In 2008, Porsche was cruising. The luxury car manufacturer generated $13.5 BN in pre-tax profit, and sold a record 98,652 automobiles — a staggering $136K profit per car sold. Even for a luxury brand, the numbers seemed nearly impossible. Upon closer inspection, $11.5 billion dollars of that profit wasn’t from selling cars — it was from speculating on financial…
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One day in the fall of 1981, eight men in their 70s stepped out of a van in front of a converted monastery in New Hampshire. They shuffled forward, a few of them arthritically stooped, a couple with canes. Then they passed through the door and entered a time warp. Perry Como crooned on a…
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Nothing in life is to be feared, only understood – Marie Curie It is no secret the Marie Curie is one of my intellectual idols – the only person to win two Nobel Prizes in different disciplines. I don’t count the Peace prize won by the likes of Linus Pauling since it is a bullshit popularity…
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An interesting interview with Marc Adreessen the inventor of Netscape and venture capitalist. He makes the following poiint – What did you do? I just went to college. I did my thing. I came out here in ’94, and Silicon Valley was in hibernation. In high school, I actually thought I was going to have…
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The planning fallacy is related to optimism bias (think Lake Wobegon—where all the children are above average) and self-serving bias (where the good stuff is deemed to be my doing while the bad stuff is always someone else’s fault). We routinely overrate our own capacities and exaggerate our abilities to shape the future. Thus the…
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One of the best ways to find out what an industry thinks of both itself and its clients is to look at how the industry communicates to itself. I came across this piece by Hedge Co an online news source for hedge funds. the title of the piece – How to Get Rich By Starting…
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That process depends on what you are dying of. The body can fail in ways that are extremely distressing, slowly and painfully, demanding much stoicism, or it can switch off with little more than a flash of dizziness. In my family we seem to have been uncommonly lucky in that respect. There was the 82-year-old…
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