Worth Reading

Semiconductors could be the new oil | Capital Group

The semiconductor industry has evolved from boom-and-bust cycles marked by excessive capital expenditures, poor inventory management and lack of pricing discipline. It is more disciplined and better positioned today, following years of consolidation that has resulted in a few dominant players along each specialized area of the global supply chain.

So You Want to Be a Bootlegger | The Saturday Evening Post

In a 1922 Post article, an ex-bootlegger offers advice for how to break into the business.

Someone stole my truck. I got a crash course on the wild black market for stolen cars | NPR

Over the last couple weeks, I've gotten a crash course on the black market for stolen cars, and I've come to learn that it's actually not the nice ones that are the most frequent targets. It's the clunkers. If you think about it, that's pretty messed up. It means that the people who can least afford to have their cars stolen are more likely to have their cars stolen.

Why Compounding is so Difficult | Akre Capital Management

Why do more investors not reap the benefits of compounding? We believe the reason has surprisingly little to do with recessions, depressions, wars, financial crises, political crises, rising interest rates, inflation, stagflation, a global pandemic, or most adverse macroeconomic events. The stock market’s return over the past 100 years includes all of these terrible things. Our conclusion: it is not adverse macro events that derail compounding; it is investors’ reactions to them. In short, investor behavior derails compounding.