"The biggest thing, too, is to have something in the way you’re programmed so that you don’t ever do anything where you can lose a lot. I mean, our best ideas have not been better than other people’s best ideas, but we’ve never had a lot of things that pulled us way back. So we never went two steps forward and one step back. We probably went two steps forward and a fraction of a step back. But avoiding the catastrophes is a very important thing, and it will be important in the future." --Warren Buffett (2007)
The Agony of Hope Postponed, by a Value Investor (LINK)
Why 1925? - by Frank K. Martin (LINK)
Bill Nygren Market Commentary | 2Q19 (LINK)
Notes from Peter Thiel’s speech at the National Conservatism conference on July 14, 2019 [H/T @tylercowen] (LINK)
The Long View Podcast: James Montier: ‘How Do I Get Paid for Owning This Asset?’ [H/T Ritholtz] (LINK)
A great summary of Matthew Walker's key ideas on sleep via excerpts from his podcast chat with Peter Attia (LINK)