Sunday, 19 July 2015

Weekend reading

Bloomberg special report on Asian hedge funds (Bloomberg)

Greenlight Capital's Q2 2015 letter (Value Walk)

Claire Barnes' Q2 2015 letter (Apollo Asia)

Platinum Asset Management (Australian-listed value investing firm) Q2 2015 letters to investors (Platinum)

Continuing series from the Observer - excerpts from the book Great Minds of Investing:
Mario GabelliBill AckmanJoel Greenblatt and 10 Warren Buffett quotes

Pat Dorsey Follows Buffett’s Lessons to Pick Stocks (Barron's)

Samsung: The activist vs the ‘owners’ (FT). Highlights of EM corporate governance...
One more related to the subject from Breakingviews

On corporate governance in Asia, here is a telling tale from Japan (Undervaluedjapan)

Infamous Japanese Activist Returns in Father-Daughter Team (Bloomberg)

Iran: The oil and gas multibillion-dollar ‘candy store’ (FT)

Oldie but goodie, in the context of what's going on in Europe - A Primer on the Euro Breakup: Default, Exit and Devaluation as the Optimal Solution from Jonathan Tepper (Policy Exchange)

“Did you ever think that making a speech on economics is a lot like pissing down your leg? It seems hot to you, but it never does to anyone else.” - President Lyndon B. Johnson

It was with President Johnson’s salty humor in mind that the author decided to write this paper in plain English for the layperson in order to reach as wide an audience as possible. The paper is, however, based on a wide review of economic and legal academic and professional literature.

What Drug Dealers Can Learn From Walgreens, with Stephen J. Dubner (Big Think)

Two recent podcasts from the LSE: decoding glamour and on finding nature's deep design

Alvin Roth on Matching Markets (EconTalk)

Jim Kwik: Brain Coach and Superhero (interview with James Altucher)

The math behind basketball's wildest moves (TED)

For something lighter. BBC documentary on Richard Branson's Necker island in the Caribbean (YouTube)

Summer Reading Book Review: One Summer - America 1927 (Minority Report)

Great quote from Stan Druckenmiller - The Secret to Good Returns (csinvesting)

"The first thing I heard when I got in the business, not from my mentor, was bulls make money, bears make money, and pigs get slaughtered. I'm here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig. I think diversification and all the stuff they're teaching at business school today is probably the most misguided concept everywhere. And if you look at all the great investors that are as different as Warren Buffett, Carl Icahn, Ken Langone, they tend to be very, very concentrated bets. They see something, they bet it, and they bet the ranch on it. And that's kind of the way my philosophy evolved, which was if you see - only maybe one or two times a year do you see something that really, really excites you. And if you look at what excites you and then you look down the road, your record on those particular transactions is far superior to everything else, but the mistake I'd say 98 percent of money managers and individuals make is they feel like they got to be playing in a bunch of stuff. And if you really see it, put all your eggs in one basket and then watch the basket very carefully."