Links - 04/04/2022
“The essential ingredient in Oaktree’s investments in distressed debt – bargain purchases – has emanated from the great opportunities sellers gave us. Negativity reaches a crescendo during economic and market crises, causing many investors to become depressed or fearful and sell in panic. Results like those we target in distressed debt can only be achieved when holders sell to us at irrationally low prices. Superior investing consists largely of taking advantage of mistakes made by others.” —Howard Marks (“Selling Out’)
Jamie Dimon's Letter to Shareholders (LINK)
The Fed Is on the March. Can Your Bond Fund Keep Up? - by Jason Zweig (LINK)
Beware Of False Bargains - by Jonathan Boyar [H/T Linc] (LINK)
Value Investing Is Back. But How Do You Choose the Right ETF? (LINK)
Absolute Return Letter, April 2022: 10% Inflation to Come? (LINK)
Crossroads Capital's deep dive on Nintendo [H/T Co/Report] (LINK)
Does the White House's SPR release bolster or threaten global energy security? (LINK)
Bison Interests & Kiefaber and Oliva - Oil Market Update (video) (LINK)
The Roundtable Insight - Zoltan Pozsar & Yra Harris on the Economy, Fin Markets & Bretton Woods III (audio) (LINK)
Related paper: “Money, Commodities, and Bretton Woods III”
Replay Videos from Capital Link's 16th Annual International Shipping Forum (LINK)
A Spot of Bother for Bitcoin (LINK)
The Return of the Third Horseman - by Peter Zeihan (LINK)
Odessa, and The Ukraine War - by Peter Zeihan (LINK)
This Week in Intelligent Investing Podcast: Investing in Housing and Homebuilders: A Discussion of Sector Dynamics (LINK)
HBR IdeaCast Podcast: Filmmaker Ken Burns on Lessons in Innovation and Collaboration (LINK)
As the acclaimed documentarian releases a new two-part PBS series about Ben Franklin, he describes how the U.S. founding father transformed himself from teen runaway to newspaperman, then inventor, then political elder. He explains what current leaders can learn from how Franklin approached business, scientific discovery, and his fellow nation-builders.
Going Long Podcast: Ep. 27: Seth Alexander, MIT Investment Management Company (LINK)
Odd Lots Podcast: How Bill Gross Built a Bond Empire And Then Lost It All (LINK)
Related book: The Bond King
Odd Lots Podcast: The Real Reason So Many Musicians Are Frustrated By Spotify (LINK)
Asia Tech Strategy Podcast: Don’t Underestimate Growth Plus the Digital Operating Basics (LINK)
Market Champions Podcast: 202|A Conversation with Sprott’s CEO ft. John Ciampaglia (LINK)
The Rest Is History Podcast: 172. The Falklands War: Afterlife (LINK)
The surprising thing about expectations - by Seth Godin (LINK)
Timeline of the Milky Way - by Phil Plait (LINK)
“There will always be rocks in the road ahead of us. They will be stumbling blocks or stepping stones; It all depends on how you use them.” —Friedrich Nietzsche
“The impediment to action advances action. What stands in the way becomes the way.” —Marcus Aurelius