"The cost of every deal we do is measured by the second best deal that’s around at a given time, including doing more of some of the things we’re already in." --Warren Buffett (2001)
"Charlie and I always figure that our cost of capital is what could be produced by our second best idea. And then our best idea has to exceed that." --Warren Buffett (2014)
Twenty Years of Owning Berkshire Hathaway (LINK)
Broyhill 2019 Annual Letter (LINK)
Risk and loss aversion in ergodicity economics (LINK)
The a16z Marketplace 100 (LINK)
The Cutting Room Files, Part 7: Europe - by Peter Zeihan (LINK)
Bob Iger on The Bill Simmons Podcast (LINK)
Ben Thompson on The Bill Simmons Podcast (LINK)
The Acquirers Podcast: Dylan Grice (LINK)
Macro Voices Podcast: #206 Chris Cole: Optimizing portfolio construction for changing times [22:02 mark] (LINK)
Acquired Podcast: Sequoia Capital Part II (with Doug Leone) (LINK)
Sir William Osler’s Advice to Students: Practice Concentrating on Hard Things (LINK)
The Cascading Consequences of the Worst Disease Ever - by Ed Yong (LINK)