1. One of the World’s Widest Moats by John Huber.
In this article, John talks about the various Moats commonly knows to us and how those moats are not going to protect the companies and our investments any more. He highlight what is the most important moat that will work going forward.
• Management focused on long-term value
• Management that is willing to adapt to fast changing or adverse conditions
• A business that is providing the best value to customers
• I believe that a combination of these three factors leads to the most durable competitive advantage in today’s business world.
He also talk about the how Tencent can be big time compounding machine for decads to come. He has done a through analysis of Tencent.
2. The unsolved puzzle by Morgan Housel
In investing, our philosophy should evolve as the times changes like biology but our patience, long term vision and our emotions should not change like physics.
We solved the nuclear energy puzzle, the how-to-put-a-man-on-the-moon puzzle, and the send-information-around-the-world puzzle. But we will never permanently solve the investment puzzle, because solutions have shelf lives, and expiration dates that are usually only obviously in hindsight.
3. American Spring by Naval Ravikant
This is such a though provoking article on american politics and the rich getting richer argument.
There is no more establishment. Like all things Internet, social media and crowd financing are unstoppable. Every large future election will have outsiders out-organizing, out-raising, and out-raging the establishment.
America is going from a republic of elites to a direct democracy. Look to your left, and look to your right. Wake up — the people are here.
4. Commencement Address at UT by Admiral William H. McRaven
Admiral takes the UT’s slogan of “What starts here changes the world” and gave an amazing speech. One of the most inspiring Commencement Address I have heard. He gives us 10 lessons he learned from SEAL training that can guide any one in life. It all starts with this
If you make your bed every morning you will have accomplished the first task of the day. It will give you a small sense of pride, and it will encourage you to do another task and another and another. By the end of the day, that one task completed will have turned into many tasks completed. Making your bed will also reinforce the fact that little things in life matter. If you can’t do the little things right, you will never do the big things right.
If you want to change the world, start off by making your bed.
If you want to change the world, find someone to help you paddle.
If you want to change the world, measure a person by the size of their heart, not the size of their flippers.
If you want to change the world get over being a sugar cookie and keep moving forward.
If you want to change the world, don’t be afraid of the circuses.
If you want to change the world sometimes you have to slide down the obstacle head first.
If you want to change the world, don’t back down from the sharks.
If you want to change the world, you must be your very best in the darkest moment.
If you want to change the world, start singing when you’re up to your neck in mud.
If you want to change the world don’t ever, ever ring the bell.
Here is the full speech if you like to read.