"You have to keep learning that you don’t know, because you find models that work, ways to make money, and then they blow sky-high. There’s always somebody around who looks very smart. I’ve learned that the people who are the most smart aren’t going to make it. What’s great about this business is that you keep learning. In fact, I don’t know anybody who left investing to become an engineer, but I know a lot of engineers who left engineering to become investors. It’s just so infinitely challenging. You just have to be prepared to be wrong and to understand that your ego had better not depend on being proven right. Being wrong is part of the process. It’s really why the market fluctuates." --Peter Bernstein [Source]
The Psychology of Prediction - by Morgan Housel (LINK)
Billionaire’s 2005 ‘Almanack’ of sage advice finds an audience in S.F. tech world (LINK)
Related book: Poor Charlie's AlmanackBlind Spots in Investing (LINK)
The Amazing Story of Guidewire Software (LINK)
Horizon Kinetics' 2nd Quarter Commentary (LINK)
The Mirage of Cloud Gaming (And How to Reach the Oasis) - by Matthew Ball (LINK)
Cloud game delivery and "Netflix of Gaming" are the big new "things" in media today. But they're unlikely to deliver the player or playtime growth that many expect.D.I.Y. Private Equity Is Luring Small Investors (LINK)
Amateur investors are setting up high-risk, high-return deals on their own, but the key to success varies.This Banker Gets to Drink Wine All Day ($) (LINK)
China’s Built a Railroad to Nowhere in Kenya [H/T @wolfejosh] (LINK)
Acquired Podcast: Huawei (LINK)
Notre-Dame came far closer to collapsing than people knew. This is how it was saved. [H/T @morganhousel] (LINK)
The Human Brain Project Hasn’t Lived Up to Its Promise - by Ed Yong (LINK)
Book of the day: The Moon: A History for the Future