I recently read Same as Ever by @MorganHousel.

It was a phenomenal read packed full of timeless wisdom.

Here are 25 of my favorite quotes from the book: 1. “Change captures our attention because it’s surprising and exciting. But the behaviors that never change are history’s most powerful lessons, because they preview what to expect in the future.”

They say a picture is worth a thousand words…

And when it comes to macro charts, there’s no better resource than @TaviCosta.

Here are my 5 favorite charts he’s shared.

Chart #1 is what Tavi calls “The Most Important Macro Chart of the Decade”: Commodities are a great investment during times of high inflation.

We saw this in previous inflationary decades – the 1910s, 1940s, & 1970s.

The 2020s may prove to be the decade where commodities outperform with a backdrop of high inflation.

In the past few weeks, we’ve seen multiple bank failures and regulators acting swiftly to prevent contagion and total financial collapse.

Here’s how we got here and who could be the next domino to fall: Let’s start from the beginning.

On March 8th, Silvergate announced that they would be winding down their operations and liquidating the bank.

This should come as no surprise, as Silvergate catered to crypto companies specifically.

Two massive banks going bust in under a week.

Good reminder that risk happens fast, and you never know when you'll need extra cash.

Always be a bit more cautious than what your intuition might initially tell you. "There are decades where nothing happens; and there are weeks where decades happen." - Vladimir Lenin

What if I told you there was a company with the following characteristics:

• High margins
• Low leverage
• High return on invested capital
• Historical stock returns of 30%+
• One of the best capital allocators at the helm

Enter Mark Leonard & Constellation Software 🧵 Mark Leonard is the founder and CEO of Constellation Software ($CSU.TO).

Despite his estimated net worth being north of $2 billion, he keeps a very low profile.

There are only 2-3 public photos of him and no public interviews.

Here is one of them 👇

Jeff Bezos is one of my favorite founders to have ever studied.

Initially starting as just a bookstore, Amazon this year will generate over half a TRILLION dollars in revenue.

Here are the most thought-provoking quotes from Bezos on business & life: 1. Your margin is my opportunity.

2. Start with the customer and work backward.

3. If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.

Ray Dalio understands the macro environment as well as anyone.

While most investment managers were down big during the Great Financial Crisis, Dalio’s fund was up 8.7% in 2008.

Here is how Dalio views our global economy today: In order to prepare for the future, it’s important to study history and see how things have played out in the past.

In his book, Big Debt Crises, Dalio studied more than 48 debt crises that have occurred throughout history.

Howard Marks is one of the most insightful investors of our time.

Today he is worth $2 billion and is the co-founder of Oaktree Capital, which has over $160 billion in AUM.

Here are 10 lessons I’ve learned from his brilliant writings: 1. Investing is Complex

Investing is challenging and takes a lot of time to master.

It’s important to realize just how complex it is. Don't become overconfident in your assumptions or oversimplify how the world works.

Warren Buffett’s 10 Secrets to Success

[THREAD] 1. Utilize Compound Interest

Buffett first started learning about investing at age 7 and bought his first stock at age 11.

The earlier you start investing, the better. This allows compounding to have more time to do the heavy lifting.

Get compound interest on your side ASAP.