Our team comes across hundreds of weird and wonderful reads in our daily research. Below are the handful that stood out for us last month.
Not everything below is technically about investing—but everything relates back to investing or decision-making in some way.
Medium.com (Shane Parrish @ Farnam Street) – Charlie Munger Holds Court at the 2016 Daily Journal Meeting
“Most people don’t pay enough attention to opportunity cost. Bridge players know about opportunity cost. Poker players know about opportunity cost. American faculty members and other important people, they hardly know their ass from a plate of hot squash.” – Charlie Munger
CFA Institute blog – Active vs. Passive Investing and the “Suckers at the Poker Table” fallacy
“How can Buffett say passive investing is best for most people and also an “enormous advantage” for active investors like him? If it helps everyone else, how can it also help him? The opposite view is sometimes described as the “suckers at the poker table” hypothesis — the theory that an increase in passive investing is bad for active investors like Buffett because the fewer suckers there are to fleece, the less profit there is for smart active investors. So which view is right?” – Druce Vertes
New York Times – Some Heresy on Wall Street: Look Past the Quarter
Larry Fink continues his crusade for long-termism:
“To be clear, we do believe companies should still report quarterly results — long-termism should not be a substitute for transparency,” he said. “But C.E.O.s should be more focused in these reports on demonstrating progress against their strategic plans than a one-penny deviation from their E.P.S. targets or analyst consensus estimates.”
The Economist – Why the markets fear Brexit
The Economist – A background guide to “Brexit” from the European Union
“In truth, my husband and I were persons of ‘quite different construction, different bent, completely dissimilar views.’ But we always remained ourselves, in no way echoing nor currying favor with one another, neither of us trying to meddle with the other’s soul, neither I with his psyche nor he with mine. And in this way my good husband and I, both of us, felt ourselves free in spirit.”
McKinsey & Company – Getting Behind the BS of Leadership Literature
“(The) consuming interest in leadership and how to make it better has spawned a plethora of books, blogs, TED talks, and commentary. Unfortunately, these materials are often wonderfully disconnected from organizational reality and, as a consequence, useless for sparking improvement.” – Jeffrey Pfeffer