Juggling Dynamite

Good historical context in this segment on cycles, behaviors and present conditions.

Howard Marks Investor Series, featuring Howard Marks, W’67, Co-Chairman, Oaktree Capital. Here is a direct video link.

Also see Howard Marks: One thing that makes great investors great:

“Back in the early seventies somebody gave me a great gift and told me about the three stages of a bull market. The first stage when only a few unusually perceptive people believed to understand that there could be some improvement.

The second stage when most people accept that improvement is actually taking place.

And the third stage when everybody and his brother believes that things can only get better forever. You make a lot of money if you buy in the first stage. You lose a lot of money if you buy in the last stage.

You buy the same things, but what matters is when do you buy them and at what price.”

Interesting discussion on tapping solar power and managing resources in outer space.

Astrophysicist and TV host Neil deGrasse Tyson discusses business opportunities that outer space offers, Tesla CEO Elon Musk’s recent behavior, and Trump’s new branch of the military, the Space Force. Here is a direct video link.

Neil deGrasse Tyson on Elon Musk, Trump’s Space Force from CNBC.

Euphoric frenzy around start-ups and new sectors present lengendary capital dangers, particularly because people tend to increase their bets as stock prices rise faster than business prospects.  Meanwhile for the companies, delivering on operational expectations is a long and winding road.  As Cannabis supply and stock prices are leaping, regulatory and demand questions are likely to weigh on exuberant assumptions going forward.

Investors in Canadian weed shares are having a great start to the week as the cannabis sector continues to soar on the stock market.  Here is a direct video link.