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Thursday 15 September 2022



Multidisciplinary learning is one of the best ways to improve our investment acumen. Here is a summary of some of the best learnings of the week.

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The goal is to sit less
A study, which involved more than 3,700 men and women in Finland, found that many dutifully exercised for a half-hour, but then sat, almost nonstop, for another 10, 11 or even 12 hours a day. These were the study’s active couch potatoes, and their blood sugar, cholesterol and body fat all were elevated.
But the study found, too, that men and women who got up and moved around even a little more often, whether by strolling gently or fitting in more exercise, were substantially healthier than the active couch potatoes.
The results tell us that a single 30-minute, daily workout “might not be enough” to alleviate the downsides of prolonged sitting.
The lesson from the research is that in addition to a brisk workout, we need to move lightly and often, cleaning, taking the stairs, strolling the halls or otherwise not remaining still. The sweet spot in this study involved about 80 or 90 extra minutes of light activity, “but any additional movement should be beneficial.
Growth is good for stocks
Philip A. Fisher is well known as an advocate of investing in growth stocks, but he was no speculator. He counsels investors to avoid promotional situations and to be cognizant of the danger of paying a price that already discounts very high growth far into the future.
There is no doubt that Phil Fisher’s approach was more venturesome than the policies advocated by Benjamin Graham, but both men demanded rigor in their analytical process. Warren Buffett was clearly more influenced by Graham in his early years but came to appreciate Fisher as well. Charlie Munger’s approach tilts more toward Fisher and less toward Graham.
When asked about the distinction between value and growth during the 2001 Berkshire Hathaway annual meeting, Warren Buffett clearly explained the fallacy of thinking in such terms. Charlie Munger chimed in with the observation that selecting companies with growth prospects reduces the number of decisions that they would have to make over time.
The invention of the x-ray
There is no overemphasizing the profound effect that the discovery of the X-ray had on the broadest range of human existence. The finding was a scientific bombshell that warranted interest from scientists and laymen alike. Newspapers and magazines printed stories, true and false, about the newly discovered rays. Women were cautioned that handheld X-ray devices could peer through their clothes. Men were warned that police would adapt X-rays to spy on nefarious activities. There was even the suggestion that X-rays might be exploited to see through walls into private spaces and spy on people’s intimate activities.
By 1900, the use of X-rays passed beyond simple demonstrations of skeletal ab­normalities or detection of metal objects in the body. It became apparent that X-rays killed rapidly dividing cells, an observation that intrigued cancer researchers and brought about the beginnings of radiation oncology. Although surgeons would no longer be the only practitioners at the forefront of advances in radiology, their early appropriation of the new technology demonstrated that the X-ray machine was an indispensable medical and surgical device.

Thought of the Week
“Formal education will make you a living; self-education will make you a fortune.“ ~ Jim Rohn

Audio / Video of the Week: Paul Volcker - The Man Who Saved America
Paul Volcker - The Man Who Saved America | A Finance Documentary
Paul Volcker - The Man Who Saved America | A Finance Documentary

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