Circle of Competence Issue #72

Howard Marks' latest memo on the economy, WeWork's CEO cashes out prior to IPO, the trust crisis, Duolingo's $700M language lear

Letter to Learners, July 2019

Incentives, Focus, and Developing Your Circle of Competence I started nearly a year and a half ago, and since then, I have been on a weekly reading and learning binge. There are worse things in life to binge on than good reading material, but even so, most days I don’t take enough time to just sit and think. As Charlie Munger once opined, ‘most people calculate too much and think too little.’ Thus, the idea for a less frequent “letter to learners” was born out of the need for time to sit and think about what I’ve been learning. The best way I have found to keep a personal promise is to go public with it. The social pressure (whether real or perceived) can be a heavy, bu

Circle of Competence Issue #71

Letter to Learners #1, Ray Dalio's prediction of a coming economic paradigm shift, history of SaaS company valuations, Scott Kupor on st

Circle of Competence Issue #70

Bill Gurley on the keys to a 10X revenue multiple, negative yielding junk bonds, the paradox of choices, big data and real estate, Amazon tu

Circle of Competence Issue #69

Misconceptions about renewable energy, defining and investing in network effects, improving corporate governance with long term incentives,


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