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Circle of Competence Issue #28

Quote of the week: "Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to rank with those poor spirits who neither enjoy much nor suffer much, because they live in a gray twilight that knows not victory nor defeat." – Theodore Roosevelt


I didn't have time to write a column this week due to tough travel schedule, but did read a very interesting letter from Mark Yusko at Morgan Creek Capital (Chapel Hill, NC), where he explains in detail the opportunity his firm sees currently in the nascent cryptocurrency industry. I would highly recommend anyone interested in history, philosophy, economics, and of course crypto technology to read his Q2 letter. I plan on writing a column next week on my thoughts around cryptocurrencies based around Yusko's comments in his letter.

In other news, I found this gem this week: an original PDF'd copy of Warren Buffett's notes and thoughts written on a 2007 Lehman Brothers Holdings 10-K. Pure brilliance if you have the time. Here is the accompanying WSJ interview with Nicole Friedman.


- Warren Buffett's recent CNBC interview on Apple and buying stocks (CNBC)

- Morgan Housel's piece on how Brent Beshore raised a uniquely structured permanent private equity fund

- The new mortgage kings: they're not banks (WSJ)

- The demise of Sears stores is fueling a new fortune (NYT)