Facts do not cease to exist because they are ignored.
– Aldous Huxley


Stephen Schwarzman of Blackstone Feels the Agony of Victory
His message: Blackstone’s extraordinary run of asset growth and profitability is no mere fluke. “It is ridiculous empirically, but psychologically, people want to believe that it might never happen again,”

Olivier Brousse: Using his ‘Coca-Cola secret recipe’ to solve infrastructure problems
For somebody describing a bleak future, John Laing chief government Olivier Brousse is fairly upbeat.

Tesco to Sell Korean Unit to MBK-Led Group for $6.1 Billion
They are selling the family silver,” said Bryan Roberts, an analyst at Kantar Retail. “It’s their biggest, most profitable and most successful international business.

Glencore to Sell Shares and Scrap Dividend to Reduce Debt
The change of heart was prompted as investors expressed concerns about the balance after the company reported a 56 percent drop in first-half profit last month.


Did a Black Swan Fund really just “make a billion dollars”?
You decide.


The Long Road of Proving Yourself as an Investor
Probably 20-30 years.

Warren Buffett on Scorecards, Investing, Friends, and the Family Motto
If all the emphasis is on what the world’s going to think about you, forgetting about how you really behave, you’ll wind up with an Outer Scorecard.

Long reads

Fukushima: The Price of Nuclear Power
This week, Japan fired up the first of its forty-eight remaining nuclear reactors once again. More reactors will come back online in the years ahead.

How Nairobi Got Its Ad-Hoc Bus System on Google Maps
In a collaboration called Digital Matatus, researchers from MIT, Columbia University, and the University of Nairobi along with the design firm Groupshot released a map of the entire matatu system last year—a first for a non-formal transit system.

Why do Only Some Adults Drink Milk? The Answer is More Complicated Than You Think? 
…two distinct advantages (enhanced calcium absorption in northern Europe and better access to protein in Africa) seem to have promoted the emergence of milk drinking in adult humans.

Graph of the week

Market corrections

Source: NBER
Source: NBER

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