"A really wonderful business is very well protected against the vicissitudes of the economy over time and the competition. I mean, we’re talking about businesses that are resistant to effective competition. And three of those will be better than 100 average businesses. And they’ll be safer, incidentally. There is less risk in owning three easy-to-identify, wonderful businesses than there is in owning 50 well-known, big businesses." --Warren Buffett (1996)
Putting the Buy-and-Hold Gospel to the Ultimate Test - by Jason Zweig ($) (LINK)
Microsoft Is the Surprise Winner of a $10B Pentagon Contract (LINK)
How much longer can the debt-burdened consumer hold up the U.S. economy? (LINK)
The Fall of WeWork: How a Startup Darling Came Unglued ($) (LINK)
Adam Neumann Is the Most Talented Grifter of Our Time - by Derek Thompson (LINK)
Acquired Podcast: The WeWork “Acquisition” (LINK)
The Acquirers Podcast: Connor Haley talks long/short microcaps (LINK)
Exponent Podcast: 176 — The Second Estate Era (LINK)
Sequoia - Remembering Don Valentine (LINK)
Fossil trove shows life's fast recovery after big extinction [H/T Linc] (LINK)