Resource Stocks, Conservative Investing, Ed Thorp, Cliff Asness

“Every market I’ve seen eventually punishes clever investors and rewards patient ones.”

– Naval Ravikant


Who Need TIPS When You’ve Got Friends Like This? – 9 pages

GMO’s 1Q22 quarterly letter gets into inflation, commodity prices, and opportunities in resource equities.

Conservative Investing Stands the Test of Time – 4 pages

Robeco walks through their analysis of conservative investing strategies, and a defensive approach.

Source: Robeco



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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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 cycles
5/23/22 – 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

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