Links - 07/12/2023

“Those of us who follow a value-based approach don’t generally excel at what Ben Graham called the ‘way of timing.’ Instead, we prefer to put our faith in the ‘way of pricing.’” —James Montier

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Grant’s Current Yield Podcast: VALUE RESTORATION PROJECT (With special guest Seth A. Klarman, CEO of the Baupost Group.) (LINK)

Slow Burn Minsky Moments (and what to do about them) - by James Montier (LINK)

In his latest paper, James Montier lays out a framework for spotting what he terms “slow burn Minsky moments,” or the economic vulnerabilities associated with the build-up of private sector debt. The key to building robust portfolios in such an environment – where the risk factor is clear but the timing is uncertain – is to incorporate tail risk protection in the form of both hedges and stores of value. The best way to deal with today’s slow burn Minsky moment, he argues, is to invest in Value relative to Growth.

Value Investor Conference - Bob Robotti Full Presentation (May 2023 video) (LINK)

I enjoy the work done over at Boyar Research. They’ve now launched a paid Substack where they plan on writing about one idea every month, at a lower price point than their more in-depth, institutional product. The first issue is free for all to read, and discusses Howard Hughes Corp.