What I’m reading ~ 24/3/2017

Mauboussin: The incredible shrinking universe of stocks [Credit Suisse]

7 traits for active investors to win in the long term [Jim O’Shaughnessy]

How to fight a price war [Harvard Business Review]

Stephen Jarislowsky’s secret: buy stocks you never plan to sell [Canadian Business]

The fourth industrial revolution: a primer on artificial intelligence [Medium]

A pitch on Alphabet (GOOGL / GOOG) [Wexboy]

The autonomous vehicle revolution [Rational Walk]

Mohnish Pabrai thinks autonomous vehicles will take 20 years [Benzinga]

Baidu’s (BIDU) CEO envisions a spinoff of robot cars arm [Bloomberg]

On Intel’s (INTC) purchase of Mobileye (MBLY) [Stratechery]
Apple (AAPL) wants to bring augmented reality to the masses [Bloomberg]

Tech and entertainment in the era of mass customization [Andreessen Horowitz]

How being wrong can help us get it right [Tim Harford]

Advertisers are more interested in Instagram than Snapchat [Fortune]

Interview with Ctrip.com’s (CTRP) CEO [Skift]

The billion dollar industry of professional video gaming [Bloomberg]

Soda loses its US crown; Americans now drink more bottled water [WSJ]

Eton Park hedge fund to shut down [NYTimes]

The 34-year old hedge fund manager who bet everything on a stock that tanked [Forbes]

Top 25 highest earning hedge fund managers [Forbes]

What it’s like to be a woman in the hedge fund business [Business Insider]

How a $26 billion hedge fund lures the beautiful minds [Bloomberg]

Simon Lack on hedge funds [Ritholtz]

Hedge funds’ top secret social network is… Yahoo? [fnLondon]

Preet Bharara: a prosecutor who knew how to drain a swamp [NYTimes]

A couple of good reads from BHI

Recently, I made a huge mistake by entering and exiting investments based on intra-day price movements alone, which caused me few % point opportunity costs of my AUM. To a certain extent, it reflects my indiscipline and the danger of emotions. I decided to take a-month break from looking at market dashboards in order to reconfigure my strategy and cool myself down from recalling that mistake everyday. Staying disciplined and cold-headed is not easy and is something I have been trying to remind myself everyday when I get up. This note is more to remind myself of the mistake I made and that I should look back to this moment every time I have the urge to do anything. You know a rushing investment is never a good investment.

Below are a few good reads from Base Hit Investing regarding this issue:

  1. What is Your Edge?
  2. Analyst Ratings and the Institutional Imperative
  3. Charlie Munger’s Most Important Concept

What to read this weekend?

Trump/Fed/Economy


Markets


Research / Interesting Reads

What I’m reading ~ 11/3/2017

Bridgewater’s Ray Dalio on Radical Transparency & Building a Culture

Mark Cuban interview with Young Investors Society

Connor Leonard of Investors Management Corp on Portfolio Construction

Chris Hohn & TCI Fund’s Presentation on Safran / Zodiac

Paul Tudor Jones’s new hedge fund pitch: much lower fees [WSJ]

On Bill Ackman’s crusade against Herbalife [New Yorker]

Excerpts from Tourbillon’s letter [Business Insider]

On expensive research and cheap hedge funds [Bloomberg]

Carl Icahn hires Harvard geneticist [CNBC]

More cash likely to flow out of hedge funds again this year [CNBC]

Shareholder activism at Arconic points to a new wave [Dealbook]

The Tao of Charlie Munger [David Clark]

Excellent write-up on Costco (COST) [Scuttlebutt Investor]

YouTube bets it can convince cordcutters to pay for TV [Bloomberg]

Also, YouTube tops 1 billion hours of video a day [WSJ]

The man who broke Ticketmaster [Motherboard]

Cinemark is undervalued [Forbes]

A pitch on Grupo Televisa (TV) [Barrons]

Grit: a complete guide on how to be more mentally tough [James Clear]

Why facts don’t change our minds [New Yorker]

Long-term investing in an age of small attention spans [Safal Niveshak]

How Indian families took over the Antwerp diamond trade [Qz]

The fast rise and slow demise of daily deals company LivingSocial [Washington Post]

3G Capital’s purchases and their profit margins [Economist]

Amazon’s antitrust paradox [Yale Law Journal]

Student debt in America has hit a new record [Bloomberg]

What I’m reading ~ 4/3/2017

  1. Who’s Who in Syria’s Civil War [CFR]
  2. Berkshire Hathaway – 2016 letter
  3. Paul Tudor Jones’s new hedge fund pitch: much lower fees [WSJ]
  4. On Bill Ackman’s crusade against Herbalife [New Yorker]
  5. Excerpts from Tourbillon’s letter [Business Insider]
  6. On expensive research and cheap hedge funds [Bloomberg]
  7. Carl Icahn hires Harvard geneticist [CNBC]
  8. More cash likely to flow out of hedge funds again this year [CNBC]
  9. Shareholder activism at Arconic points to a new wave [Dealbook]
  10. Why we dig in with a long held belief instead of changing our minds [Reformed Broker]
  11. Decision making amid uncertainty: improving your process [CFA Institute]
  12. Inside the Snapchat roadshow [Business Insider]
  13. On Quicken loans, the new mortgage machine [NYTimes]
  14. China’s artificial intelligence (A.I.) boom [The Atlantic]
  15. Podcast with Ed Thorp [Meb Faber]
  16. Prem Watsa drops long-held bearish stance on markets [BNN]
  17. On Buffett’s new stake in Monsanto (MON) [Bloomberg]
  18. Warren Buffett’s honor versus 3G [Lawrence Cunningham]
  19. A look at Expedia (EXPE) [Value and Opportunity]
  20. On owning a stock for five full years [Gannon on Investing]