👋 ASB Partners Nuggets 8.15.25

This is a short weekly email that covers a few things I’ve found interesting during the week.

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Interesting Links/Reads

Many links are sourced from Marginal Revolution (bold and italics are my own to highlight what I found particularly interesting)

1. Different Kinds of Smart by Morgan Housel The smartest investors of all time went bankrupt 20 years ago this week. They did it during the greatest bull market of all time. The story of Long Term Capital Management is more fascinating than sad. That investors with more academic smarts than perhaps any group before or since managed to lose everything says a lot about the limits of intelligence.

2. New Noise Cameras Pit Drivers of Fast Cars Against Their Neighbors Traffic police deploy new technology—and steep fines—to combat roaring mufflers, revving engines and blaring stereos WSJ

3. Is air travel getting worse?

Thus, I turn to the primary source data. Here are the high-level conclusions:

• Long delays have become much more common. A 3-hour delay is 4x more likely in 2024 than in 1990, but airlines have masked this increase by padding scheduled flight times.

• Air travel remains safe; accidents are still on a slow downward trend

• Airfare has become much cheaper over the past 10 years

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Podcast/Videos

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I hope you enjoyed it.

Adam