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Top Reads From The Web – Week 41

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Global News:

The Big Hack: How China Used a Tiny Chip to Infiltrate U.S. Companies

https://www.bloomberg.com/news/features/2018-10-04/the-big-hack-how-china-used-a-tiny-chip-to-infiltrate-america-s-top-companies

Pence’s China Speech Seen as Portent of ‘New Cold War’

https://www.nytimes.com/2018/10/05/world/asia/pence-china-speech-cold-war.html

Companies:

Big Oil Is About to Bury Skeptical Investors in Cash Pile

https://www.bloomberg.com/news/articles/2018-10-09/big-oil-is-about-to-bury-skeptical-investors-in-piles-of-cash

Finance:

Learning From the Mistakes Made by Legendary Investors

https://www.aaii.com/journal/article/learning-from-the-mistakes-made-by-legendary-investors

Why Elon Musk Is Wrong About Short Sellers

https://www.barrons.com/articles/why-elon-musk-is-wrong-about-short-sellers-1539384687

Famous Investors:

Lessons learned from Howard Marks’ new book “Mastering the Market Cycle – Getting the Odds on Your Side.”

https://25iq.com/2018/10/06/lessons-from-howard-marks-new-book-mastering-the-market-cycle-getting-the-odds-on-your-side/amp/

Howard Marks Discusses the Interest-Rates Machine

https://www.stitcher.com/podcast/bloomberg/masters-in-business/e/56571216


“I read and think,” Buffett once said.

“So I do more reading and thinking, and make less impulse decisions than most people in business.”

A little bit more about our Weekly Round Up Series…

Our weekly roundup aims to bring the best of investment blogosphere from around the web and timely analysis to readers. Readers understandably face a shortage of time in their own daily lives to read widely and our weekly round-up aims to help curate timely articles and analysis to you.

In response to a query about how to become a better investor, Buffett told the students, “Read 500 pages like this every day,” while reaching toward a stack of manuals and papers. “That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”

Reading is one of the most powerful ways of expanding your circle of competence. It has benefitted me greatly over the last decade.


Understanding these links through the context of mental models

Readers will also benefit greatly by understanding the world through an expanded use of  what Charlie Munger calls “mental models”.

Mental models are simply models we use to help us better understand the world. They help shape how we think and understanding when we process huge amounts of information. They simplify complexity and help us select the pieces of information we choose to takeaway.

Why bother to expand you understanding of mental models?

In 1994, Charlie Munger gave a famous speech where he discussed some of the success that he and Buffett had. He attributed much of it to the fact that they were learning machines. Over the course of several decades, they had collected new mental models about how the world worked. They utilized the models they had to obtain a better understanding of reality to make better decisions.

To learn more about mental models, I recommend the following links:

Mental Models: The Best Way to Make Intelligent Decisions (109 Models Explained)

Mental Models: The Best Way to Make Intelligent Decisions (109 Models Explained)

Charlie Munger: How to Get Smarter by Using Mental Models

https://medium.com/personal-growth/charlie-munger-how-to-get-smarter-by-using-mental-models-4659fe6d53db

and of course the original speech by Charlie Munger himself:

A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business Charles Munger, USC Business School, 1994

https://old.ycombinator.com/munger.html


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