Earlier this month, Howard Marks published a memo called “Sea Change“, where he argued, among other things, that it is “nearly impossible to overstate the influence of declining [interest] rates over the last four decades.” In fact, he goes on to say that he would… Read More
Sometimes I stop and think to myself, “my god, I’ve been writing my daily blog for over 9 years. That’s a huge commitment. Should I stop? Is it really worth it?” But of course I do think it is worth it, mostly because I enjoy… Read More
Everybody wishes that they bought companies like Amazon way back when they first went public, and then held them until today. If you did that, you would of course now be rich. But what would you have had to deal with along the way? Well,… Read More
I know that this is supposed to be a blog about building cities, but it’s also a blog about real estate and I have heard that people sometimes do things like invest in real estate. So here is a terrific memo by Howard Marks (of… Read More
Warren Buffet’s annual letter to Berkshire Hathaway shareholders was just published for 2020. It can be downloaded here. I have made a habit out of reading his letter every year and his overall approach has been instrumental in shaping the way I think about investing.… Read More
I came across the above Twitter thread last night before bed and I thought it was great. It’s about the importance of thinking exponentially, as opposed to linearly, when it comes to finance and investing. In it, the author provides a quick rule of thumb… Read More
The venture capital industry likes to talk about the importance of investing in ideas that are and turn out to be both non-consensus and successful. The idea here is that if an idea or opportunity is already consensus, then there’s too much money flooding into… Read More
I am sure many of you are getting tired of the news. I know I am. But it turns out that when you’re in a global pandemic and you spend the entirety of your day looking at Zoom — while fidgeting your leg, I might… Read More
Fred Wilson’s latest blog post about “grinding” tells the story of how Twitter solved the infamous “fail whale” problem that plagued its platform in the early days. I remember that whale, as I’m sure many of you do as well. It was a problem and,… Read More
Warren Buffet recently said in a Yahoo Finance interview that when you buy cryptocurrencies you’re not actually investing. Instead, you’re speculating – speculating that “somebody else will come along and pay more money tomorrow.” Investments need to generate a return. And nobody is at all clear on… Read More
BRANDON DONNELLY 