"We don’t play big trends. We don’t think about demographic trends or anything of the sort.... Big trends, they just don’t mean that much. There’s too much money to be made from year to year to think about things that take decades to manifest themselves." --Warren Buffett (2006)
Brilliant stock picker John Neff, who ran Vanguard's Windsor Fund and built Penn’s endowment, dies at 87 (LINK)
Terry Smith presents the full Fundsmith FEET 2019 Annual Shareholders' Meeting (video) (LINK)
A 2017 paper from Ernst & Young: "Getting ROIC right" [H/T @_inpractise] (LINK)
Related paper: "Calculating Return on Invested Capital" (Mauboussin, Callahan); Related book (2006): Cash Return on Capital Invested: Ten Years of Investment Analysis with the CROCI Economic Profit ModelThe Joe Rogan Experience (podcast): #1309 - Naval Ravikant (LINK)
Related podcast: Naval: How to Get Rich: Every Episode
The Ezra Klein Show (podcast): Michael Lewis reads my mind (LINK)
Conversations with Tyler (podcast): Russ Roberts on Life as an Economics Educator (LINK)
Standard Deviations Podcast: Brent Beshore - Building a “Baby Berkshire” (LINK)
Crazy/Genius Podcast: Influencers: Frauds or the Future of Online Commerce? (LINK)
Venture Stories Podcast: A Deep Dive On InsureTech with Karn Saroya and Sheel Mohnot (LINK)
Solvable Podcast: Homelessness is Solvable (LINK)
Malcolm Gladwell talks to Rosanne Haggerty about ending homelessness for everyone. Forever.Kevin Kelly on Still Untitled: The Adam Savage Project Podcast (LINK)
AI: Hype vs. Reality Podcast: AI On The Job (LINK)