Money and Finance

Links

Bill and Melinda Gates' 2016 Annual Letter (LINK)

Bill Gates on Charlie Rose (video) (LINK)

There are also news reports all over the place this morning that Bill Gates supports the FBI in the case with Apple. But that isn't exactly correct, which Gates discusses in THIS Bloomberg video from this morning.

Apple, the FBI, and Security - by Ben Thompson (LINK)

The Knowledge Project podcast: Julia Galef on Becoming More Rational, Changing Minds, and Filtering Information (LINK)

Nate Silver in conversation with Tyler Cowen (LINK)

Exclusive Insights from Jeff Gramm (videos) (LINK)

Related book (released today): Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism

The video of the 60 Minutes Australia segment on Australian house prices (LINK)

An Accident Waiting to Happen (LINK)

I don’t waste tons of time on macro analysis, but I think it’s folly to ignore macroeconomic data as well. As the most junior component in a corporation’s capital structure, equity has to be paranoid. Every level of a corporation’s capital structure is a derivative of the fundamentals of the corporation and a corporation’s fundamentals are to some degree a derivative of macroeconomic conditions. Therefore, I think it’s just doctrinaire and received wisdom to ignore macro factors.

There is a massive accumulation of inventory in the economy that has been underway for a few years. That’s fine coming out of recession, once the liquidation event has passed, but we’re seven years removed from entering the crisis and inventories are at their highest level since 2000, according to the inventory / sales ratio on Census Bureau[i] data.

Books of the day:

Innovation and Entrepreneurship - By Peter F. Drucker

The Story of Earth: The First 4.5 Billion Years, from Stardust to Living Planet

Science Matters: Achieving Scientific Literacy

- Warren Buffett And Bill And Melinda Gates On Charlie Rose
Link to video: Warren Buffett and Bill and Melinda Gates on Charlie Rose ...

- Links
Warren Buffett and Bill and Melinda Gates will be on Charlie Rose tonight. Horizon Kinetics: 2nd Quarter Commentary (LINK) Claire Barnes' Q2 Report: Stormy macro, reassuring micro (LINK) TEDx Talk - Lukas Neely: Is This the Death of Investing?...

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For those interested, we've filed as a substantial shareholder on our second Australian name at Boyles. The details of which can be seen HERE. Jason Zweig: GOOD ADVICE, OR ADVICE THAT SOUNDS GOOD? (LINK) Robert Shiller on CNBC (video) (LINK)...

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Wired talks to Bill Gates about his letter, and other things (LINK) [Gates had extremely high praise for the book On Immunity: An Inoculation.] Bill Gates on Bloomberg TV (video) (LINK) Lagarde, Cohn, Summers, Botin, Dalio on Bloomberg Panel (video)...

- Bill Gates, Melinda Gates: Why Giving Away Our Wealth Has Been The Most Satisfying Thing We've Done
Link to TED video: Bill Gates, Melinda Gates: Why giving away our wealth has been the most satisfying thing we've doneIn 1993, Bill and Melinda Gates—then engaged—took a walk on a beach in Zanzibar, and made a bold decision on how they would make...

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