Do you remember the price we paid for IC-814? Not immediately, but in the subsequent years? This is the exact same thing. Compound interest will accrue over the next few years. Brace yourselves.
The Traditionnelle Twin Beat Perpetual Calendar introduced one of the most innovative approaches to the perpetual calendar when it debuted in 2019. Now, Vacheron Constantin has made it more perpetual than ever.
The updated Caliber 3610 QP extends the watch’s standby power reserve from 65 days to 70 days thanks to a newly patented double-gear spring-winding system that requires four times less torque to drive the calendar’s instantly jumping displays. Housed in a 42.5mm platinum case, it remains one of the most technically impressive perpetual calendars on the market.
Brilliant lines from @unseenvalue
..Markets do not punish you for being wrong. They punish you for staying wrong. Every investment thesis eventually collides with reality. A cost advantage erodes. Customer behaviour changes. A management team that once allocated capital well begins chasing growth for its own sake.
The question is never whether your thesis was right on day one. It is whether you notice, quickly enough, the day it stops being right.
Most portfolios do not suffer their biggest damage from poor ideas. They suffer from good ideas that were never re-examined.
(now my version: IF you or your fund manager continues to buy the same stocks again and again. examine whether it is conviction or just plain unwillingness to re-examine the idea).
why Naval deleted his calendar, ghosts everyone, and refuses to be anywhere at a specific time
Naval: "I read a blog post by Marc Andreessen where he said don't keep a schedule. And I took that to heart. So I deleted my calendar and I don't keep a schedule. I try to remember it all in my head. If I can't remember it, I'm not going to add it."
"I have a nasty email autoresponder that says, I don't check email and don't text me either. If you need to find me, you'll find me."
"My wife knows not to ever book or schedule me for anything. I'm not expected to go to couples dinners. I'm not expected to go to birthdays. I'm not expected to go to weddings. If somebody tries to rope her into having me show up, she says he makes his own decisions. You got to ask him directly."
Chris: "Are you not killing serendipity in a way?"
Naval: "No. I'm freeing up all my time. So my entire life is serendipity. I get to interact with whoever I want, whenever I want, wherever."
An example of how badly some London Flats have done:
2017: £800,000
2019: £1,000,000
2026: £475,000
This is on the more extreme side but there are a lot like this.
According to Tamil tradition, Murugan taught Tamil grammar to Agastya, who then composed the grammatical treatise Agathiyam, regarded as the earliest Tamil grammar.
A similar tradition exists in Sanskrit. When a Satavahana king asked his minister Śarvavarman to simplify Sanskrit grammar and produce a concise grammatical text within a short period, Śarvavarman worshipped Lord Murugan. Pleased with his devotion, the Lord appeared before him and revealed a simplified system of grammatical sūtras. Thus was born the celebrated Sanskrit grammatical work Kātantra Vyākaraṇa (कातन्त्रव्याकरणम्).
Since the opening sūtra revealed by the deity began with the words “Siddho varṇasamāmnāyaḥ”, the grammatical tradition also came to be known as Kaumāra Vyākaraṇa (derived from Kumāra) and Kalāpa Vyākaraṇa, the latter traditionally associated with the plumage (kalāpa) of Kārttikeya’s peacock mount.
Interestingly, several scholars have noted striking similarities between the Tamil grammar Tolkāppiyam and the Kātantra system. They begin with the classification of sounds (letters), proceed systematically to word formation and morphology, and present grammatical rules in a manner intended for learners.
They concluded that both belong to the ancient Aindiram grammatical tradition. Significantly, the Pāyiram of Tolkāppiyam itself describes its author as “ஐந்திரம் நிறைந்த தொல்காப்பியன்” (Tolkāppiyar, who was well versed in Aindiram).
Hence it is clear that Murugan is celebrated as the guardian of both Tamil and Sanskrit. This shared legacy is a powerful reminder that India’s languages are threads of a single civilizational fabric, woven together by a common spiritual and intellectual heritage.
MOTHER OF ALL ETHICAL RULES
Moral rectitude is when what you think of yourself matters far more than what others think of you, regardless of the domain, regardless of the circumstances, regardless of the benefits at stake.
Succinct summary of British media coverage of last night’s football … *the newspapers’ coverage was less grief than a national Katzenjammer staged with morbid relish — miserabilism dressed as mourning, the columnist-as-jeremiad flogging the very fans for believing* 😆
This news item a day ago about Europe buying record amounts of gas from a Russian plant.
It was just before the American Senators announced their plan to exempt European purchases of Russian gas from sanctions.
While threatening 100% tariffs on India and China from buying oil from the same country.
Oh the double standards…