made. Now, you say when did it happen? It’s very interesting on that. Because what happens, even when you’re getting a new, important idea, is that the old ideas are still there. So there’s this flickering in and out of things. I mean, there was not a strong, bright red line of demarcation where we went from cigar butts to wonderful companies.... But we moved in that direction, occasionally moved back, because there is money made in cigar butts. But overall, we’ve kept moving in the direction of better and better companies." --Warren Buffett (2003)
Rob Vinall's 2018 investor letter [registration required] (LINK)
Brent Beshore on the Tropical MBA Podcast (LINK)
Related book: The Messy Marketplace
David Marcus: Great Owner-Operators in Europe (audio) (LINK)
Notes From Sohn London Investment Conference (LINK)
Why Some Platforms Thrive and Others Don’t [H/T @FourFilters] (LINK)
Blockchain Can Wrest the Internet From Corporations' Grasp - by Chris Dixon (LINK)
Misunderstanding Liquidity, Misunderstanding QT [H/T @modestproposal1] (LINK)
You Can’t Debunk MMT - by Cullen Roche (LINK)
Bob Rodriguez: Recent Market Turmoil a 'Preamble' to Bigger Crisis [H/T @jessefelder] (LINK)
RA Conversations: The Flattening Yield Curve (LINK)
Exponent Podcast: Episode 158 — A Significant Shift (LINK)
What’s Next for Education Startups (LINK)
Recode Media with Peter Kafka: Harvard’s Susan Crawford on the importance of fiber internet (podcast) (LINK)
Related book: Fiber: The Coming Tech Revolution―and Why America Might Miss ItHigh-performance medicine: the convergence of human and artificial intelligence - by Eric J. Topol (LINK)
Edge #525: Judith Rich Harris: 1938 - 2018 (LINK)
Plants Can Hear Animals Using Their Flowers - by Ed Yong (LINK)