Top Reads, Listens, Follows & Takeaways of the week
Reads:
Morgan Housel on internal vs external benchmarks (here)
Curbing Systemic Risk with Diversification (here)
Old nuclear plants getting a second wind (here)
O’Shaughnessy Asset Management on fundamentals mattering (here)
The Business of Barcelona (here)
Verdad on the S&P 500s valuation premium, is it deserved? (here)
Zoltan Posar - War and Industrial Policy (here)
Paul Podolsky on three black boxes - Energy, Russia, and the Stock Market (here)
Listens:
Jason Buck of the cockroach fund talks to Meb Faber (here)
Les Sneed, GM of the LA Rams, on building teams (here)
Code over Country - tragedy and corruption in SEAL team Six (here)
Rochelle Walensky, director of the CDC, on her plans to do better (here)
Bob Prince and Ed Hyman unpack the economy (here)
CIO of Utah Retirement Systems, Jason Morrow, on managing $50bn (here)
Follow, Watch & Other great content:
Paul Podolsky on Substack
@10kdiver on Twitter
Odd Lots podcast
Thoughts from the list:
-Trust drove globalization which drove low inflation. Distrust will drive de-globalization which will drive inflation volatility?
-Upholding standards is a hard thing to do and never popular. Letting standards slide is a slippery slope.
-Equities drive portfolios but they are negatively skewed - so it makes sense to pair them with positively skewed asset(s) or strategies. Trend following strategies (CTAs, managed futures) are ideal to accomplish this and can be employed in a capital efficient way. The pairing of equities with trend creates a portfolio that looks more like normal distribution (reduces left tail events) - the potential for tracking error adds end-investor behavioral risk, though.