Links - 1/21/2021
“Any place you can find somebody that gives you insights into things you didn't understand before—and maybe makes you a better person than you would have been before—that's very lucky and you want to make the most of it.” —Warren Buffett
I gave a presentation for the inaugural Lunch at the Club event hosted by Co/Investor Club, in which I discussed a micro-cap stock idea. The replay is available HERE. If you are interested in signing up for Co/Investor Club, there is both a free and paid subscription, which you can get HERE. [Disclaimer: The presentation is for educational and entertainment purposes only. It is not investment advice or a recommendation to buy or sell any security.]
Billionaire investor Seth Klarman lambasts the Fed for distorting markets - and says Tesla's stock has surged 'seemingly beyond all reason' (LINK) [If anyone happens to have a copy of the full letter that they could pass along, it would be much appreciated.]
Buffett-Backed BYD Sells $3.9 Billion of Shares as EV Stocks Electrify ($) (LINK)
BYD Co. , a Chinese car maker backed by Warren Buffett, raised $3.9 billion from a stock sale, joining peers in capitalizing on investors’ bullishness about new-energy vehicles.
The deal marks BYD’s biggest equity financing since it listed in Hong Kong in 2002. The company, whose stock also trades in Shenzhen, makes electric cars, batteries, plug-in hybrids and fossil-fuel-powered vehicles.
Investor enthusiasm about green cars and breakthroughs in battery technology have sent the company’s stock soaring, making it more attractive for BYD to raise new funds. BYD stock in Hong Kong has more than quintupled in a year, giving it a market capitalization of $91 billion. That is roughly in line with NIO Inc., a newer Chinese rival, and compares to an $806 billion market cap for Tesla Inc., according to FactSet.
Nick Train on The Richard Hunter Interview podcast (video) (LINK)
The World According to Boyar Podcast: Episode 18: David Zaslav, CEO of Discovery, Inc. on the future of streaming (LINK) [“Our mission is that traditional business is more like a boat now that had a river with a current with it and now the current has moved against it. We’re adding engines and firepower to power through it but ultimately, the current is against us. If we can take all of our global IP and with Discovery Plus build a real global IP business, then the value creation for our shareholders will be enormous.”]
The Intelligent Investor Newsletter - "Up Is Good. Down Is Bad." (LINK)
Intel Problems - by Ben Thompson (LINK)
David Poppe’s 2020 investor letter (LINK)
Massif Capital’s Q4 investor letter (LINK)
Conover Investment Advisory’s January 2021 Newsletter: Submerging Markets (LINK)
The Brooklyn Investor blog: Happy New Year! Bubble Yet? (LINK)
Village Global's Venture Stories Podcast: The Psychology of Money with Morgan Housel (LINK)
Acquired Podcast: Bitcoin (LINK)
Invest Like the Best Podcast: Claire Cormier Thielke – The Future of Cities and Real Estate (LINK)
Yet Another Value Podcast: Jeremy Raper on Haier Smart Home (LINK)
Masters of Scale with Reid Hoffman (podcast): Rapid Response: Ten months of pain and hope, w/restaurateur Danny Meyer (LINK)
The Daily Stoic Podcast: Mike Duncan On Using the Past to Guide the Future (LINK)
The World Needs a Real Investigation Into the Origins of Covid-19 - by Alina Chan and Matt Ridley (LINK)
Europe’s growing mask ask: Ditch the cloth ones for medical-grade coverings (LINK) [In response to this article, Atul Gawande wrote on Twitter: “I agree with Europe: Wearing medical-grade masks will be important to slow the spread of the B.1.1.7 strain. We have consistent evidence that single-layer cloth masks are not as effective as surgical masks, and N95 or KN95 masks are even better.”]
“How long are you going to wait before you demand the best for yourself?” —Epictetus
“There is no doubt that in exchanging a self-centered for a selfless life we gain enormously in self-esteem. The vanity of the selfless, even those who practice humility, is boundless.” —Eric Hoffer