MUST READ: Graham and Doddsville fall edition (Greenblatt, Royce, Tisch)
Steve Romick plays the “Renault stub” game among others.
Long read from Micheal Pettis about how to be a China Bull
16 timeless lessons about investing from Walter Schloss
16 timeless lessons on investing from Sir John Templeton
New German language blog for small cap stock picking including a model portfolio
Interesting paper on how and if individual investors learn from mistakes
Post mortem analysis of a capital structure arbitrage gone wrong from Valueprax. I think analyzing such trades and writing down the reasons is the most important part for any investor to improve his skills.
Lululemon and the Einhorn effect
Q2 letter summary of the interesting TCI hedge fund. Concentrated activist portfolio. (Mental note: Check Lloyds TSB bonds)
August newsletter from Ennismore, always worth reading. Featured stock: Duni
Profile and interview with Willbur Ross
Ray Delio about deleveraging
Howard Mark’s latest comment
A small triumph for the excellent IBEX salad blog
Good write up for the short case Manchester United
Interesting analysis on a listed opportunity fund from the Brooklyn Investor
WexBoy is looking for uncorrelated investment ideas
Sequoia Funds shareholder day Q&A transcript
Toby Carlisle (Greenbackd blog) lecture about how to beat the magic formula
Bronte has a couple of great posts about Chinese company Focus Media as a potential short. Despite his mistake with Richemont, I think Bronte is still an outstanding investment blog, if not the best.
Great post from Damodaran about Apple’s short product life cycles
Don’t miss Nate’s take at diversification at Oddball.
Some interesting blogs I discovered lately:
Ragnar is a pirate Great blog about off-radar investments including reantal housing experiences etc.
Also sprach analyst: Hong Kong based blog with a lot of (critical) infos about China
Collection of Charly Munger’s shareholder letters 1983-2009 (via My investing notebook)
Dark pools and broken markets, the next book on my reading list. Thereafter, I will read that one.
Comprehensive list of great accounting books from the “Grumpies”
Very good commentary on the current status in high yield bond markets
Part 3 of a very comprehensive analysis of the Chinese real estate markets from Chovanec.
Interesting article about an US fund manager who is bullish on European banks
Investing checklist
Interview with Zeke Ashton (Centaur Capital)
Stefan from Simple Value Investing is starting a parallel blog in English. Highly recommended !!!
I don’t know if I had already explicitly linked to the excellent Long Term Value Blog. Check out the Half Year portfolio review, a very interesting and unique portfolio.
Finally, in case you are interested how Mexican Drug cartells build their “moats”, read here
Howard Marks on making and exploiting mistakes.
Must Read: Damodaran on Contrarian Investing
Interesting article in the FTD about Prokon. Looks like this might be ending soon.
Bronte on how the financial system in China works.
Citron is out with a new report on one of the biggest Chinese real estate developer Evergrande.
Long post at Brookly investor how interest margins at Wells Fargo correlate with overall yields.
Interesting post about possible moats at Indian IT companies
Interactve Investor is tired of “mechanical screening” and wants to analyse UK companies one by one
Greenbackd with yet another (16 page) study which about the advantages of “mechanical” value investing
Damodaran also has a great post about screening. Interestingly he concludes that screening itself seems to be not a competitive advantage for an invetor any more due to the abundance of available resources.
Great post about net-net investing from Nate at Oddball
Interesting interview with Ed Thorpe, one of the first Quants about momentum strategies
Brooklyn investor analysis about the current state of the stock market compared to the good old times.
Value investor Prem Wats (Fairfax) under fire for a murky deal in the past
Now it is official: Sino Forest was a fraud. Many interesting details provided.
csinvesting on a classic “pump and dump” scheme, Sun Peaks Ventures. Includes a good explanation how those schemes work in general.
Nate at Oddball on French (deep) value stock Nexaya
Bronte on shorting Santander US preferreds. However, I think its not only the grandmothers who are insane….
Great Sony sum-of-parts analysis from the Brooklyn investor. Great value blog by the way.
If you only want to read one thing today, I would highly recommend the Jim Chanos Interview in the spring issue of the Graham & Doddsville newsletter.
Great post at Greenbacked about the Magic Formula
Interesting post about fallen Angel UK retailer Supergroup from ExpectingValue
Excellent write up on Avon by Wexboy.
Nate from Oddball about managing risk an and learning from mistakes. Odd how similar his portfolio management rules are to my rules.
Stefan at SimpleValue analyses AutoHellas, a Greek company which is on my watchlist but I never really had time to write about. Recommended !!!
value and opportunity 