What We’re Reading
A few good articles the Collaborative Fund team came across this week …
Intelligence
This is astounding:
With a slide rule and a pencil, Katherine advanced the cause of human rights and the frontier of human achievement at the same time. Having graduated from high school at 14 and college at 18 at a time when African-Americans often did not go beyond the eighth grade, she used her amazing facility with geometry to calculate Alan Shepard’s flight path and took the Apollo 11 crew to the moon to orbit it, land on it, and return safely to Earth.
Lifecycle
Hang in there, middle-agers:
Behavior
This is great:
I believe the opportunity to overcome investor biases by altering the return stream is limited…
But….restructuring the portfolio construction process and how we communicate performance can help significantly. Changing the actual portfolio may be a side-effect of a good alignment process.
The true answer lies between the extremes above.
Amazon
Today’s edition of “It must be terrifying to compete against Jeff Bezos”:
Amazon.com Inc. spent its first day as the owner of a brick-and-mortar grocery chain cutting prices at Whole Foods Market as much as 43 percent.
Competition
Very important:
Nothing attracts competition like prosperity, and nothing hurts excess returns like competition. Prior to the publication of Superinvestors, the Fama French Value index had outperformed the S&P 500 in 89% of all rolling twenty year periods, and since then, that number has fallen to 62%.
Have a good weekend.