A Taxonomy of Moats (Reaction Wheel)
Three Big Things: The Most Important Forces Shaping the World (Collaborative Fund)
“Every current event — big or small — has parents, grandparents, great
grandparents, siblings, and cousins. Ignoring that family tree can muddy
your understanding of events, giving a false impression of why things
happened, how long they might last, and under what circumstances they
might happen again. Viewing events in isolation, without an appreciation
for their long roots, helps explain everything from why forecasting is hard to
why politics is nasty.”
“There are so many things happening today that aren’t easy to grasp without
a working knowledge of the 75-year-old wartime forces that got them going
in the first place. To me, the war is fascinating to study not because of what
happened, but what it went on to influence.”
1. A demographic shift that reconfigures modern economies.
2. Wealth inequality that’s grown for four decades hits an inevitable breaking point.
3. Access to information closes gaps that used to create a social shield of ignorance.
Fat, Happy, And In Over Your Head (Collaborative Fund)
“At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history. Heller responds,“Yes, but I have something he will never have … enough.”
Would the Market Care if the President Was Impeached? (A Wealth of Common Sense)
There are a few reasons it’s so difficult to predict how political events will impact the markets:
1. There’s a big difference between the news itself and the market’s reaction to the news.
2. The sample size is extremely small.
3. Investors should keep politics out of their portfolio.
WeWork Lessons That Apply To Lots of Stuff (Collaborative Fund)