Links - 10/28/2024
“This discussion would not be complete without noting that while we remain value investors to the core at Baupost, our definition of value is not the one often taught in business schools. The academic view of investing divides the equity universe into ‘value stocks’ and ‘growth stocks.’ Value stocks are then defined as the low-multiple part of the market: low price-earnings multiples, low price-to-cash-flow multiples, and low price-to-book value multiples. But, as mentioned, even very-low-multiple stocks may fail to represent value if the underlying business is quickly eroding, turnaround seems unlikely, and management is squandering corporate cash. Our definition of value is more expansive and includes any investment, whether growing or not, whose current price is materially below its underlying value.” —Seth Klarman
Becoming Berkshire: The Go-Go Years of the 60s (LINK)
David Einhorn’s pitch on Peloton from last week (Click on the October 23rd Robin Hood Investors Conference link to download the presentation.) (LINK) [He was also on Bloomberg TV the day after the pitch, HERE.]
Industry Is Not Destiny (LINK)
David Poppe’s Q3 Letter (LINK)
Brambles - some thoughts - by John Hempton (LINK)
Wall Street Is Finding New Ways to Slice and Dice Loans With SRTs, NAV Loans and More (LINK)
They Bought Insurance for Security in Old Age. They Got a Financial Nightmare Instead. [H/T Linc] (LINK)
Cut Your 2024 Taxes Before It’s Too Late (LINK)
Netflix CEO Ted Sarandos on the Future of Entertainment | WSJ (video) (LINK)
How a Russian dark fleet is used to evade international sanctions | 60 Minutes (video) (LINK)
Acquired Podcast: Meta (LINK)
Meta is a company everyone knows (literally, everyone). But, somehow, it’s also a company that few people feel they actually understand. Their products are used by more humans than any other’s in history — almost half of the entire world’s population daily. But… what is Meta? Why do they do what they do? How do they do what they do? Ask ten people and you’ll likely get ten very different sets of answers.
Today, we dive deeper than we’ve ever gone trying to find Acquired’s answers to those questions. And after months of research and 6+ hours of incredible stories about how they (and really “they” being Mark himself) bet it all and win time and time again in the face of overwhelming odds, we arrive at our answers. Facebook, Instagram, WhatsApp, Threads, AI, Oculus, Orion, it’s all here.
Today’s Value Investing World newsletter is sponsored by Sorfis Investments. To discuss any Investment Management or Retirement Planning needs that you might have, or to get a second opinion on your portfolio, Contact Us today.
Business Breakdowns Podcast: American Tower: Signals and Stability (LINK)
Capital Allocators Podcast: Ricky Sandler - Evolution of Long-Short Equity Investing (LINK)
Odd Lots Podcast: Why Home Insurance in Florida Is a Mess (LINK)
The Grant Williams Podcast Ep. 83 - David Murrin (LINK)
EconTalk Podcast: Susan Cain on Bittersweet and the Happiness of Melancholy (LINK)
The Rest Is History Podcast: America in '68: Nightmare in Vietnam (Part 1) (LINK)
Short History Of... Podcast: The Trojan War (LINK)
The Peter Attia Drive Podcast: CRISPR and the future of gene editing | Feng Zhang, Ph.D. (LINK)
“People often say that motivation doesn’t last. Well, neither does bathing—that’s why we recommend it daily.” —Zig Ziglar