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Hi friends, 

Since summer is here, I have a bit of a lighter read this week. Enjoy!

Today's Contents:

  • Good Reads: Sensible Investing
  • Good Reads: Startup Stuff 
  • Weekly Song: Take on Me

Good Reads: Sensible Investing

Bull Mark Rhymes - Memo here from Howard Marks. This piece is a great analysis of the run-up of the last few years. Of course, it's easier to write this memo now with knowledge of the recent past. I, too, remember the Howard Marks 'Something of Value' memo in Jan 2021 where he quoted his son, Andrew, on growth stocks:

Pressure builds on the U.S. Junk Bond Market. Here in the FT. Fixed Income movement is when economic concerns really get interesting. 

"US corporate bonds sold by low-rated companies have slumped in price, signaling lenders’ intensifying worries that scorching inflation and higher interest rates are beginning to hit borrowers most vulnerable to an economic downturn.

Coinbase. Below is a chart on the market movement of a Coinbase Bond issued last year. Full info here. The pattern looks, from a glance, correlated. 

Good Reads: Startup Stuff, mostly

How to Stand the Test of Time as a Startup. Here by Glenn Solomon.
  1. Founders are actually “momentum managers in chief”
  2. Learn to live on the cash that you do have
  3. Hitting rock bottom can be a blessing in disguise 

Different Kinds of BS. There are three important facts about bullshit: It’s everywhere, it’s influential, and it’s dangerous. Here from Morgan Housel.

Bullshit can go unnoticed because people are more concerned with lies. Lies, once spotted, are unmistakable and their damage is obvious. But bullshit stops just short of a lie, mixing the integrity of the truth with the deceit of a lie in a way that leaves both the bullshiter and his recipient feeling satisfied.

If a company tells investors it has $20 million in the bank when it actually only has $10 million, that’s a lie. But if a company tells investors that it’s profitable if you ignore half its expenses, that’s bullshit. And that kind of thing is everywhere, in every industry, every corner of society.

Plastic Recycling Doesn’t Work and Will Never Work. Here. "If the plastics industry is following the tobacco industry’s playbook, it may never admit to the failure of plastics recycling." Pretty self-explanatory. 

Weekly Song: Take On Me

Music Video here.  And it has been viewed 1.5 billion times!

This massively popular classic was released the year of my birth - 1986. The signer is trying to convince a girl to to take a chance with him. I love the chorus. 

"Take on Me" by A-ha
We're talking away
I don't know what
I'm to say I'll say it anyway
Today's another day to find you
Shying away
I'll be coming for your love, okay?

Take on me (take on me)
Take me on (take on me)
I'll be gone
In a day or two


Thanks for reading, friends. Please always be in touch.

As always,

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Katelyn Donnelly
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