“Money, again, has often been a cause of the delusion of the multitudes. Sober nations have all at once become desperate gamblers, and risked almost their existence upon the turn of a piece of paper.” –Charles Mackay
You can’t learn without failure. Listen to this interview on the secrets of failing.
About this week’s guest:
About ideas and people mentioned in this podcast episode:
- The Up Side of Down: Why Failing Well is the Key to Success, by Megan McArdle at Amazon.com.
- When Brute Force Fails: How to Have Less Crime and Less Punishment, by Mark Kleiman at Amazon.com.
- Creative Destruction, by W. Michael Cox and Richard Alm. Concise Encyclopedia of Economics.
- Disaster and Recovery, by Jack Hirshleifer. Concise Encyclopedia of Economics.
- Crime, by David D. Friedman. Concise Encyclopedia of Economics.
Web Pages and Resources:
Podcast Episodes, Videos, and Blog Entries:
- Harford on Adapt and the Virtues of Failure. EconTalk.
- Steven Teles on Kludgeocracy. EconTalk.
- Taleb on Antifragility. EconTalk.
- Podcast Episodes with Vernon Smith. EconTalk.
- Zywicki on Debt and Bankruptcy. EconTalk.
- McArdle on Debt and Self-Restraint. EconTalk.
Obliterated in the stock market (or the Perils of Momentum investing)
Before I sell everything and fire myself from ever managing money again, I’d like to share with you some of the percentage gain losses, from 8 WEEKS AGO to now, of some of 2013?s favorite stocks.
A look at a Brazilian Turn-around Value Investor: https://www.santangelsreview.com/2014/04/28/book-review-and-lessons-from-dream-big-a-glimpse-inside-the-strategies-and-tactics-of-3g-capital/
Businessweek has called him “the world’s most interesting billionaire” and Warren Buffett once said he was an “extraordinary manager.”However, despite purchasing three of the most iconic brands in America–Heinz, Burger King, and Budweiser–and building a tremendous track record as an investor and operator, Jorge Paulo Lemann remains virtually unknown. This is in no small part a function of his reluctance to comment to the press or speak publicly.
However, a few years ago, Lemann gave a speech to prospective Harvard students which was then uploaded to YouTube. The speech, which was delivered entirely in Portuguese, was entitled “What I Learned at Harvard.” In it, Lemann recounts his experience nearly getting thrown out of school at the end of his freshman year, his return the next year determined to succeed, and many of the lessons he learned as an undergraduate that he believes formed the framework for his later business success. Besides a few brief comments in various periodicals over time, as far as I can tell, this has been his only public speaking appearance in recent years. And for the first time it is accessible in English as I’ve had it translated and transcribed. It truly is a great speech from a fascinating investor.