Chart of the day

http://www.viewfromtheblueridge.com/wp-content/uploads/2014/09/Peak-Liquidity.png

Jim Chanos podcast on M&A

Chanos eventually wound up at Deutsche Bank. Despite his successful track record, some of the firm's clients complained about the young analyst's criticism. After a negative Wall Street Journal article, his contract was not renewed. In 1985, he created Kynikos Associates, a hedge fund that now manages billions of dollars for institutional investors. Kynikos is the Greek word for "cynic."

"A key point that stuck in my head was on M&A - instead of expensing their R&D efforts, companies are acquiring other companies, in effect capitalizing their R&D efforts. 

This is scary."

via: http://www.bloombergview.com/articles/2014-08-18/masters-in-business-james-chanos

Charlie Rose: Tim Cook[video]

A fireside chat with Munger

On what he and Mr. Buffett call "the circle of your competence":

Confucius said that real knowledge is knowing the extent of one's ignorance. Aristotle and Socrates said the same thing. Is it a skill that can be taught or learned? It probably can, if you have enough of a stake riding on the outcome. Some people are extraordinarily good at knowing the limits of their knowledge, because they have to be. Think of somebody who's been a professional tightrope walker for 20 years – and has survived. He couldn't survive as a tightrope walker for 20 years unless he knows exactly what he knows and what he doesn't know.  He's worked so hard at it, because he knows if he gets it wrong he won't survive. The survivors know.

Knowing what you don't know is more useful than being brilliant.

via: WSJ

How to make it worse[infographic]

via:  thisisindexed

Weekend Longform Linkfest

The American Middle Class Is No Longer the World’s Richest [graphics] http://www.nytimes.com/2014/04/23/upshot/the-american-middle-class-is-no-longer-the-worlds-richest.html?rref=upshot&_r=0&abt=0002&abg=1 …
Blackstone's $26 Billion Hilton Deal: The Best Leveraged Buyout Ever http://www.businessweek.com/articles/2014-09-11/blackstones-hilton-deal-best-leveraged-buyout-ever …
MiB: David Rosenberg http://www.ritholtz.com/blog/2014/09/mib-david-rosenberg/ …
The Tim Ferriss Show: Interview with Peter Thiel, Billionaire Investor and Company Creator http://fourhourworkweek.com/2014/09/09/peter-thiel/ …
Forum family office : Hiring criteria for a family office fund http://jobs.forumgruppe.com/pdfs/14-06-23%20Broschuere%20Jobs%20eng.pdf …
Guy Spier: Buffett Taught Me Not To Compromise http://www.valuewalk.com/2014/09/guy-spier-buffett-bloomberg/ …
Teach for America has faced criticism for years. http://www.vox.com/2014/9/5/6079493/teach-for-america-criticism-changing?src=longreads …
Advice columns from decades past provide a chilling glimpse into the horrors of marriage counselling before feminism http://aeon.co/magazine/psychology/the-warped-world-of-1950s-marriage-counselling/ …
#DATACLYSM is out today! A September Best Book on Amazon http://amzn.to/1rwwuhn and iTunes http://bit.ly/1qJ40BV .
I’m a writer, and my experience with this supposedly evil corporate behemoth has been fantastic. http://www.slate.com/articles/business/moneybox/2014/09/in_defense_of_amazon_an_author_s_dissent.single.html …
33 Things to Eat, Drink, See, and Do Before Climate Change Ruins Everything https://medium.com/matter/the-33-things-to-do-before-climate-change-ruins-everything-3428851c909c …
Peter Thiel disagrees with you http://fortune.com/2014/09/04/peter-thiels-contrarian-strategy/ …
Q&A with Guy Spier of Aquamarine Capital http://thealephblog.tumblr.com/post/96437440523/qa-with-guy-spier-of-aquamarine-capital …
Why Doctors Are Sick of Their Profession http://online.wsj.com/articles/the-u-s-s-ailing-medical-system-a-doctors-perspective-1409325361 …
IAmArnold... Ask me anything. http://www.reddit.com/r/IAmA/comments/16mq0g/iamarnold_ask_me_anything/ …

Rules for presentations[infographics]

via: Rules for presentations

Supposed places of filmed locations[infographic]

via: ritholtz

Conduct Unbecoming an Officer [mungerism]

"This should change. When I was an officer in the military, we had a rule called Conduct Unbecoming an Officer. It was not specific, but it said there were certain ways to behave as an example for others. I don't see why we shouldn't have this for our corporate executives. I would argue the CEO of Boeing was removed for Conduct Unbecoming an Officer. Messing up the email system of a corporation with hot and dirty email is Conduct Unbecoming an Officer. I would love to see the SEC make it explicit: "We hereby exercise our authority and say that there will be a new standard for officers of public companies called Conduct Unbecoming an Officer." The lawyers would scream though – it's not specific enough.

But if we ask our military officers, who risk their lives and risk being maimed [to adhere to this standard], then why can't we ask this of some guy making $2 million per year? (Applause)

Well that's corporate governance. It's certainly been interesting to watch as these messy stories unfurl. "

via: Charlie Munger : From Wesco Notes

Peter Lynch 1984 Speech: Knowing What You Own

via: VW