The Digest #200
The Digest #200
Thomas Jefferson's advice to his nephew, Inside a Baby Berkshire, Windows Copilot, Hot utility stocks, Appnesia, Stress and heart disease, Steve Jobs, Flying Cars, Dunkirk, Napoleon, and more ...
“Our liberty depends on the freedom of the press, and that cannot be limited without being lost.”
The Rational Walk
Thomas Jefferson’s Advice to His Nephew, May 18, 2024. Two letters from Thomas Jefferson to his nephew, Peter Carr, illustrate Jefferson's views on education, ethics, religion, and many other subjects. (The Rational Walk)
Articles
Inside A Baby Berkshire Hathaway by Bob Ivry, May 19, 2024. “Thomas Gayner parlayed a stockbroker career into the top job at Virginia’s $16 billion Markel Group, a specialty insurer with a penchant for investing in stocks and privately owned businesses. Meet Richmond’s answer to the Oracle of Omaha.” h/t
(Forbes), May 21, 2024. This interesting article examines Berkshire Hathaway’s purchase of BNSF as a type of “bond” based on cash flows Berkshire has received since the acquisition closed in 2010. (Watchlist Investing)BNSF’s 2023 Results, March 9, 2024 (The Rational Walk)
Piecing Together Berkshire Hathaway's 1987 Annual Shareholders Meeting by
, May 20, 2024. Warren Buffett has delivered a very consistent message throughout his long career: “I’ve been around for 40 years and I don’t know how to forecast the market,” Buffett admitted. “We’re going to hold our stocks even if the stocks go down 50%. [If it’s] psychologically impossible for you to own stocks that fall 50%, don’t own them.” (Kingswell)Windows Returns by Ben Thompson, May 21, 2024. This is an interesting article about Microsoft’s new “AI” feature called Copilot. Even if the recordings remain local on the PC, I would hesitate to use it. “The headline feature is Recall: Copilot+ PCs will record everything that happens on your computer locally, and make it available to Copilot-mediated queries; developers can add ‘breadcrumbs’ to their apps so that you can not just return to a specific app but also the exact context you wanted to Recall.” (Stratechery)
The Unlikely Stocks That Became a Hot Bet on AI by David Uberti, May 21, 2024. I find the recent excitement about investing in the utility industry as a play on “AI” fascinating, especially in light of Warren Buffett’s recent statements about regulatory concerns. Market participants apparently have short memories and I am skeptical that utilities will be a lucrative “growth industry” given current political conditions. (WSJ)
The Ultimate Life Coach by Mr. Money Mustache, May 18, 2024. Fifteen years into a similar journey, I agree with most of this article, especially the opening sentence: “Almost nineteen years into early retirement now, I’ve come to realize that the complete freedom of this lifestyle can be a double-edged sword.” (Mr. Money Mustache)
Watches Of Switzerland Group: A Value Investor’s Rolex by
, May 18, 2024. I enjoyed reading this account of the ultra-luxury watch market, with a focus on a luxury watch dealer, Watches Of Switzerland Group. (Eagle Point Capital)On Appnesia and Other Ailments by
and , May 18, 2024. “Appnesia occurs when a person picks up their phone to perform a planned or unplanned action, but instead starts scrolling through various apps and ultimately forgets why they picked up the phone in the first place, without completing the original action. The person then scratches their head thoughtfully, sighs heavily, not understanding where the last twenty minutes have gone or how the phone ended up in their hand.” (Nova Nevédoma)One way to understand the pernicious effects of “appnesia” is to take an occasional break from electronics which is something that I try to do every Sunday. Unsurprisingly, Sunday has become my favorite day of the week.
Playing Their Part by Jonathan Clements, May 18, 2024. I agree with most of this article about retirement, particularly the idea of using Social Security as “longevity insurance” for those who are able to wait until age seventy to claim maximum benefits. This is my plan, assuming that I remain reasonably healthy. (Humble Dollar)
Does Stress Cause Heart Disease? by
, May 18, 2024. Both acute and chronic stress are significant risk factors for heart disease. “When stress is included in the risk factor profile for a future heart attack, it comes in third on the list after abnormal cholesterol and smoking.” (Dr. Paddy Barrett)Podcasts
How Steve Jobs Kept Things Simple, May 20, 2024. 52 minutes. There are many things that Steve Jobs would probably not like about Apple’s current product lineup. It is too complicated! As David Senra points out in this podcast, there are now four versions of the Apple Pencil! I can think of what Jobs would most likely say about this but I cannot type it out in a family-friendly newsletter. (Founders Podcast)
The Future of Flying, May 22, 2024. 1 hour, 6 minutes. Transcript. There are various memes about how we were promised flying cars in the 1950s, but all we got was the dystopia of social media. But maybe we will get flying cars after all. “Mark [Groden] is the Founder and CEO of Skyryse, a company on a mission to make general aviation as safe as commercial aviation and change the future of flying.” (Invest Like the Best)
Dunkirk from the German Perspective, May 16, 2024. 45 minutes. “As supreme military commander, Hitler had seemingly achieved a miracle after the swift capitulation of Holland and Belgium, but with just seven kilometers before the panzers captured Dunkirk – the only port through which the trapped British Expeditionary force might escape – they came to a shuddering stop. Only a detailed interpretation of the German perspective – historically lacking to date – can provide answers as to why.” (History Unplugged)
Napoleon’s Hundred Days, May 16, 2024. 1 hour, 1 minute. “Melvyn Bragg and guests discuss Napoleon Bonaparte's temporary return to power in France in 1815, following his escape from exile on Elba . He arrived with fewer than a thousand men, yet three weeks later he had displaced Louis XVIII and taken charge of an army as large as any that the Allied Powers could muster individually.” (In Our Time)
Understanding Liver Health, May 20, 2024. 2 hours, 39 minutes. This is a very deep dive into metabolic health with a focus on the liver. It gets quite technical at times, but the detail is justified given the increasing prevalence of non-alcoholic fatty liver disease due to obesity and other factors. (Peter Attia MD)
Copyright, Disclosures, and Privacy Information
Nothing in this article constitutes investment advice and all content is subject to the copyright and disclaimer policy of The Rational Walk LLC. The Rational Walk is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.