Sunday, 8 March 2015

Weekend reading

Forget what I said about the valuation of Belmond. The ADIA is bidding for a package of very high end hotels in London (such as the Claridges) at GBP3m (c. $4.5m) per room (sky is the limit when you've an unlimited investment timeframe). I estimated that the implied valuation for Belmond's owned hotels, which owns equally high end hotels around the world, is around $700k per room (FT)

Two posts from the great 25iq blog: (i) 12 things from the recent Berkshire letter and (ii) 12 things from David Tepper

Warren Buffett interview on IconicVoices. Related article from Bloomberg and a quote from the man himself: “I consider myself a journalist to some extent,” the 84-year-old billionaire said in a video interview premiering Thursday night as part of the “Iconic Voices” series at Arizona State University. “I say, ‘Is the Washington Post Co. worth $22 a share?’ in 1973. I say, ‘Is the BNSF railroad worth us paying $34 billion?’ I assign myself the story. It’s my working hypothesis that it is. But then I go and look for the facts.”

Mark Mobius' post on Brazil

Mark Cuban on why this tech bubble is worse than the one in 2000 (part 1 and part 2)

Great interview with Scott Fearon, the author of Dead Companies Walking (5GQ)

Leucadia's 2014 letter to shareholders

Barry Diller interviewed in the Lunch with the FT series (FT)