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Charlie Munger Trashed Crypto Warned AI Hype Seems Overblown and Talked Poker and Donuts at a Private Event. Here's an Inside Look at his Zoomtopia Keynote.
Charlie Munger Trashed Crypto, Warned AI Hype Seems Overblown, and Talked Poker and Donuts at a Private Event. Here's an Inside Look at his Zoomtopia Keynote. https://www.entrepreneur.com/business-news/charlie-munger-shares-tips-for-success-smart-investing/463487 Six executive attendees share their favorite tidbits from the event. via Entrepreneur: Latest Articles https://www.entrepreneur.com/latest October 11, 2023 at 01:57PM
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creatiview · 1 year
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[ad_1] Warren Buffett’s right-hand man hasn’t taken the time to understand Bitcoin, MicroStrategy’s Michael Saylor said in an interview with CNBC.Michael Saylor’s latest interview includes a blast at Western elites, specifically Charlie Munger. Munger recently penned an op-ed for the Wall Street Journal titled, “Why America Should Ban Crypto.” In it, he slammed cryptocurrencies, explaining that: “Such wretched excess has gone on because there is a gap in regulation. A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity. Obviously the U.S. should now enact a new federal law that prevents this from happening.”This is not the first time that Munger has been openly negative towards bitcoin and cryptocurrencies, having previously called it “rat poison squared” and “a bad combo of fraud and delusion.”In a Friday interview with CNBC’s Morgan Brennan, Saylor addressed Munger’s recent op-ed and the Western elite’s opinions on Bitcoin. “If he was a business leader in South America or Africa or Asia and he spent a 100 hours studying the problem, he’d be more bullish on bitcoin than I am,” Saylor explained. “The Western elites have not had the time to study … but I’ve never really met someone with an incentive living in the rest of the world that spent some time thinking about it that wasn't enthusiastic about bitcoin.” Saylor’s criticism of Munger came alongside further descriptions in regards to MicroStrategy’s plans to develop Lightning enterprise software, explaining for the first time in detail that “Microstrategy is actually developing MicroStrategy Lightning, our own enterprise Lightning offering. We’re going to allow CMOs to offer Lightning rewards or bitcoin rewards, like a frequent flier program, to hundreds of thousands or millions of their customers, all of their employees and all of their prospects, at the speed of light off a website — and we’re very enthusiastic about that.”The MicroStrategy chairman is obviously still bullish on bitcoin’s growth irrespective of the opinion of legacy billionaires like Munger. In addition, his comments highlight his attention to the global nature of Bitcoin and its ability to enable those who are not yet financially connected as the West is. Saylor has been persistent in his support for Bitcoin, and he believes that other regions around the world are more aware of the potential of the digital asset. With his commitment to developing Lightning enterprise software, Saylor is making clear his dedication to the adoption of bitcoin and to connecting the world in a new way. [ad_2] #Charlie #Munger #Doesnt #Understand #Bitcoin #Michael #Saylor Source link
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tezlivenews · 2 years
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लालू यादव को 'कंगाल' बनाने के मिशन पर नीतीश कुमार, पहले छीनी सरकार अब यादव वोटरों में सेंधमारी
लालू यादव को ‘कंगाल’ बनाने के मिशन पर नीतीश कुमार, पहले छीनी सरकार अब यादव वोटरों में सेंधमारी
हाइलाइट्स तारापुर विधानसभा सीट पर चौंकाने वाले वोटिंग पैटर्न यादव बाहुल्य इलाकों में जेडीयू प्रत्याशी को मिले ज्यादा वोट वैश्य वोटरों ने NDA के बजाय RJD के प्रति जताया भरोसा कांग्रेस के प्रत्याशी को अपने ही बूथ पर मिले केवल 6 वोट मुंगेरबिहार में हाल ही में दो सीटों पर हुए उपचुनाव में हुई वोटिंग पैटर्न के आंकड़े चौंकाने वाले हैं। खासकर तारापुर विधानसभा सीट के वोटिंग आंकड़े गवाही दे रहे हैं कि…
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Seeking Alpha: 3 Fortress REITs To Own During The New Era Of Physical Distancing.
https://seekingalpha.com/article/4339929-3-fortress-reits-to-own-during-new-era-of-physical-distancing?utm_source=news.google.com&utm_medium=referral
Consider investing in only the highest-quality companies with the best balance sheets and great management teams.
It’s a strategy that has worked very well for Warren Buffett and his followers over the years.
We believe that our three A-rated picks will eventually generate sound price appreciation as their underlying business models are all built to last.
There’s a line from the classic film Princess Bride that goes, “Goodbye, boys! Have fun storming the castle!”
It’s a satirical line from a satirical movie, with one character turning to another to ask, “Think it’ll work?”
The response is, “It would take a miracle.”
If you’ve seen the movie even just once, you can probably easily envision the whole scene, including the joviality at the start of the very brief conversation and the sardonic certainty at the end. (If you haven’t, you’ll just have to take my word for it.)
But the truth is that castle storming back in the day was supposed to be a long shot. Only extreme levels of planning, plotting, and resources could pull them down.
They were built to be fortresses, strategically designed with features such as:
Arrowslits – Holes up high in the structures from which archers could let their weapons loose while remaining largely protected.
Keeps – Towers that rose as high up as possible to give great views of whatever might be coming.
Moats – Water-filled trenches that armies couldn’t easily cross unless a bridge was procured.
Portcullises – Heavy metal gates to protect main entrances.
Barbicans – Fortresses outside of the fortress designed to be the first line of defense.
Really, that last word, “defense,” sums up their strategy. The lords who commissioned them took every precaution possible to protected what was theirs.

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A Model Worth Following
Dr. Dan Spencer, author of The Castle at War in Medieval England and Wales, writes on Military History Now:
“In their day, medieval castles represented the state-of-art in military engineering.
“Erected by kinds and feudal lords during what we now commonly call the Middle Ages, these foreboding strongholds… were defensive in nature, being skillfully designed to resist attacks by armies many times larger than those manning its parapets.
“But of course, a castle was only ever as strong as its weakest point. As such, great efforts were made by builders to ensure that their castles could withstand an enemy onslaught.”
Some of them did a phenomenal job of it too, as evidenced by their still-standing structures today. Google “castles to visit today” or some such thing, and you’ll no doubt find plenty of places around the world.
Of course, considering how land invasions aren’t nearly as popular as they used to be, castles are admittedly a little passé. They’re great to bring in tourist revenue, it’s true. But they don’t present the same awe-inspiring military deterrent now that planes and bombs and battleships exist.
Even so, that doesn’t mean we can’t appreciate the concept they were built on. Warren Buffett certainly does, has, and no doubt will. He’s long-since been promising a “financial fortress” for investors in his Berkshire Hathaway(NYSE:BRK.A) (NYSE:BRK.B) fund.
By that, he means he invests in only the highest-quality companies with the best balance sheets and great management teams.
It’s a strategy that’s worked very well for him and his followers over the years. And it’s one I’ve seen significant success in as well.

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The Value of a Properly Fortified Fortress
For the record, I know about the news story currently circulating on most major financial sites: “Warren Buffett’s ‘Fortress’ Is Breached by Coronavirus-Related Shutdowns.” It starts out:
“Even as market watchers await Warren Buffett’s splashy move to seize on fallout from the current crisis, his Berkshire Hathaway Inc. hasn’t been spared by the pandemic.
“Coronavirus-related shutdowns across the U.S. have hit Berkshire units from See’s Candies and a shoemaker to industrial behemoth Precision Castparts. That could leave a few scars on the conglomerate…
“Buffett’s business partner, Charlie Munger, put it bluntly. ‘We’ve got a few businesses, small ones, we won’t reopen when this is over,’ he told The Wall Street Journal without naming the units.”
But here’s the thing. Fortresses don’t promise they’ll never get cracked by a battering ram or chipped by flying projectiles. As the article above – and every single castle throughout history – indicates, damage can be done.
For that matter, they don’t even promise they can withstand absolutely everything that comes their way. Nothing can, as proven by Krak des Chevaliers, an epic, all-but-invincible Crusader castle in Syria, that was surrendered, not by force, but by siege and, perhaps, a forged letter.
They only have the best chances around, which is why Bloomberg acknowledged:
“To be sure, Buffett’s promise that Berkshire will ‘forever remain a financial fortress’ hasn’t been broken yet. The company reported a $128 billion cash pile at the end of last year, as well as a stock portfolio valued at more than $248 billion.
Besides, “Some of its biggest revenue generators remain on solid footing.” And its similarly solid footing we’re looking for today through our own “revenue generators” in the REIT sector.
The companies below have plenty of cash on hand with significant chances of making plenty more cash in the future.
Here’s what they have to say for themselves.

Source: iREIT
3 A-Rated REITs We’re Buying Today
One of the good things about being a financial writer in the REIT sector is that we have tons or research at our disposal. This includes data from Seeking Alpha, Sentieo, FAST Graphs, and the wide world of Google. It’s very useful to have all of this information because it provides us with the most actionable intelligence to support our buy-hold-sell recommendations.
Given the latest COVID-19 risks we have carefully evaluated our entire REIT spectrum in order to model the impacts related to rent collection and future earnings. Accordingly, there are a number of REITs that we have downgraded to either Speculative, Hold, or Sell as we anticipate future dividend cuts and or suspensions.
We’re all living in unprecedented times and while strong balance sheets are essential to any business operation, we consider cash flow the primary test as it relates to dividend sustainability. That being said, we decided to focus the content today on three A-rated REITs that support our Buy or Strong Buy recommendation.
These three REITs appear on our list because we believe their dividend is safe and that the shares can be purchased at a reasonable margin of safety. We recently downgraded Simon Property (SPG) to a Spec Buy, and we plan to address this name in a detailed article later this week.
Our first pick on the list is Public Storage (PSA), a self-storage REIT whose capital structure is nearly bulletproof because it utilizes perpetual preferreds instead of debt (no refinancing risk). Its business model is one that is consistent through business cycles and its management has shown themselves to be immensely talented.
PSA is unique in the REIT industry (actually, virtually unique compared to any company) in that its capital structure is overwhelmingly comprised of common and preferred stock - debt is a measly 3%. PSA is the largest REIT issuer of preferred stock and has mastered its use in the capital structure. It’s this use that has created the fortress known as their balance sheet.
Income investors often recognize the security and performance available with the purchase of PSA, but are often turned away by the low dividend yield. However, thanks to the Covid-19 inspired pullback, PSA’s dividend yield is now 4.3% with a P/FFO handle of 17.4x.
To be clear, we don’t view PSA as a Strong Buy today, but we’re glad we included shares in the Cash Is King portfolio (just a Buy). We like the business model, and while the summer months could be challenging with lease-up (due to stay at home rules) we have a high degree of certainty that customers will continue to use storage in the weeks and months ahead.

Source: FAST Graphs
Our next fortress pick is Realty Income (O), the monthly paying bellwether that has become the staple for many retirees and income-oriented investors.
The primary reason that O has sold off (-31.9% total return year-to-date) is because of the company’s exposure to theaters (6.7%) and gyms (7%). Given the elevated risk of tenant defaults, specifically bankruptcies, it’s likely that certain stores may close, and Realty Income’s payout ratio could narrow.
We believe that Realty Income’s payout ratio – which is in the low 80s now – is adequate to handle the short-term shock to earnings. Essentially, we’d agree with the CEO’s optimism when he said that, “We feel very good about our liquidity situation: our ability to continue to pay the dividend and grow the dividend.”
Importantly, we also feel comfortable that Realty Income has an impressive A-rated balance sheet. The company is the only net lease REIT with an A-rated balance sheet and has protected its fortress balance sheet by strengthening its liquidity position by drawing down $1.2 billion (bringing the cash balance to $1.25 billion). There’s around $1.2 billion of capacity remaining on the $3 billion revolver (with an accordion of another $1 billion).
It’s important to recognize that Realty Income has around 50% of investment-grade rated tenants and we believe this investment policy (focusing on quality) will pay dividends during the next few months. Realty Income also has the least exposure to private equity-backed tenants and this provides us with a higher degree of confidence that Realty Income’s tenant base will keep paying rent.
Furthermore, and I cannot emphasize this enough, Realty Income is the most diversified net lease REIT and while certain sectors (like theaters and gyms) could put temporary pressure on the payout ratio, Realty Income is in the best position (of all net lease REITs) to weather the storms.
Shares are now yielding 5.7% with a P/FFO multiple of 14.8x (-30% below normal range). We are maintaining a Strong Buy at this time.

Source: FAST Graphs
Our final fortress pick is Federal Realty (FRT), one of just two shopping center REITs on our buy list.
FRT’s balance sheet is by far one of the strongest in its industry, as illustrated by its (1) net debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) of 5.5x, its fixed-charge coverage ratio of 4.2x, its weighted-average debt maturity of ~10 years (near the top of the sector) and its weighted average interest rate of 3.8%.
FRT ended 2019 with over $127 million in cash on its balance sheet – up from just $64 million a year ago and management said it has no outstanding balance on a recently expanded $1 billion credit facility.
While FRT is known for its retail exposure, it's important to remind readers that the company has diversified its business model to include a variety of profit centers including:
Residential – 11%
Office – 9%
Fitness, health, beauty – 9%
Discount Apparel – 9%
Full-service restaurant – 9%
Full-service apparel – 8%
Grocery – 7%
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golicit · 4 years
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A Closer Look at Warren Buffett’s Annual Letter to Berkshire Shareholders
Like many others, I look forward to Warren Buffett’s annual letter to Berkshire Hathaway shareholders, and like many others, I read his annual letter closely, looking for any investment insights I can glean as well for Buffett’s now-famous homespun brand of wisdom and humor. Although Buffett latest letter to Berkshire shareholders – which was published Saturday morning – does offer readers a little under each of these headings, I think many reading Buffet’s latest letter might have come away a little disappointed, as I discuss further below. Buffett’s 2019 February 22, 2020 letter to Berkshire shareholders can be found here. (Full disclosure: I own BRK.B shares, although not as many as I wish I did.)
  As someone who had carefully read Buffett’s letters for decades now, I have to say I am more than a little bit troubled about how short they have become. I was struck last year how short his letter was, and I had the same reaction again this year. Along with the increasing brevity, the letters seem to have become increasingly formulaic and consist of well-worn tropes – such as, for example, the long-term value of equity investing, the importance of accrued earnings, and the value of insurance float. I know he repeats these themes because they are important to understanding how he runs Berkshire, but he is not saying anything on these topics that he has not said many times before.
  For me, it is impossible to observe the uncharacteristic brevity of Buffett’s most recent letters and not to think about his advancing age. Buffett will be ninety years old this summer. To be sure, this year’s letter, arguably by contrast to prior letters, expressly acknowledges and addresses his age. In a section of the shareholder letter captioned “The Road Ahead,” Buffett in fact recognizes that he and Berkshire’s Vice Chairman Charlie Munger “long ago entered the urgent zone.” However, he says, the company is “100% prepared for our departure.” After laying out the case for the company’s continued prosperity, Buffett details the outlines of his estate plan, by which over the course of 12 to 15 years, his A shares will be converted to B shares and then distributed to various foundations.
  In yet another tacit recognition of the need for the company to be prepared for its life after Buffett, this year’s letter states that at the upcoming Berkshire shareholder meetings, the two designated management successors, Ajit Jain and Greg Abel will be “given more exposure.”
  For me, the acknowledgement of his age, the transparency about Buffett’s long-term estate plan, and the overt management transition are all positive and important developments.
  The letter is of course first and foremost a report to Berkshire’s shareholders, and from that perspective, the news is good. Berkshire had GAAP earnings of $81.4 billion, an astonishing figure that requires some significant explanation. Of that $81.4 billion, fully $53.7 billion represents net unrealized capital gains, which Buffett argues should not be taking into account for earnings purposed but is required because of changes to GAAP. The more important figure, from Buffett’s perspective, is the company’s 2019 operating earnings of $24 billion, which, it should be noted, is roughly equal with the equivalent figure for the year prior.
  Interestingly, while Berkshire had another good year, it arguably did not meet the target of one of Buffett’s standard measurements. For years, Buffett has opened the shareholder letter comparing the annual percentage change in the per-share market value of Berkshire to the annual percentage change in the S&P 500 (with dividends included). Over the long haul, Berkshire has far surpassed the S&P 500 under this measure. However, in 2019, Berkshire fell short, with Berkshire showing a change of 11% and the S&P 500 showing a change of 31.5%. The relative underperformance in 2019 was the largest since 2009.  Indeed, in the 11 years from 2009-2019, the S&P has beaten Berkshire four time, and there were three other years in which the measures were very close to even. Berkshire’s most significant changes in value relative to the S&P 500 are now years in the past – Berkshire has in fact underperformed the S&P 500 over the past decade.
  One of the basic facts about Berkshire these days is that it is big – really BIG. As of December 31, 2019, the company was carrying $128 billion in cash on its balance sheet. It is hard to put that much cash to work and it is hard to produce the changes in value that the company was able to show in the past. Buffett himself has emphasized many times over the years how much harder it has become as the company has grown larger to be able to produce returns on a percentage basis. A question that gets asked frequently about Berkshire these days is whether it has just grown too big to beat the market.
  Another way in which Berkshire is big in almost unfathomable ways is with respect to the company’s equity investment portfolio. The aggregate market value of the company’s equity investments as of the end of 2019 was $248 billion (up from $172 billion as of the end of 2018). In looking at the list of Berkshire’s top 15 equity investments one thing that jumps out is how large the company’s investment in Apple has become. Indeed, with now over $35 billion invested in the company, Berkshire’s investment in Apple represents the company’s largest ever investment in a single company (exceeding even the company’s $32 billion acquisition in 2016 of Precision Castparts).  The Apple investment has done well – as of year-end 2019, the market value of Berkshire’s $35 billion Apple investment was over $73 billion.
  At year-end 2019 valuations, Berkshire’s Apple investment represented nearly 30% of the Berkshire’s equity investment portfolio value. This skew in the company’s investment portfolio is all the more curious given Buffett’s famous refusal during the dot-com boom to invest in technology companies because he professed not to understand their businesses. The Apple investment clearly reflects the impact of Berkshire investment managers Todd Combs and Ted Wechsler, who both joined the company in the 2010-2011 time frame. When I look at Berkshire’s Apple investment, I cannot help but reflect that though Buffett is still in charge, the company has already changed in significant ways.
  One other thing about Berkshire’s top 15 holdings that I find surprising is how significant the company’s investment in airlines is. Three of the company’s top 15 investments are in airlines: Delta Air Lines (year-end value of $4.1 billion); Southwest Airlines (year-end value of $2.5 billion); and United Continental Holdings (year-end value of $1.9 billion). I find this concentrated investment in airlines curious, as in the past Buffett publicly acknowledged Berkshire’s prior investment in U.S. Air to be one of his mistakes.
  In his 2007 letter, he described the airline industry as a “bottomless pit” that has sucked up investors’ money; he said “to his shame,” he had “participated in this foolishness.” He said of Berkshire’s 1989 investment in U.S. Air preferred shares that “as the ink was drying, the company went into a tailspin and before long our preferred dividend was no longer being paid.” Even though he later was able to sell the preferred shares for a gain, the airline itself ultimately went bankrupt – twice. Once again, it seems to me when I look at Berkshire’s current investment in multiple airlines that Buffett is still around, there are signs that the company is already changing in arguably significant ways.
  By way of contrast perhaps, one industry Buffett has always favored is the insurance business. As Buffett says in this year’s letter in talking about Berkshire’s vast portfolio of controlled businesses, “our insurance business has been the superstar.” During the past 17 years, Berkshire has produced an underwriting profit in its insurance operations, with an aggregate pre-tax profit during that period of $27.5 billion (of which $400 million was recorded in 2019).
  As has always been customary in his commentary on this topic, Buffett is cautious to forewarn that Berkshire will not always produce these kinds of returns. As he puts it, “we will most certainly not have an underwriting profit in 16 of the next 17 years. Danger always lurks.”
  In discussing what future danger might look like, Buffett slides in a comment that may be of particular interest to readers of this blog. Among the list of things that could produce adverse underwriting results, Buffett mentions some familiar items but  adds one further item that is not always on the list. He says that “’The Big One’ might come from a traditional source, such as wind or earthquake, or it may be a total surprise involving, say, a cyber attack having disastrous consequences beyond anything insurers now contemplate.”
  The possibility of a cyber event causing consequences beyond anything insurers now contemplate is a nightmare that the insurance industry as a whole would rather not confront. Buffett’s suggestion of that possibility seems to me to be something of a message to the industry about the dangers out there. It is interesting to me and particularly telling that in identifying the possible source of the ultimate catastrophe, Buffett refers not (as he might have given recent history) to a terrorist event, but rather to a cyber security event. This strikes me as something important for the insurance industry to consider.
  Buffett’s exploration of one other topic may also be of interest to this blog’s readers. In this year’s letter, Buffett has a lot to say about boards of directors, noting that he has himself over the course of the last 62 years served as a director of 21 publicly-owned companies. He notes during the first 30 years of that period, it was rare to find a woman in the room, and that the efforts for more women to be heard in the board room “remains a work in progress.”
  Buffett goes on to note that despite many changes, most boards are still controlled by their company’s CEO. For example, audit committees now work harder than they once did, but “they remain no match for managers who wish to game numbers.” Acquisition proposals “remain a particularly vexing problem for board members,” because the deck is stacked if favor of deals the CEO backs. And while there is increased emphasis on board independence, director compensation in recent years has soared, making the lure of rich board fees a “subconscious factor affecting the behavior of many non-wealthy members.”
  The upshot of it all is that while almost all of the directors Buffett has served with were “decent, likable and intelligent,” many of these “good souls are people whom I would never have chosen to handle money or business matters. It simply was not their game.”
  In the face of this negative picture of captive boards filled with underqualified members, Buffett identifies a few things that might make a difference. For example, at Berkshire, he says, “we will continue to look for business-savvy directors who are owner-oriented and arrive with a strong specific interest in your company.” Buffett also notes that he feels better about directors who have purchased shares in their company’s stock using their own money rather than just receiving them through grants. And as far as board governance goes, there has been at least one “very important improvement” – that is, the increase in the use of regularly scheduled “executive sessions” of directors at which the CEO is barred.
  While Buffett seems to suggest that it is possible for boards to be filled with sufficiently skilled individuals who have independent financial motivations, and while there are governance processes that can encourage board independence, the overall picture he paints of board capture and lack of competence is really pretty discouraging.
  In the context of his letter to Berkshire shareholders, Buffett’s comments about companies in general and about their boards all come back to Berkshire itself. In his list of reasons why he believe the company is “100% prepared” for his departure, he states that he believes that the company has “skilled and devoted top managers for whom running Berkshire is far more than simply having a high-paying and prestigious job” and that the company’s directors — “your guardians” – are constantly focused on both the welfare of owners and the nurturing of a culture that is rare among giant corporations.”
  In other words, Berkshire’s performance on “The Road Ahead” depends a lot on the caliber and performance of the company’s managers and directors.
  Buffett will still be at center-stage at the upcoming annual shareholders’ meeting. But it seems to me, in a number of ways I noted above, the company may (finally?) be readying for what comes next, after Buffett. And that is a good thing, if we truly are to believe that the company is “100% prepared” for Buffett’s eventual departure.
  The Upcoming PLUS D&O Symposium: This upcoming week I will be in New York for the PLUS D&O Symposium. On Tuesday, February 25, 2020, I will be moderating a panel at the Symposium on the topic “Time for Another Round of Securities Litigation Reform?” I will be joined on the panel by Sara Brody of the Sidley Austin law firm; Sean Griffith of the Fordham Law School; Jeremy Lieberman of the Pomerantz law firm; and Jerrod Schlesinger of Chubb. It should be a great session and I hope to see everybody there.
  I know that many of this blog’s readers will be at the Symposium. If you see me at the Symposium, I hope you will make a point of saying hello, particularly if we have not previously met. See you all in New York!
  And Finally: The February 22, 2020 Wall Street Journal carried a wonderful tribute in recognition of the 50th anniversary of the release of the album “Nilsson Sings Newman,” which features a range of songs written by Randy Newman and sung by Harry Nilsson while Newman plays the piano. Even though I know I am showing my age, I fully endorse to the author’s view that this album is one of the greatest of all times. I recommend the article, and I strongly recommend the album, which, if you have never heard it, is a revelation. The songs on the album, as interpreted by Nilsson’s vocals, are wry, entertaining, and occasionally moving. As the Journal article’s author notes, “Half a century on, ‘Nilsson Sings Newman’ still sounds singular, inspired and fresh. If you haven’t heard it, a sparkling aural discovery awaits you.”
  Here is a recording from the album of Nilsson singing Newman’s “Love Story”:
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  A Closer Look at Warren Buffett’s Annual Letter to Berkshire Shareholders published first on
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architectnews · 2 years
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Commenter says windowless student dormitory "looks just like the dorm in Squid Game"
In this week's comments update, readers are horrified by the design for a windowless university dormitory and discussing other top stories.
Billionaire investor Charles Munger's design for Munger Hall, a student dormitory at the University of California, continues to spark debate this week.
The design for the building, which was informed by Le Corbusier's Unité d'Habitation, was designed to house over 4,000 students in windowless rooms and attracted criticism last week from readers who called it "inhumane".
Munger has since defended his vision for the building, saying "it will last as long as the pyramids" and that his idea to replace windows with virtual windows came from Disney Cruise ships.
"I'm horrified"
Commenters are furious. "I'm horrified," said Nivora.
Stanley agreed: "In some jurisdictions, this would simply be illegal."
"As if a week-long holiday cruise is the same experience as three years minimum studying in college," continued Jack Melathass. "This should be illegal. If it passes, how long will it take for some other delusional 'philanthropist' to propose a similar design for low-income housing?"
"The dorms look just like the dorms for the guards in Squid Game," concluded A Gil.
What do you think of the windowless building? Join the discussion ›
Facebook rebrands to Meta and adopts infinity-loop logo
Commenter thinks Facebook's parent company's logo "looks like a blue McDonald's logo"
Social media brand Facebook's parent company has changed its name to Meta and updated its logo to an infinity loop that resembles the letter M. Readers aren't sold.
"The graphic in the meta logo reminds me of a superhero or villain mask," said Hosta.
"I just see a blue McDonald's logo," replied Steve Leo.
"The new logo connotes 'warped' rather than 'presence' to me," added Robert Becker. "I suppose that's an appropriate twist on Apple's Infinite Loop, juxtaposing the good with the evil in Silicon Valley."
Are you impressed by Meta's new brand identity? Join the discussion ›
UK government has "no intention" of delivering on its COP26 pledges, Cambridge scientist tells RIBA climate conference
Reader believes the COP26 "targets will be changed"
Cambridge University engineering professor Julian Allwood has said that the UK's net-zero strategy is as unrealistic as "magic beans fertilised by unicorn's blood" and will fail to deliver the emissions reductions promised by 2030.
Commenters agree.
"Sounds like some other agreement that the UK government signed up to recently... " said Dave.
"Decarbonisation will only happen as quickly as technological innovation allows governments to do so without losing votes," continued The Manchesterist. "The targets will be changed or the governments will be changed. Stopping air travel, getting rid of cement, widespread vegetarianism, heat pumps, smaller cars, and less driving won't happen."
"The so-called developed world," concluded Anare. "No surprises here."
Are commenters being cynical? Join the discussion ›
MVRDV's Depot Boijmans Van Beuningen opens, giving the public access to 151,000 artworks
Commenter calls MVRDV building "a timeless fusion of architecture and art"
Readers are discussing an art storage building designed by MVRDV, which is now open to the public in Rotterdam. It houses glass display cases filled with 151,000 artworks.
"This project is a timeless fusion of architecture and art," said Wil Worthington. "Another reason to visit the Netherlands."
Melon agreed: "Normally I hate mirrored buildings, but this one actually works as a sculptural object."
Design Junkie was less keen: "The layout looks and feels odd. A group of artworks in a glass rectangle. Strange."
What do you think of Depot Boijmans Van Beuningen? Join the discussion ›
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Dezeen is the world's most commented architecture and design magazine, receiving thousands of comments each month from readers. Keep up to date on the latest discussions on our comments page.
The post Commenter says windowless student dormitory "looks just like the dorm in Squid Game" appeared first on Dezeen.
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Reading Through the First Half of 2018
The reading of books (beyond news and long-form journalism), has become a critical part of my adult life and is integral to the way I order my mind. Reading helps me formulate my opinions, create a sense of solitude, learn specific technical knowledge, and entertain myself. I enjoyed reading as a child and spent more than my fair share of time ripping through Hardy Boys mysteries, getting creeped out by the slimy details of the latest Goosebumps novel, reading YA biographies of so many great Black soldiers, engineers, and thinkers, and soaking in every detail of any book on soccer or drawing I could get my hands on. But my appreciation for reading as a dedicated and intentional practice grew significantly after I graduated from college. I learned that it’s actually not something many adults spend a great deal of time on (Pew Research), and is something that can serve to significantly distinguish and shape an individual. Reading books gives one a chance to form their own mind by directing their thinking, rather than having their brain completely subject to the whims of the loudest noises of the outside world.
In 2014 I worked on the first Congressional campaign for Don Beyer, who is now my representative in the US House (VA-08). In the general election campaign I ended up in the position of Deputy Finance Director, and found myself shut in a room with the candidate for several hours a day making phone calls to ask people for money. I learned many things from this experience, perhaps chief among them was the fact that Don was an incredible reader. He seemed to know at least something about everything, and had read an incredible number of books over the years. He could easily isolate the most important ideas from each book and use them effectively in conversation, while accurately citing the references. And in addition to this great historic recall, he was always reading something new, just about a book a week, and this was while he was running for congress (which, if you didn’t know, is an extraordinarily time-consuming pursuit). This showed me just how much importance he placed on the practice of reading and on the pursuit of new information.
For the last few years I’ve set reading goals for myself at the start of the year, and have recorded my progress on Goodreads with their annual “Reading Challenge” feature. I highly recommend using Goodreads if you enjoy books! For 2018 I set a goal of completing a total of 40 books (35 last year, 25 the year before that, 52 next year!). I’ve kept good pace and have reached the halfway point just before the middle of the year. I wrote a post about my 2017 reading at the end of last year, and was considering doing the same for 2018, but breaking it in half seemed like a much more manageable task. There are many books that I start but never finish, and some really big books that I may break into two or three spurts throughout the year - but here are the 20 books I’ve completed so far in 2018:
Meditations, by Marcus Aurelius - A Christmas gift from my girlfriend, I sought this book out because of the amazing amount of recommendations I’d seen, particularly from people in the technology and finance worlds. An emperor of Rome, Aurelius was an extremely powerful and thoughtful person. This book is essentially a compilation of his journals as emperor and includes his thoughts as a Stoic philosopher, as a leader, and as a man. Highly recommend to anyone looking for some words of wisdom or who has found herself in the midst of a seemingly uncontrollable situation.
“Men seek retreats for themselves, houses in the country, sea-shores, and mountains; and thou too art wont to desire such things very much. But this is altogether a mark of the most common sort of men, for it is in thy power whenever thou shalt choose to retire into thyself. For nowhere either with more quiet or more freedom from trouble does a man retire than into his own soul, particularly when he has within him such thoughts that by looking into them he is immediately in perfect tranquility; and I affirm that tranquility is nothing else than the good ordering of the mind.”
Hedge Funds: An Analytic Perspective, by Andrew Lo
The Underwriting, by Michelle Miller - Not my normal reading fare, but one of my most memorable selections of the year. A totally trashy, salacious novel about the IPO process of a fictional Silicon Valley dating app unicorn written by a Wall Street and Bay area veteran. If you don’t want to take the time to pick up the book then you should check out her infamous blog Why San Francisco Really Is That Bad, which caused a huge stir when she released in anonymously in 2012.
Getting to YES: Negotiating Agreement Without Giving In, by Roger Fisher & William Ury
Steve Jobs, by Walter Isaacson - A reread. I first read this book when the paperback edition was initially published in 2013.
Principles: Life and Work, by Ray Dalio
Tribe of Mentors, by Tim Ferriss
Charlie Munger: The Complete Investor, by Tren Griffin - Charlie Munger is an irreverent and original thinker, a brilliant investor and businessman, and a voracious reader. While little knows beyond the world of of finance, he is a giant within it. He’s the Vice-Chairman of Berkshire Hathaway. This book distills his investing ethos and describes his famous “mental models” mainly through Mungers own quotations, which are well worth the price of admission.
“You've got to have models in your head. And you've got to array your experience—both vicarious and direct—on this latticework of models. You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life. You've got to hang experience on a latticework of models in your head.”
The Hard Thing About Hard Things, by Ben Horowitz
Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader, by Brent Schlender and Rick Tetzeli - After I reread the Isaacson, book I was hungry for a bit more information on Jobs, particularly his time in the wilderness with NEXT. I sent a Tweet out communicating as much and immediately received a response from my Jobs crazy colleague who recommended this book and other, and subsequently brought the book into the office for me to borrow. This did not disappoint. It may eclipse, but definitely rivals the Isaacson book as the definitive Jobs biography in my opinion.
Surely You’re Joking Mister Feynman!: Adventures of a Curious Character, by Richard Feynman - A pretty amusing book by and about the life of an extremely interesting character. Ranges from his experience designing the bomb at Los Alamos to his experience as an amateur bongo player. Highly recommended by a lot of smart people.
Flow, by Mihaly Csikszentmihalyi
eBoys: The First Inside Account of Venture Capitalists at Work, by Randall E. Stross - Not the biggest crowd pleaser on the list, but if you are particularly interested in venture capital, this is a must read. A 2000 business biography of the founding and early days of Benchmark, this book goes in depth on the personalities around the table, the details around their decisions, and even their responses to investments gone bad. An absolute must for any VC junkie.
aol.com, by Kara Swisher - Love Swisher, so when I came across this at a used bookstore, I snapped it up.
Measure What Matters, by John Doerr 
Hackers & Painters: Big Ideas From the Computer Age, by Paul Graham - Paul Graham’s essays, more than the work of any other individual, are responsible for my love of startup culture and tech investing.
Inside Steve’s Brain, by Leander Kahney
American Sniper: The Autobiography of the Most Lethal Sniper in U.S. Military History, by Chris Kyle - If you’ve seen the Clint Eastwood movie then you should maybe take the time to read the book. It’s relatively short, simply and clearly written, and has next to nothing to do with story of the movie. A lot of really interesting technical information about military practices and weaponry.
Bobby Kennedy: A Raging Spirit, by Chris Matthews - Bobby Kennedy is a personal hero of mine, and I also loved Matthews’ book Hardball, which I was assigned to read in high school, so I knew I had to read this when it was published late last year. An excellent option if you have never read a book on RFK and want to try and get a good overall picture of the man. 50 years on from his death, I imagine there are many people for whom this new book was perfect. I’ve read a number of books on RFK and the Kennedy family and didn’t get much new information from this, but I did still enjoy reading the more personal perspectives and reflections offered by Matthews.
A Sense of Where You Are: Bill Bradley at Princeton, by John McPhee - I listened to an episode of the great podcast The Axe Files that featured Senator Bill Bradley. In the discussion they mention this book. It profiles Bradley when he was still just a college student and basketball player. I knew a little bit about Bradley as he has been a great mentor to my boss, and I was extremely intrigued by the idea of a book written about someone so early in his life. The book is all about basketball and through the sport gives a good bit of insight into the standout student athlete and who he would come to be.
“He went on to say that it is a much simpler shot than it appears to be, and, to illustrate, he tossed a ball over his shoulder and into the basket while he was talking and looking me in the eye. I retrieved the ball and handed it back to him. ‘When you have played basketball for a while, you don’t need to look at the basket when you are in close like this,’ he said, throwing it over his shoulder again and right through the hoop. ‘You develop a sense of where you are.’”
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That didn't take long. Manic markets are back again What’s happening: In testimony before Congress this week, Federal Reserve Chair Jerome Powell reassured lawmakers that the central bank doesn’t plan to raise interest rates or taper bond purchases any time soon. His remarks allowed investors to brush aside their recent jitters. The Dow notched another record high on Wednesday as it nears the 32,000 mark. Shares of Tesla (TSLA), which have struggled this month, jumped 6%. The electric carmaker, which is richly valued at 1,193 times earnings, has become a barometer for risk-taking sentiment in markets. Wall Street has been increasingly worried that a strong recovery later this year could trigger a spike in prices as people book vacations and rush to restaurants. That could push the Fed, which is tasked with managing inflation, to pull back some of its support for the economy sooner than expected. Powell said the central bank will monitor the trend, but reminded lawmakers that low inflation has been a bigger problem in recent decades. “Inflation dynamics do change over time, but they don’t change on a dime,” he said. “If it does turn out that the unwanted inflation pressures arise and they’re persistent, then we have the tools to deal with that and we will.” Such bromides were enough for risk takers to reemerge, sending stocks higher and the US dollar back down. Even meme stocks came back in vogue. GameStop (GME), which announced earlier this week that its chief financial officer would step down as the company shifts its focus to online retail, spiked 104% on Wednesday, while AMC Entertainment (AMC) rose 18%. GameStop’s stock is up another 58% in premarket trading Thursday. Cautious voices are once again sounding the alarm. Charlie Munger, the 97-year old vice chairman of Berkshire Hathaway, warned Wednesday that it’s dangerous for investors to keep buying stocks in a “frenzy” just because prices are going up, comparing the GameStop surge to horse racing. In an interview with CNBC Thursday, Standard Chartered CEO Bill Winters said there are “indications that the broader stock market is frothy.” Not over yet: US Treasury yields were knocked off their highs following Powell’s testimony, but are now pushing up again. That indicates that inflation fears haven’t disappeared, and could continue to ripple through markets in the days and weeks to come. Big banks will need much less office space in the future A growing number of big banks are announcing plans to dump expensive office space, a bet that remote work is here to stay even after the pandemic ends. HSBC (HBCYF) said this week that it plans to cut its global real estate footprint by 40% “over the next several years,” part of a broader plan to slash costs and pivot its business to Asia. Lloyds (LLDTF) said that it aims to reduce office space by about 20% by 2023, while Standard Chartered (SCBFF) confirmed that it intends to downscale by a third over the next three to four years. “The pandemic has accelerated trends in employee expectations and the shift towards more flexible working,” Lloyds said in its earnings announcement Wednesday. The moves come as millions of office workers around the world have adjusted to working from home after nearly a year. Childcare and long work hours continue to present challenges as the pandemic drags on. But many companies believe they’ve ironed out kinks in communication, and no longer view productivity as a major concern. What comes next: HSBC will decide whether to keep offices as leases run out. But the cuts won’t affect bank branches or its headquarters in London’s Canary Wharf, where many top financial institutions are located. Standard Chartered announced last November that it plans to offer flexible work plans to 90% of global staff by 2023. Some bank executives remain skeptical that the changes brought about by the pandemic will last. Goldman Sachs (GS) CEO David Solomon said Wednesday that he saw working from home as a “temporary thing.” “I do think for a business like ours, which is an innovative, collaborative apprenticeship culture — this is not ideal for us. And it’s not a new normal,” Solomon said at an industry conference. “It’s an aberration that we’re going to correct as quickly as possible.” Watch this space: Any shift to more permanent remote work could have major ramifications for the economic recovery in urban centers, which have long relied on commuters to support local businesses and transportation services. Central London and Canary Wharf accounted for over half of London’s economic output in 2017. Could cracks in the housing market begin to emerge? The US housing market is still red hot. But there’s growing anxiety about how much longer the party can last. The latest: Home Depot (HD) and Lowe’s (LOW) reported better-than-expected earnings this week, and consumers, eager for more space, remain willing to pay ever higher prices for homes, my CNN Business colleague Paul R. La Monica reports. The strength of the housing market has even lifted the price of lumber. Timber exchange-traded funds are up sharply this year. Two concerns have come to the fore, however. Mortgage rates are closely tied to 10-year Treasury bond yields, which have jumped to their highest level in a year. When borrowing is more expensive, that can discourage buyers. Plus, Home Depot declined to give any profit guidance for 2021 when it reported earnings Tuesday. That signal of uncertainty sent shares down 3%. They dropped again Wednesday. Builders remain confident that the housing boom won’t come to an end just yet. “The housing market remains very strong, driven by a tight supply of new and existing homes for sale, favorable demographic trends, low mortgage rates and a heightened appreciation for home ownership,” Toll Brothers CEO Douglas Yearley said in the company’s earnings release, adding that he expects market conditions “to continue for the foreseeable future.” That said: As government bond yields tick up, it’s a sector worth watching. Up next Anheuser-Busch InBev (BUD), Domino’s Pizza (DMPZF), Best Buy (BBY), Cars.com (CARS), J.M. Smucker (SJM), Moderna (MRNA), Papa John’s (PZZA) and SolarWinds (SWI) report results before US markets open. Airbnb, Beyond Meat (BYND), Etsy (ETSY), Monster Beverage (MNST), Nikola, Salesforce (CRM) and Virgin Galactic (SPCE) follow after the close. Also today: Initial US jobless claims for last week post at 8:30 a.m. ET. Economists polled by Refinitiv expect another 838,000 applications. Coming tomorrow: Personal income and spending data arrives as Congress debates President Joe Biden’s $1.9 trillion stimulus package. Source link Orbem News #Didnt #investing #Long #Manic #Markets #Premarketstocks:Thatdidn'ttakelong.Manicmarketsarebackagain-CNN
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