What I read today ~ 16/05/2017

  1. Selling our Telecom position [Bronte Cap] – though at some points, I do not agree with the guy.
  2. Latest thoughts from Bridgewater’s Ray Dalio [LinkedIn]
  3. Carl Icahn scrutinized for shaping policy that helped him profit [NYTimes]
  4. Carl Icahn loses $179 million on Hertz double down [Bloomberg]
  5. Singer’s flagship fund said to raise $5 billion in commitments in 24 hours [Bloomberg]
  6. The spring 2017 issue of Graham & Doddsville [Columbia Uni]
  7. David Einhorn pitch on Core Lab [Green Light]
  8. Berkshire Meeting Notes – Daily Improvement, Business Evolution, and Investment Strategy [BHI]
  9. Is This Time Different? Expanding Your Circle of Competence [cs investing]
  10. A video from Damodaran I watched long time ago but is worth re-posting

What I’m reading ~ 7/5/2017

  1. Elon Musk’s 2017 TED talk interview [YouTube]
  2. Amazon strategy teardown: building new business pillars [CB Insights]
  3. The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail [Christensen]
  4. Warren Buffett’s money managers Combs and Weschler speak [Yahoo Finance]
  5. The new moats [Greylock]
  6. Staying competitive as the world changes [Collaborative Fund]
  7. A look at Seritage Growth Properties [Barrons]
  8. Profile of Fidelity’s Will Danoff [FT]
  9. How Trump’s pick for top Antitrust cop may shape competition [NYTimes]
  10. Big name food brands lose battle of the grocery aisle [WSJ]
  11. Thoughts on retailer L Brands [Intrinsic Investing]
  12. Is the lingerie market on the verge of another disruption? (possible NSFW image) [Business of Fashion]
  13. UnderArmour tripped up in its run to become the world’s next sneaker giant [Qz]
  14. CEO pay is out of control [Fortune]
  15. Apple’s China problem [Stratechery]
  16. With $6.2 billion spectrum spree, DISH’s Charlie Ergen buys himself options [Bloomberg]
  17. Can Facebook fix its own worst bug? [NYTimes]
  18. Dyson is the Apple of Appliances [NYTimes]
  19. John Paulson’s fall from hedge fund stardom [NYTimes]
  20. Ted Seides on why he lost his hedge fund bet with Warren Buffett [Bloomberg]
  21. 7,500 coders paid in Bitcoin built a hedge fund’s brain [Wired]
  22. Why are hedge funds raising their bets against US shopping malls? [FT]
  23. Kyle Bass sees China’s wealth management products as key risk [Bloomberg]
  24. Forager Funds likes Enero
  25. Longcast Investor’s Q1 report
  26. Some very good advice for (the last remaining) short sellers
  27. Why Under Armour is struggling
  28. How to report growth when you are a company which does a lot of M&A : constellation Software 2016 letter to shareholders
  29. Can Wal-Mart’s Expensive New E-Commerce Operation Compete With Amazon? [BBG]

What I’m reading ~ 30/4/2017

  1. Here’s Why Juicero’s Press is So Expensive [Bolt]
  2. The downside of managing downside risk [Morningstar]
  3. A short guide to short selling [Dead Companies Walking]
  4. James Montier: market fair value is 50% lower [Finanz und Wirtschaft]
  5. 4 things that set successful CEOs apart [Harvard Business Review]
  6. Using Eisenhower boxes to improve productivity [Quartz]
  7. 3 ways to build a culture of better decisions [CFA Institute]
  8. Against all odds, the US tobacco industry is rolling in money [WSJ]
  9. Refuting the short thesis on Apple [Bireme Capital]
  10. Sprint said to look beyond T-Mobile for other deal options [Bloomberg]
  11. Losses are the new black [L2 inc]
  12. The unique advantage of equity investment [Fundsmith]
  13. Profile of the founder of Chobani [CBS]
  14. Millennials and credit: are we missing the real story? [FICO]
  15. On being special in investing [Reaction Wheel]
  16. What separates champions from ‘almost champions?’ [NYMag]
  17. The hedge fund manager that’s shorting America’s malls [WSJ]
  18. Hedge funds prize open Japan [Bloomberg]
  19. Coatue invests in Domino Data Lab [ZDnet]
  20. On the value of doing site visits in fund manager selection [Research Puzzle]
  21. An activist investment in Whole Foods exposes shifting power on Wall Street [NYTimes]
  22. How Inflation Swindles the Equity Investor [Warren Buffet]
  23. Warren Buffett on why you should invest in productive assets [Holland Advisors]
  24. Seth Klarman: What I’ve learned from Warren Buffett [Holland Advisors]
  25. How PE funds “pump up” their returns.
  26. Facebook behaves like an old school monopoly
  27. A detailed analysis of H&M the Swedish clothing retailer
  28. Why price setting at online retailers these days is similar to High Frequency Trading [The Atlantic]
  29. Third Point Q1 2017

What I’m reading ~ 22/4/2017

  1. The Truth about Investing [Howard Marks’s memo]
  2. Lines in the Sand [Howard Marks’s memo]
  3. The Attention Merchants: The Epic Scramble To Get Inside Our Heads [Tim Wu]
  4. Why we think we’re better investors than we are [NYTimes]
  5. Warren Buffett & Jorge Paulo Lemann Talk at Harvard Business School: Brazil Conference [market folly]
  6. Inside the hotel industry’s plan to combat Airbnb [NYTimes]
  7. Two law professors mimic activist hedge fund: a corporate raiding adventure [The Atlantic]
  8. Vanguard is growing faster than everybody else combined [NYTimes]
  9. Q&A with Blackrock’s (BLK) Larry Fink [Bloomberg]
  10. Why Facebook (FB) keeps beating every rival: it’s the network of course [NYTimes]
  11. A look at the first decade of augmented reality [Ben Evans]
  12. Barry Ritholtz’s rules of valuations [The Big Picture]
  13. The making of a brand [Collaborative Fund]
  14. Is American retail at a historic tipping point? [NYTimes]
  15. E-commerce is a bear [Andy Dunn]
  16. American Express, challenged by Chase, is losing the ‘snob’ war [NYTimes]
  17. The potential of graphene to revolutionize the airline industry [Richard Branson]
  18. A day in the life of a food vendor [NYTimes]
  19. Paul Tudor Jones says US stocks should terrify Janet Yellen [Bloomberg]
  20. Passport Capital shuts down long/short hedge fund [Zero Hedge]
  21. Former Harvard money whiz tries to regain his edge [WSJ]
  22. Hedge fund investors are piling money into failing strategies [CNBC]
  23. New report shows 40% of funds created last year were systematic [Benzinga]
  24. Icahn’s big bet against biofuel credits [Reuters]
  25. The fall of Fortress [Institutional Investor]
  26. Balyasny’s tip to hedge funds at a crossroads [Bloomberg]
  27. How I invest my own money [Meb Faber]
  28. The Influence of Affluence [Mauldin Economics]

What I’m reading ~ 11/4/2017

  1. Kase Capital Short Wingstop
  2. Allan Mecham’s Arlington Value closes to new investors [ValueWalk]
  3. Sears and its hedge fund owner, in slow decline together [NYTimes]
  4. Eton Park shutdown shows how hedge funds are dying at an alarming rate [Fortune]
  5. Ryanair’s Low Cost Flywheel: Scuttleblurb Analysis [market folly]
  6. How to Beat the FX Market? Just Get on Twitter, Academics Say [BBG]
  7. Modelling France’s presidential election [The Economist]
  8. What If Other Areas of Life Operated Like Wall Street? [A wealth of common sense]
  9. Wall Street Made Charles Murphy Successful and Rich, but Happiness Eluded Him [WSJ]
  10. The Man Who Invented the World’s Most Important Number [BBG]


Daily wrap:

  • Tillerson: Russia Should Give Up ‘Unreliable Partner’ Assad (BBG)
  • U.S. tries to line up West, Mideast against Assad (Reuters)
  • United Airlines under fire after passenger dragged from plane; officer put on leave (Reuters)
  • Tillerson carries Syria stance to Moscow as Trump assumes West’s leadership (Reuters)
  • Investors Dump French Assets as Presidential Race Opens Up (WSJ)
  • Why Bond Bears Look Poised to Come Out of Hibernation…Again (BBG)
  • North Korean ships head home after China orders coal returned (Reuters)
  • 142-Year-Old Japanese Giant Toshiba Warns It May Not Survive (BBG)
  • Commercial-Property Lending Falls as Investors Pull Back (WSJ)
  • Qualcomm hits back at Apple’s lawsuit, accuses iPhone maker of false statements (Reuters)
  • U.K. Grocers Secretly Squeeze Customers as Brexit Bites (BBG)
  • Chinese cities restrict home sales by buyers to fight speculation (Reuters)
  • Pipeline Built to Survive Extremes Can’t Bear Slow Oil Flow (BBG)
  • Secret Recordings Play Role in SEC Probe of Insurer AmTrust (WSJ)
  • Yuan firms as dollar retreats; Macquarie forecasts no depreciation this year (Reuters)
  • U.S. judge finds Texas voter ID law was intended to discriminate (Reuters)
  • Sorry America, Your Taxes Aren’t That High (BBG)
  • Banks scramble to fix old systems as IT ‘cowboys’ ride into sunset (Reuters)
  • London Police Acted Illegally in Russia Cash Seizure, Court Says (BBG)
  • Toshiba files earnings without auditor endorsement, delisting risk rises (Reuters)
  • Grains piled on runways, parking lots, fields amid global glut (Reuters)

What I’m reading ~ 6/4/2017

  1. How moats make a difference [Intrinsic Investing]
  2. Boyar Research’s thesis on QVC and Madison Square Garden [Barrons]
  3. Autonomous cars and second order consequences [Benedict Evans]
  4. The hardest question in portfolio management [A Wealth of Common Sense]
  5. Diversification, adaptation, and stock market valuations [Philosophical Economics]
  6. Noise: how to overcome the high, hidden cost of inconsistent decisions [Harvard Biz Review]
  7. How Domino’s built a $9 billion empire [Bloomberg]
  8. How do winning consumer goods companies capture growth? [McKinsey]
  9. Airlines make more money selling miles than seats [Bloomberg]
  10. At Blackrock, machines are rising over managers to pick stocks [NYTimes]
  11. What’s next for malls? [Fashionista]
  12. Andrew Ng on what AI can and can’t do [Harvard Business Review]
  13. Margin debt hit all time high in February [WSJ]
  14. The 1% rule: why a few people get most of the rewards [James Clear]
  15. Is the US stock market an anomaly? (Alpha Architect)
  16. 15 obstacles we face as humans (Humble Dollar)
  17. “Bad news smashes your face against an amplifier, while good news just plays quietly in the background.” (Irrelevant Investor)
  18. Netflix is set to take over the stand-up comedy game with a new special every week for the rest of 2017 (Ringer)
  19. How being lazy helps make Michael Lewis successful (Inc)
  20. The Eighth Wonder (What I Learned on Wall Street)