Some links
Must read: Howard Marks on skill, luck and inefficient markets
Deep value investing: Buying a house in Detrait for 500 USD
Great interview on Japanese economic myths
Technical but interesting story, how a 95% market share software program (Quark XPress) was killed by the competing product.
Interestingly, packaging seems to be as important as branding. Another argument that Brand does not equal Moat.
Finally a new and promising value investment blog: Odd lot Investing. Great post about compound and decay rates for instance.
value and opportunity 
I sometimes wonder if pension deficits are overstated. I was looking at MACF on the LSE recently, quite by accident, and they have a pension scheme deficit of about 16 m and a market cap of 40 m. What got me thinking was whether the actuary was using life factors specific to Scotland or whether they used ones for the whole of the UK, as life expectancy for Scotland is a lot lower. And as bond yields improve, and with the recent surge in stock markets, it got me thinking that some of these pension assets are understated.
i have yet to see a pension liability which is understated.