"If you’re analyzing something like WD-40, or See’s Candy, or our brick business, or whatever...they may have good or bad prospects but you’re not likely to be fooling yourself much about what’s going on currently. But with financial institutions, it’s much tougher. Then you throw in derivatives on top of it, and...no one probably knows perfectly — or even within a reasonable range — the exact condition of some of the biggest banks in the world.... I just think you have to accept the fact that insurance, banking, finance companies — we’ve seen all kinds of finance company...frauds and just big mistakes over time — just one after another over the years. It’s just a more dangerous field to analyze. It doesn’t mean you can’t make money in it. We’ve made a lot of money on it. But it’s difficult." --Warren Buffett (2005)
Influencers Transcript and Video (Yahoo Finance): Charlie Munger (LINK)
Berkshire Takes Tax Hit as Victim of ‘Ponzi-Type’ Solar Scheme [H/T Linc] (LINK)
U.S. Recession Would Spur ‘Massive’ Corporate Bond Losses, Eisman Says (LINK)
Chick-fil-A’s Lean Menu Helps Chain Bulk Up ($) (LINK)
Jeremy Grantham on the battle to save society from climate change: ‘We’re not winning’ ($) (LINK)
The Intelligent Investing Podcast: Christian Olesen - Cambria Automobiles (LINK) [Disclosure: As of the date of this post, I own shares for myself and clients at Sorfis Investments in Cambria Automobiles.]
The Empty Promise of Data Moats (LINK)
Venture Stories Podcast: Tim O’Reilly and Parker Thompson on Company Building, Venture Capital, and Inequality (LINK)
Crazy/Genius Podcast: Why Should We Care About Privacy? (LINK)
A Dying Teenager’s Recovery Started in the Dirt - by Ed Yong (LINK)