Circle of Competence Issue #97

QUOTE OF THE WEEK

"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" - F. Scott Fitzgerald

FOOD FOR THOUGHT

Nothing to add this week.

LINKS

Investing

High yield was Oxy, but private credit is Fentanyl (Institutional Investor)

Sorfis Investments 2019 annual letter (Joe Koster)

Punch Card conference notes (Leon Lin)

Unit economics (Ryan Reeves)

An ode to luck: revisiting my Tesla valuation (Aswath Damodaran)

Private equity funds aren't holding companies as long anymore (PitchBook)

Oil-and-gas wells produce nearly a trillion gallons of toxic waste a year (Rolling Stone)

Technology

What Silicon Valley doesn't get about Private Equity with Brent Beshore (Village Global)

Google's Deepmind publishes study showing how AI can be used to predict how proteins fold (Deepmind)