Interesting collection of Asian Stock ideas “borrowed” from fund letters
Food for thought: Morgan Housel on external vs. internal Benchmarks
Swen Lorenz on Naked Wines after the Hedge Fund Pitch
John Hempton (Bronte Capital) September letter to investors
Interesting stock picking/investment process from Junto (h/t S4V)
John Kingham with a deep dive into Next Plc
A good pitch for Booking.com as travel recovery play
Nice write-up on Willis Towers Watson Plc from Value Situations
Money like never before keeps flowing into Venture Capital
A comprehensive overview of risks and opportunities in the food delivery space from McK
Searching4value had a closer look into MO-BRUK, a Polish Waste Management company
An interesting look into Robertet, a true “hidden Champion” from France
Ruffer with a very bleak outlook on markets going forward
Excellent deep dive into GLG and the business model of Expert Networks
Excellent write-up on the Warsaw Stock Exchange from GlobalStockPicking
Why IBM missed the Cloud business
End of quarter review by the Value Situations Blog
There is good reason to believe that Renewable Energy will continue to become (much) cheaper
Derek Thompson on the “everything shortage”
October Spin-off round up
VERUS Capital likes Bayer, Ping An and John Menzies (German)
Why Theranos was “special” among startups (or maybe not ?)
An interesting review of Michael Milken’s career as the “Junk Bond King”
Some insights into Salesforce’s unique “borderline” culture
Good article on the new Covid “wonder drug” Molnupiravir from Merck
ValueX Vail conference presentations
The Music business seems to be back (IPO Universal Music)
Net Interest (Marc Rubinsteins) with a look back to the 2006 ICBC IPO and the Chinese Financial system
When Daniel Ek, founder of Spotify sits down to talk, it is always worth listening
A cautious look at potential negative effects of “Buy now, pay later” offerings
Interesting deep dive into “the mind of Perma-bear Marc Faber”
Some interesting thoughts from Micheal Pettis how China will manage the Evergrande problem and a deep dive into Evergrande’s “accounting”
GlobalStockPicking with a portfolio update
Guru Copycat investing doesn’t to work so well
Bill Ackman scored big with the IPO of Universal Music
Plus an old song to start the week in a happy mood: Beach Boys – Big Sur
Must read: Thoughts on investing (and life) from “The undercover Fund Manager”
Some thoughts on who might be paying the bill for Evergrande’s default and the impact on the Chinese Financial System
Is Facebook the “cigarette industry” of the digital age ?
Prof. Damodaran is no big fan of ESG Investing
Good write up on SEA Ltd., South East Asia’s leading internet company
FrenchHiddenChampions has a nice series on Gerard Perrier (and other good stuff)
Interesting insights into the Business model of O’Reilly Automotive
HBR (and Bain) on why Founder led companies perform better
An interesting deep dive into the Market Panic of 1792
Very comprehensive overview how the Venture Capital landscape has changed over the past few years
Good profile of ETF tech guru Cathy Wood (ARK)
The Lightning network, Bitcoins answer to scaling issues, still doesn’t work
AQR thinks that shorting (high emission) stocks should decrease a portfolio’s carbon footprint
Microsoft did a big study on remote working on its own work force. The results are not positive.
Over (spring and) summer, I managed to read a couple of books that might be interesting for my readers. This time a try a new format with a shorter summary on a couple of books compared to the more detailed single reviews I did in the past. I hope this is helpful nevertheless.
“The Rise of Carry” is a more macro oriented book written by two former Hedge Fund “dudes”. Their thesis is that a significant part of today’s market activity is driven by “Carry Trades”, which are defined as leveraged bets with an asymetric return profile (“fat tails” on the downside). It is a very interesting approach to look at markets. The book was written well before Bill Hwang’s Archegos Capital collapsed due to …leveraged bets.
Great deep dive from Mathew Ball on Netflix and Gaming
An interesting look at “alternative performance measures” that are used by Tech companies
Highly recommended: AMA with Vitalek Buterin on Twitter (only people he follows could ask, first question from Elon Musk)
Thanks to Elon Musk, in theory “Space Base load Solar” could become a thing
6M reports from TGV Intrinsic ( Frontier Digital Ventures, VEF) and TGV Compound Interest (Amaysim, EQS, FEMSA)
A pretty cautious take on Chinese stocks
Spotify needs to take social streaming (and TikTok) very seriously
A good reminder that the “cash on the sidelines” argument is nonsense
9 very good questions that every investor should ask himself after the recent bull run
Great Profile of iconic VC firm Bessemer Venture Partners
AI company DeepMind has found out how to model the folding of Proteins. This could be big. More here.
David Einhorn’s Q2 letter. As always, good comments but awful performance.
Nice write up on DNA sequencing pioneer Illumina
For finance nerds: Special report on Credit Suisse’s 5,5 bn Archegos loss (and I learned a new word: lackadaisical)
value and opportunity 