📚 Edwin's Highlights

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In large part, this is because primate social groups, and hence the relationships that make these up, are implicit social contracts. We agree to live together, or to be friends, so that we can both benefit by solving the problems of daily survival and reproduction more efficiently than we each of us could do on our own. The problem is that there is always the temptation for you to steal a march on me either by not paying your share of the costs, or by taking too big a share of the benefits. It is the problem that gives rise to what is known as the tragedy of the commons.

Friends

Robin Dunbar

HOWARD MARKS: The riskiest things: The most dangerous investment conditions generally stem from psychology that’s too positive. For this reason, fundamentals don’t have to deteriorate in order for losses to occur; a downgrading of investor opinion will suffice. High prices often collapse of their own weight.

The Most Important Thing Illuminated

Howard Marks, Paul Johnson

Gutfreund became co-CEO with Phibro’s David Tendler. Running a firm with a co-CEO is like trying to balance two ends of a seesaw in the air. When Phibro’s business slumped after the sale just as Salomon’s was soaring, Gutfreund wasted no time. He slammed his end of the seesaw to the ground and sent Tendler flying.

The Snowball

Alice Schroeder

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