📚 Edwin's Highlights

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A batch of the best highlights from what Edwin's read, .

Tom Murphy and [his long-time business partner] Dan Burke were probably the greatest two-person combination in management that the world has ever seen or maybe ever will see.– Warren Buffett (The Outsiders)

Coming About With Bob Iger

cloudvalley.substack.com

What is second-level thinking? • First-level thinking says, “It’s a good company; let’s buy the stock.” Second-level thinking says, “It’s a good company, but everyone thinks it’s a great company, and it’s not. So the stock’s overrated and overpriced; let’s sell.”

The Most Important Thing Illuminated

Howard Marks, Paul Johnson

Already in the nineteenth century, Marshall noticed that the rising tide of prosperity wasn’t lifting the boats of all artists and professionals—those “moderately good oil paintings” had never been as cheap while the “first-rate” ones had never “sold so dearly.” More than a century later that winner-take-all effect has become even more pronounced in the professions whose superstars are prospering from the rise of the global super-elite.

Plutocrats

Chrystia Freeland

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A batch of the best highlights from what Edwin's read, .

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