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The best investment is in yourself. But the second-best is almost always in a business that does something you understand, run by people you trust, at a price that makes sense.

Charlie Munger, Berkshire Hathaway Annual Shareholder Meeting (2010)
3d ago

Compelling answers about the big questions about AI can inform the most important economic and foreign policy decisions that will ever be made, the deployment of (at least) hundreds of billions of philanthropic dollars, and the training and governance of superintelligences.

5d ago

We accept the verdict of the past until the need for change cries out loudly enough to force upon us a choice between the comforts of inertia and the terrors of a too-little-explored future.

1w ago

The best business decision is often the one you don't make. Most of life's errors come from doing the wrong thing, not from doing nothing.

2w ago

The best thing a company can do is compound capital efficiently over decades. But the second-best thing is to be so boring that people forget to worry about you.

2w ago

But it is hard to find much sign that it is doing so. And Gillian Tett: [I]nvestors need to get better at imagining — and pricing — once-unimaginable disasters. This is hard. No business school teaches students how to model something like a presidential threat to wipe out a civilisation.

2w ago

The big money is not in the buying and selling, but in the waiting. If you have the capital and the patience, you can ride out the volatility and let compounding do the work.

3w ago

The best decisions in business often come from understanding what you don't know rather than from expertise in what you do. Most people are taught to eliminate ignorance, but the real skill is in recognizing which ignorance matters.

3w ago
3quarksdaily.com
War on Iran

The world has never seen an interruption on this scale to the supply of stuff. It easily surpasses the 1979 oil crisis, sparked by the Iranian revolution, in which crude oil production declined by 4 percent. Forty-seven years later, Hormuz is the passageway for one fifth of the world's crude oil and one fifth of its liquefied natural gas. It's also the transit point for a third of exported urea—a feedstock used for making fertilizer which grows the food for an estimated half of the world's population.

4w ago

Companies hope that biometric age-verification tech in cartridges could put flavored vapes back in business. But it's unlikely to solve the real problems.

4w ago

One cannot simultaneously prevent and prepare for something. It is enough that we prepare for the one or the other.

4w ago

The best way to think about capital allocation is not how much money you make, but how much you keep after you've paid taxes, inflation, and the cost of maintaining your standard of living.

4w ago

Robin Saxby put out a goal to make the ARM ISA the global standard for CPUs. And if you go back to early 1990s, there were a lot of CPUs out there and also there was not an IP business, there really wasn't a very good fabless semiconductor model, and there was not a very good set of tools to develop SoCs. So in some ways, and this is what I love about the company, it was a bit of a crazy idea because you didn't really have all the things in place necessary to go off and do that.

4w ago

The best way to think about capital allocation is not how much money you make, but how much you keep after accounting for the permanent loss of capital. Most investors focus on returns; the best ones obsess over never losing what they've built.

1mo ago

Once the technical capacity for mass surveillance and political suppression exists, the only thing standing between us and an authoritarian surveillance state is the political expectation that this is not something we do here.

1mo ago

Volatility is suppressed until it's not. You can't choose which chart you'll get. There's no BTFD without YOLO and FUD.

1mo ago

What if AI is not a great collaborator like we are being promised that empowers, but a great destroyer?

1mo ago

Underscored — save the words that stop you in your tracks.

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