Disruption and the Second Derivative
“Fish where the fish are” – Charlie Munger There’s an old story from the birth of the Norwegian oil market that has always stuck with me. In the 1960s the Norwegian economy was not a place that attracted a lot of capital. It was a subsistence economy built...Flawed Assumptions
“Some people are so far behind in a race that they actually believe they’re leading.” – Uncle Junior, The Sopranos The Global Financial Crisis often serves as a landmark or reference point for a broad swath of discourse even today, and rightly so....Removing Friction
“You need a different checklist and different mental models for different companies. I can never make it easy by saying, “Here are three things.” You have to derive it yourself to ingrain it in your head for the rest of your life.” “Take a simple idea and take it...The Two Types of Corrections
As of yesterday’s close, the S&P 500 is up 19% in 2021 with the Nasdaq up just shy of 15% and the Russell 2000 up about 11.5%. This even though underneath the surface breadth has largely weakened since February (albeit there are pockets of improvement in the last...Sign Up for Our Publications
