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- Resource Stocks, Conservative Investing, Ed Thorp, Cliff Asness
Resource Stocks, Conservative Investing, Ed Thorp, Cliff Asness
“Every market I’ve seen eventually punishes clever investors and rewards patient ones.”
– Naval Ravikant
RESEARCH
GMO’s 1Q22 quarterly letter gets into inflation, commodity prices, and opportunities in resource equities.
Robeco walks through their analysis of conservative investing strategies, and a defensive approach.
Source: Robeco
BONUS CONTENT
Resources to share with your interns and/or new hires.
Verdad’s thorough internship curriculum. Link
Meb Faber’s favorite books to learn about investing. Link
Bill Gurley’s hour lecture on how to succeed and thrive in a career you love. Link
Theo Epstein on the 20% Rule. Link
Jan van Eck’s five lectures on financial history. Link
Josh Brown on making yourself useful. Link
Sahil Bloom on what he’d do if he was starting his career today. Link
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PODCASTS
Edward O. Thorp, A Man for All Markets [5/26/22 – 95 minutes]Apple | Spotify | Google
Thorp shares his decision-making process and how it led him to invest in Berkshire Hathaway under $100/share, spot the Madoff fraud, and decide to shut down his hedge fund and live with ‘enough.’
From The Episode:“I do things I like and don’t worry about money. … Do what you love and the money may follow. If it does, fine. If not, you’re still doing what you love.”
Cliff Asness: Value Stocks Still Look Like a Bargain[5/31/22 – 57 minutes]Apple | Spotify | Google
AQR’s Cliff Asness touches on different approaches to invest in a world of low expected returns, why he’s still ‘the value guy,’ ESG, taxes, and his jealously of private equity.
From The Episode:[F]or the average retiree,…they want to do less, not more. What we’re going through now, is not unprecedented…It’s certainly an ugly period. But there have been far worse periods.”
Bill Gurley & Brad Gerstner on markets, downturns & investment cycles5/23/22 – 51 minutes]Apple | Spotify | Google
The episode covers the recent pullback in public & private markets, mistakes VCs make in a bull market, and Gurley’s thoughts on both Super Pumped & WeCrashed.
From The Episode:“The thing that’s returning to markets is something that we all do for a living called dispersion.” – Brad Gerstner
P.S. Product of the Week – Automatic Espresso Coffee Machine from Terra Kaffe
The new TK-01 is a super-automatic espresso machine grinds fresh beans and brews with ease. It’s equipped with a grinder to grind whole beans before each brew, as well as a pre-ground coffee bypass chute. The machine froths both dairy and alternative milks exactly to your liking at the touch of a button. It has simple self-cleaning functions for the milk and coffee systems.
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