Note Taking, Cloning, and Idol Worship | A Market in Replacement Capital

In this episode, John Mihaljevic hosts a discussion of (1) note-taking, cloning, and idol worship; and (2) a quote by Marathon Asset Management: "The stock market is really a market in replacement capital: if new capacity is urgently needed in any sector, a boom can be relied upon to produce the necessary capital."

Phil Ordway talks about note-taking while reading, the usefulness of sound bites, cloning, idol worship, and a document he made about a decade ago. We discuss the benefits of journaling and some of the nuances around copying the investments of so-called superinvestors.

Elliot Turner talks about the Marathon quote mentioned above, and what it means to him. We discuss the level of investment in the economy and specific sectors. We attempt to draw conclusions regarding the equity market outlook, albeit without much conviction.

Enjoy the discussion!

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