It’s not supposed to be easy. Anyone who finds it easy is stupid.”
– Charlie Munger


Volkswagen’s Game of Make-Believe
The company inserted a device into almost 500,000 cars meant to trick emissions testing, the EPA says.”

The AB InBev – SABMiller Merger Isn’t Happening
“…paying a premium to buy out SABMiller for its African exposure to then potentially dump its American assets at fire-sale prices would seem like an odd strategy.”

McRevolt: The Frustrating Life of the McDonald’s Franchisee
Even with two drive-thru lanes, the lines built up again as employees scrambled to make skinny vanilla McLattes


Patterned By Birth
We are children of the bull market, and our psychology cannot help be patterned by our birth.”


Howard Marks memo – It’s Not Easy
In my view, this is a good part of the basis for Charlie’s comment: anyone who thinks it’s easy to achieve unusual profits is overlooking the way markets operate.

Sanjay Bakshi on Reading, Mental Models, Worldly Wisdom, and Investing
“Sanjay is one of India’s best-recognised finance professors”

Long reads

The Blob in the Northeast Pacific Ocean
Why are normally foreign creatures swimming North America’s west coast waters this summer?”

Graph of the week

20 Cognitive Biases That Affect Your Decision-Making


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