Loved this story of a hauntingly beautiful transformation.
"Compared to other athletes, she doesn’t seem to be physically extraordinary. But the mental strength Alenka forged through overcoming hardship has given her an obvious edge."
h/t @tom_morganKCP onjustonebreath.com
"Our bodies are slightly less dense than water, so we float near the surface and need to kick to dive down. The deeper we go, the more the water above squeezes us. Pressure increases as does our density. Eventually, we sink like a stone. Gravity takes us — we’re in free fall."
"In many sports, 30-year-olds approach the ends of their careers. Freediving is different. Divers don’t just need strength and extraordinary breath-hold ability, but also calmness, maturity, and self-knowledge. Try too much, too soon, they are likely to burn out — or worse."
"This new self-knowledge changes Alenka’s priorities. Instead of medals, she wants to make up for the lost years, to live more, to discover who she really is. So she has an idea: Go on an extended solo adventure to a place where she can dive in the ocean."
"The outside world wants egos and fights and titles, she says. It’s not easy to be unaffected. But it’s possible."
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Investors value experience and awareness of the ups and downs of prior cycles. We intuitively look for meaning in the patterns of the past.
However, market analogies present a treacherous path and can distract us from doing the work with a beginner's mind.
Bill Miller took over his fund in 1990: “The economy was in recession, stocks were down, banks — our largest industry concentration — were failing, Saddam Hussein occupied Kuwait, and oil had spiked to about $40 per barrel. It was clearly a terrific time to invest.”
He was often a contrarian buyer: “If you want to boil down everything we do, it's this: The guy with the lowest average cost wins.”
“Systematic outperformance requires variant perception: One must believe something different from what the market believes, and one must be right."
"When I left the Times for Substack my departure was shoehorned into a lot of takes about the Future Of Media ... Multiple pundits suggested that I’d soon be making at least a million dollars off of sweet, sweet subscriptions. This did not happen."
"I’m worth more to a publication as part of a package of writers/reporters/thinkers than I am on my own. This makes sense to me."
Everything is bundling, unbundling, rebundling..
"Many of the best, most profitable newsletters are based off a very legible beat of some kind. They’re obsessive on one thing or act as a new style of trade publication. Their value is very clear to subscriber"
"There are two good times to be an investor: when valuations are low overall, and when dispersion is high." by @ByrneHobart
"There are times when the overall market is expensive, but the cheapest assets out there are really incredibly cheap."
"the heyday of value investing in the 50s and 60s, one of the things that stands out is that they were able to find tiny cheap companies with high-quality economics and good management teams. Not only was the market for stocks inefficient, but the market for talent was, too."
Vs. today
"the statement “this small, obscure company is in a good business, is well-run compared to its peers, and looks quite cheap” requires a lot of explaining, because so many forces conspire to ensure that sufficiently good companies remain neither small not cheap for long"
"1973 was the first year where it became clear the economy was walking down a new path."
"A combination of lucky economic advantages and a culture hardened by the Depression and anchored in cooperation shifted when Baby Boomers began coming of age."
"Everything in finance is data within the context of expectations. One of the biggest shifts of the last century happened when the economic winds began blowing in a different, uneven direction, but people’s expectations were still rooted in a post-war culture of equality.
Not necessarily equality of income, although there was that. But equality in lifestyle and consumption expectations."
"Sharp inequality became a force over the last 35 years, and it happened when, culturally, Americans held onto two ideas rooted in the post-WW2 economy:
Kirk Kerkorian is one of my favorite rags to riches stories. A high school dropout who built the largest casinos and nearly owned Chrysler. A shrewd and enthusiastic dealmaker with a chip on his shoulder.
“Life is a big craps game. I've got to tell you, it's all been fun.”
"When you're a self-made man you start very early in life. In my case it was at nine years old when I started bringing income into the family. You get a drive that's a little different, maybe a little stronger, than somebody who inherited."
Kerkorian was born in 1917 to Armenian immigrants in California. His father bought up ranches and became San Joaquin's 'raisin baron' before going bankrupt under a mountain of debt.
Kerkorian dropped out of school and worked odd jobs, he nearly became a professional boxer.