What I Wish I Wrote ~ June 30, 2017

Charlie Munger’s talk on the Psychology of Human Misjudgement via Marketfolly

Checking in with ESPN, the current state of its business and its future. (Sports Business Daily)

You probably hear a lot that Tesla is disrupting this and that business. But is Tesla really disrupting any business in the true Clayton Christensen definition? (Vox)

How would your portfolio have done if you invested in the Dividend Champions in 2007? (The Dividend Growth Investor)

Brown v Board of Education was a landmark Supreme Court case but did we mess up who and how we integrated the schools? (Revisionist History)

Has the meteoric rise of passive investing generated the “greatest bubble ever”? (13D va Medium)

Tiger Cubs battle short sellers over Transdigm. (Financial Times)

Faceless Publishers. The changing infrastructure of online publishing and monetization. (Stratechery)

Best Habits of Highly Successful Investors (Steve Romick in Barron’s)

70 years ago Russ Gremel bought $1,000 worth of Walgreens now the stake is worth $2 million and he is donating it to set-up a wildlife refuge. (Chicago Tribune)

Compound interest works with learning too. (Kottke)

This is Your Nightmare Scenario (The Irrelevant Investor)

Warre Buffet on the PBS News Hour (Video 1, Video 2)

Avoid Companies with CEOs Who Golf Too Much

Malcom Gladwell is back with his second season of Revisionist History. The first episode is A Good Walk Spoiled

In the middle of Los Angeles — a city with some of the most expensive real estate in the world — there are a half a dozen exclusive golf courses, massive expanses dedicated to the pleasure of a privileged few. How do private country clubs afford the property tax on 300 acres of prime Beverly Hills real estate? RH brings in tax assessors, economists, and philosophers to probe the question of the weird obsession among the wealthy with the game of golf.

What does golf have to do with investing?

CEOs Who Golf Too Much

The gem in this podcast starts around 5:35 minutes and continues till 9:19. If you include – and I don’t know why you wouldn’t – the little dig at former Bear Stearns CEO Jimmy Cayne for leaving early on Fridays to play golf while his firm collapsed.

“The more golf a CEO plays, the worst his firm does.”

“The more golf a CEO plays, the more likely he is to be fired.”

Some further reading.

Fore! An Analysis of CEO Shirking