Liberty

https://www.cnbc.com/2019/07/02/tesla-q2-2019-production-and-delivery-numbers.html

What are you doing on a site called "GMO Science" that has this at the bottom of its pages "1 of the key factors fuelling the epidemic of autism & ADHD in children is epigenetics; the effects of toxic exposures of previous generations on their offspring. Glyphosate has also been shown to cause epigenetic effects" ? If this site says it's unhealthy, that makes it more likely to be healthy, all else equal, IMO.

It's not even the same SP500 anyway. Look at the composition of the index during different periods, and then ask yourself if some businesses are worth higher valuations than others. Is it worth the same multiple when you're railroad and heavy industrial and commodity-heavy as if you're tilted toward capital-light, high ROIC businesses (healthcare, software, services, advanced IP-based engineered products, etc). There's also the globalization aspect. 60 years ago, most of the US-listed companies did most of their business inside one country. Now a lot of the biggest companies in the index are global and are capturing some of the rapid growth in places like Asia.. Anyway, comparisons are a lot harder to get right than most people think.

New acquisition by the ETG group, this one in France: https://www.businesswire.com/news/home/20190702005347/en/HEICO-Corporation-Acquires-Leading-French-Interconnect-Business

New interview: https://peterattiamd.com/annieduke/

https://csiperseus.com/news/constellation-homebuilder-systems-company-acquires-online-listing-service/ "Constellation HomeBuilder Systems, a provider of home building software and services, announced the acquisition of online listing service NewHomeListingService.com." h/t @adrivalue

A couple pieces on this: https://daringfireball.net/2019/06/jony_ive_leaves_apple https://stratechery.com/2019/jony-ive-leaves-apple-ives-legacy-the-post-ive-apple/

Wow It's not like he wasn't working with huge teams and that he hasn't shaped the culture there to a large extent that will stay after he's gone, but this is a big announcement. Wow indeed. It will be very interesting to see how they do without him... To be fair, Johny had already semi-retired a few years ago when design responsibilities fell more on others and he spent a lot of time focusing mostly on Apple Park, but it's still turning a page of Apple history.

To be fair, I don't think they claim to be the cheapest option. Not really their value proposition. Kind of like free range chicken isn't about being cheapest, but about not wanting to encourage certain practices.

Funding for the book is at about 61k out of 150k with 25 days to go. Very good sign. But if you have any interest in it, go pledge, because this won't be in bookstores or sold after the initial run, and it sounds like it's going to be pretty amazing. Earl Brown (who plays Dan Doherty) made this video about it:

Loved that one too. I could listen to Rick speak all day. agree, and would also add that it's probably the podcast with the best audio quality I've listened to, given it was recorded in Rick's studio ;D If you want to hear more of Rick podcasting, he's done some episode for the Broken Record podcast, which is part Malcolm Gladwell's podcast network (along with Michael Lewis' new podcast).

Wow It's not like he wasn't working with huge teams and that he hasn't shaped the culture there to a large extent that will stay after he's gone, but this is a big announcement.

Video interview with MSFT VP in charge of "intelligence cloud and edge cloud": https://ondemand.ceraweek.com/detail/videos/technology/video/6013061803001/dialogue-with-jason-zander-executive-vp-microsoft-corporation?autoStart=true

I'm a little late with this one, sorry if it was already posted, but here's a 24-min interview with Andy Jassy, head of AWS: https://ondemand.ceraweek.com/detail/videos/cw19event-video-manual-playlist/video/6012631156001/andrew-r.-jassy-in-technology-leadership-dialogue

Amazon launches new in-store pickup option with Rite Aid as first partner https://www.reuters.com/article/us-amazon-com-rite-aid/amazon-launches-new-in-store-pickup-option-with-rite-aid-as-first-partner-idUSKCN1TS0RI

https://www.cnbc.com/2019/06/26/tesla-secret-lab-building-battery-cells-to-reduce-panasonic-dependency.html

I think they just meant the market cap. It's a weirdly written press release.

New acquisition around $20: http://www.globenewswire.com/news-release/2019/06/26/1874465/0/en/CAKE-Announces-Acquisition-by-Constellation-Software-Inc.html?culture=fr-ca h/t @pearnick

In commodity businesses, high prices lead to low prices as more supply is attracted... “More supply is attracted” = a new mine at Kami and a major expansion at IOC? The latter (to 30 MTA) is coming once Rio Tinto’s ownership issues are sorted out. Incredible margins at IOC. Also, more supply internationally, faster expansion at existing mines, until commodity prices come down and margins come down. When you don't have a defensible advantage to protect your margins in a cyclical industry, they're going to come down. Over long period, inflation-adjusted prices of commodities have tended to come down as technology improves productivity.

In commodity businesses, high prices lead to low prices as more supply is attracted...

My pleasure

Two more great ones: Patrick O'Shaughnessy interviewing the pseudonymous "Jesse Livermore", author of http://www.philosophicaleconomics.com http://investorfieldguide.com/livermore/ And Ted Seides interviewing Patrick O'Shaughnessy (it's good to hear him as an interviewee rather than an interviewer, he talks a lot about quant stuff): https://capitalallocatorspodcast.com/2019/06/09/osam/

Loved that one too. I could listen to Rick speak all day.