"Accepting that we cannot predict the future—i.e., that there will always be unexpected and highly consequential events—is the first step in becoming less fragile and more adaptable. People should be highly skeptical of anyone's, including their own, ability to predict the future, and instead pursue strategies that can survive whatever may occur." --Seth Klarman (Source)
The Art of (Not) Selling [Akre Capital Management] (LINK)
The Future of America’s Contest with China - by Evan Osnos (LINK)
7 Reasons Why Video Gaming Will Take Over - by Matthew Ball (LINK)
Amazon Has Long Ruled the Cloud. Now It Must Fend Off Rivals. ($) (LINK)
In Carlos Ghosn’s Escape, Plotters Exploited an Airport Security Hole ($) (LINK)
Railroads are cutting workers at a pace not seen since the Great Recession [H/T Linc] (LINK)
What Will Happen In The 2020s - by Fred Wilson (LINK)
“What is Happening to US Shale Production?” [H/T Linc] (LINK)
The Acquirers Podcast: Gregory Zuckerman on Renaissance / Rentech (LINK)
Capital Allocators Podcast: Gregory Zuckerman – Decoding Renaissance Medallion (LINK)
Related book: The Man Who Solved the Market: How Jim Simons Launched the Quant RevolutionEconTalk (podcast): Melanie Mitchell on Artificial Intelligence (LINK)
Hidden Forces Podcast: Range: Why Generalists Triumph in Today’s Specialized World | David Epstein (LINK)
Related book: Range: Why Generalists Triumph in a Specialized World
Odd Lots Podcast: Why So Many Emerging Markets Are Blowing Up Right Now (LINK)
OPIS Crash Course Podcast: IMO 2020 Is Here! Refinery Impacts and Oil Price Analysis (LINK)
Sean "Diddy" Combs Has A Next-Level Conversation W/ Mentor Ray Dalio (video) [H/T Linc] (LINK)
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Chart of the day (with description), via John Hussman's "One Tier and Rubble Down Below":
As I’ve noted before, individual price/revenue ratios aren’t clear indications of value in and of themselves. Typically, low ratio stocks include retail, grocery, and banking companies, while high ratio stocks include technology and emerging growth companies. What’s more important is the comparison of each group with its own norms, as well as dispersion across the behavior of different groups.
Presently, it’s clear that except for the most expensive 10% of stocks, every other decile is at valuations 10-50% more extreme than those observed at the 2000 market peak.