"There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at another it's a hold, and at another it's a sell." --Seth Klarman
Todd Combs to succeed Bill Roberts, who will retire at the end of 2020
In his 2019 Annual Book Review [Chinese], Li Lu recommends The Other Half of Macroeconomics and the Fate of Globalization. [H/T @mastersinvest]
Is China Beating America to AI Supremacy? - by Graham Allison (LINK)
Amazon Advertising, Explained (LINK)
Banks Own Thousands of Railcars but Don't Know What to Do With Them ($) (LINK)
A Sea Change in Fuel Prices Is Imminent ($) (LINK)
January’s deadline to use cleaner marine fuel could ripple through the global fuel market on land and sea
Martin Stopford at the 2019 Hong Kong Maritime Forum - Where We Are in the Shipping Cycle Today (video) (LINK)
Related book: Maritime Economics - by Martin StopfordHyman Minsky explains financial fragility in his own words (November 1987 video) [H/T Ritholtz] (LINK)
We’ve just had the best decade in human history. Seriously - by Matt Ridley (LINK)
Grant’s Current Yield Podcast: Winter reading (LINK)
Related book: Great Society: A New History - by Amity ShlaesWall Street Unplugged Podcast: The best value ideas for 2020 [with Jonathan Boyar] (LINK)
The Tim Ferriss Show (podcast): #403: Tony Fadell — On Building the iPod, iPhone, Nest, and a Life of Curiosity (LINK)
The Knowledge Project Podcast: #72 Neil Pasricha: Happy Habits (LINK)
How a 35,000-Year-Old Frozen Woolly Mammoth Tastes (LINK)
The Two Kinds of Moderate - by Paul Graham (LINK)