Some links

Geoff Gannon has been writing a lot this week: The Danger of holding onto great stocks, why you should avoid the value investing crowd and his 4 favourite blogs

Seth Klarmann’s Baupost is holding a lot of Puerto Rico debt

John Kingham looks at five “high yielding” UK stocks

Eddy Elfewnbein’s high quality stock watchlist

David Rubinstein interviews Masayoshi Son (Softbank)

A good overview of the Internet economy in China

Some interesting thought on “Must happen” mean reversion


  • I like the ego pat in this post. Good work 🙂

  • By going to Gannon 4 favourite blogs and clicking on the 2nd, then we would have a closed loop. X-P !

  • Masa Son is an interesting figure. You gotta like him.

    Considering that softbank is trading at a 50% discount to its NAV, I wonder what happens when more and more people believe in his vision. Of course, presuming that there will be evidence that he got it right.

    Arm being more valuable than google, well that is a statement. Implicitly that is a price target for his own company that is at least 10 times today’s market value.

    I think if someone of his caliber is saying this, it is probably something to consider. Probably more than the average price target of the average stock analyst ;-).

    In my opinion Softbank is one of the most exciting tech companies in today’s market. Definitely not fully valued unlike most other tech stocks.

  • I always wonder if Geoff Gannon has a life besides writing and investing. A really like his blog and his posts but to reading and writing all that stuff must be time consuming as hell…

  • Physikus: most folks don’t know why klarman does what he does and most folks don’t know enough about Puerto Rico’s debt situation to comment in any intellectually honest way (except with regards to ethics or politics I guess). Best bet is to roll up the sleeves and read through the publicly available indentured and reverse-engineer why klarman might have bought. Lastly, if people knew why, they wouldn’t give it out for free, so be suspicious of those who answer your question

  • Connect Group looks interesting, also considering that the pound has been crushed lately.

    Also, it is interesting to see how you came to the same conclusion about Provident as John Kingham, but with a different approach.
    So I think one should really see not having invested in it as great success, because there was no luck involved and the analysis was spot on and fruitfull.

  • Great links.
    I’d like to hear your opinion on Seth Klarmann’s engagement in Puerto Rico, especially from an ethical point of view…

    • Good question. Puerto Rico borrowed too much money and they couldn’t pay it back even before the Hurricane. It seems to be like the US version of Greece plus Hurricane. From an ethical point of view I guess the US should help them but that will not happen under tRump. I do not know when Klarman bought but the camouflage around it looks slightly suspicious.

      • Often forgotten is the fact that Puerto Rico is really a modern day colony – they contribute taxes to US, are liable to be drafted into army if US went to war, but have no elected representation in the US. So keep that in mind when levelling the morality gun at Klarman (and I am by no means making any comment on whether he is moral or not – just a sense of perspective).

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