"We tend to prefer the business which drowns in cash. It just makes so much money that one of the main principles of owning it is you have all this cash coming in. There are other businesses, like the construction equipment business of my old friend John Anderson. And he used to say about his business 'You work hard all year, and at the end of the year there’s your profit sitting in the yard.' There was never any cash. Just more used construction equipment. We tend to hate businesses like that." --Charlie Munger (2008)
Activist Investor Webb Proposes Change for Hong Kong's Voting System (video) (LINK)
Great Talks Most People Have Never Heard [H/T @BrentBeshore] (LINK)
The Acquirers Podcast: Thomas Braziel on distressed activism (LINK)
The Meb Faber Show (podcast): #175 - The Biggest Valuation Spread In 40 Years? (LINK)
The Ezra Klein Show (podcast): Randall Munroe, the genius behind XKCD (LINK)
Related book: How To: Absurd Scientific Advice for Common Real-World ProblemsThe Peter Attia Drive Podcast: #71 - Katherine Eban: Widespread fraud in the generic drug industry (LINK)
Related book: Bottle of Lies: The Inside Story of the Generic Drug BoomBook of the day [H/T @jasonzweigwsj]: Bubble in the Sun: The Florida Boom of the 1920s and How It Brought on the Great Depression