Top Reads, Listens, Follows & Takeaways of the week
Narrative shift
Takeaways:
It’s interesting to observe the narrative shifts that occur during times of turbulence. The prevailing wisdom that becomes widely accepted when sailing in smooth seas gets re-underwritten during the storm, bringing our human biases to light.
Some notable narrative shifts from last year:
SBF is J.P. Morgan —> SBF is Bernie Madoff
Oil is evil —> Oil is national security
Defense companies aren’t ESG —> Defense companies are ESG if the weapons are used against Russians
The truth always tends to be somewhere in the middle. Thinking and investing counter-cyclically is beneficial and where returns are made.
Reads:
Bob Iger vs. Bob Chapek: Inside the Disney Coup (here)
What Airline Chaos Looks Like From the Inside (here)
Markets Going Nowhere in an Interesting Way by John Hussman (here)
Michael Green on the luck in life (second half of his post) (here)
Venture Capital failure resumes? (here)
Justifying Optimism by Morgan Housel (here)
The arbitrary nature of annual investment returns (here)
Investing Novices Are Calling the Shots for $4 Trillion at US Pensions (here)
Listens:
Legendary short seller Marc Cohodes on longs and shorts (here)
Investing in psychedelics (here)
Tax loopholes (here)
Follow, Watch & Other great content:
Documentary recommendation - The Retrograde (trailer here, watch on Hulu)
World War II (here)
How John Wilson makes his acclaimed "How To" videos (here)