"When you’re trying to determine something like intrinsic value and margin of safety and so on, there’s no one easy method that could be simply mechanically applied by, say, a computer and make anybody who could punch the buttons rich. By definition, this is going to be a game which you play with multiple techniques and multiple models, and a lot of experience is very helpful. I don’t think you can become a great investor very rapidly any more than you could become a great bone tumor pathologist very rapidly. It takes some experience and that’s why it’s helpful to get a very early start.... We’ve never had any system for being able to make correct judgments on the values of all businesses. We throw almost all decisions into the too hard pile, and we just sift for a few decisions that we can make that are easy. And that’s a comparative process. And if you’re looking for an ability to correctly value all investments at all times, we can’t help you." --Charlie Munger (2007)
"We know how to step over one-foot bars. We don’t know how to jump over seven-foot bars. But we do know how to recognize, occasionally, what is a one-foot bar. And we know enough to stay away from the seven-foot bars, too." --Warren Buffett (2007)
On Writing - by Chris Pavese (LINK) [A big thanks to Jason Zweig for the writing series last year (Part 1, Part 2, Part 3), and to Chris for this summary of some key points. I've also added Chris' highlights of Jason's series to the end of my file on writing tips.]
Lucy Kellaway on turning 60 — and starting out afresh [H/T @jasonzweigwsj] (LINK)
Shopify and the Power of Platforms - by Ben Thompson (LINK)
The Amazon Arbitrage - by David Perell (LINK)
History of Public SaaS Returns and Valuations (LINK)
Six Reasons Why the Rebate Rule Failed—And What’s Next (LINK)
Value Investing with Legends: Taking a Top-Down Approach to Value Investing [with Jean-Marie Eveillard] (LINK)
Venture Stories Podcast: The Intersection of Financial Services and Marketplaces (LINK)
The James Altucher Show: 470 - Ramit Sethi: (Part 2) (LINK)
Related book: I Will Teach You to Be RichRevisionist History Podcast: Good Old Boys (LINK)
Stuff You Should Know Podcast: How Sloths Work (LINK)
Have You Seen Britain’s Tiny Potential Tree-Killer, the Adorable Spittlebug? (LINK)
A Groundbreaking Study Is Good News for Cats—And People - by Ed Yong (LINK)