Sublime
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This leads us to the discussion regarding the appropriate starting point for the cost-of-capital number.
Gautam Baid • The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)
Most individuals do not have a sufficiently long time to recover from large drawdowns from any one risky asset class.
Meb Faber • Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies
Another benefit is the potential to find patterns.
Michael J. Mauboussin • Think Twice: Harnessing the Power of Counterintuition
Money entering a market boosts returns and reduces volatility, leading to very strong (realized) performance. This attracts more money, which improves performance even more. A positive feedback loop ensues.
Abraham Thomas • Minsky Moments in Venture Capital
• Many people seem to attach less importance to lifetime careers and advancement.
Howard Marks • Howard Marks Memo - The Winds of Change
opportunities, or to assess the likelihood that investments and assets would crater in value.
Thomas H. Davenport • Big Data at Work: Dispelling the Myths, Uncovering the Opportunities
We are therefore left with a useless tautology: To estimate value, we require an estimate of value.
Michael J. Mauboussin • Expectations Investing: Reading Stock Prices for Better Returns, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)
Were there no uncertainty, but merely quantifiable risk in patterns of production and consumption, competition would drive all prices to a stable and commoditized equilibrium.