"Once you talk about something that’s an asset appreciation investment, ignoring the underlying economics of what you’re lending on, you’re really talking about the bigger-fool game. You’re saying...this is a silly price but there’ll be a bigger fool that comes along. And that actually can be a profitable game for a while. But it’s nothing that bankers should engage in." --Warren Buffett (2005)
"It’s obvious that the easy lending on houses causes more houses to be built and causes housing prices to be higher, probably, in the new field. Eventually, of course, if you construct enough of new anything, you can have a countervailing effect. If you build way too many houses, you’d eventually cause a price decline." --Charlie Munger (2005)
Jeff Bezos' 2018 Letter to Shareholders (LINK)
Cullen Roche on Minsky's Financial Instability Hypothesis (LINK)
A review of Merger Masters: Tales of Arbitrage (LINK)
Previously unknown human species found in Asia raises questions about early hominin dispersals from Africa (LINK)