Links - 8/26/2021
“So, I urge you, if you’re trying to decide on the wisdom of repurchases, or of share issuances, that you don’t think in terms of book value. You don’t think in terms of specific P/Es. You don’t think in terms of any little model. But you think in terms of.... A) pick businesses you can understand and, then, think what you really would pay to be in those businesses. And...what counts over time is whether the repurchases are made at a discount from that figure.” —Warren Buffett (1996)
Value Investing Q&A Series Brown University (video) [H/T Linc] (LINK) [I had previously posted the video with Mohnish Pabrai, but all 9 videos are included via the link above.]
History Is Overridden by the Winners - by Jason Zweig (LINK)
Rules, Truths, Beliefs - by Morgan Housel (LINK)
A SIDE TRIP WHILE GOING DOWN TOBACCO ROAD – BIG SKY COUNTRY - by Gene Hoots (LINK)
For those self-employed, small business owners out there…. Why the 401k is better than the SEP IRA (video) (LINK)
Battle of the shipping booms: Containers ‘21 vs dry bulk ‘07-‘08 (LINK)
Cambria Automobiles (LON: CAMB): car salesman offers shareholders a special deal: Should shareholders accept management’s buy out offer when the used car market is ripping? ($) (LINK)
Used cars account for around half of Cambria’s sales, so it’s hard to believe they haven’t benefited from the price action. Since its May trading update, the company hasn’t made a peep. And even if higher prices have led to greater working capital expenses, it’s strange Cambria has not been able to take advantage of the used car melt-up to squeeze out extra margin for itself when competitors have. Vertu, for example, has made three positive trading updates since June with the most recent one gushing over its high used car gross margins “driven by the exceptional UK used car market conditions”. Similar noises were made by Pendragon and Lookers in July.
A cynic might suggest that the reason Cambria have yet to issue a positive trading update is it would reveal Lavery’s offer to be far too low.
…its hard to escape the feeling that Cambria investors are currently being asked to trade in their Lamborghini for the price of a second-hand Mini.
Founder’s Field Guide Podcast: Mike Maples, Jr. - A Playbook for Startups (LINK)
a16z Live Podcast: One on One with A and Z #10: The Impact of System Design on Culture (LINK)
Exponential Wisdom Podcast: Episode 107: First Principles Thinking (LINK)
The Meb Faber Show: #343 – Dr. Nathan Myhrvold (LINK)
The School of Greatness Podcast: Why We Should Prioritize Sleep & Understanding The Impact of Dreams w/Dr. Matthew Walker (LINK)
Revisionist History Podcast: The Dog Will See You Now (LINK)
Want to find Planet Nine? Here's a treasure map. (LINK)
These Are 23 Great Rules To Be A Productive Creative - by Ryan Holiday (LINK)
“What we’re looking for when we hire somebody…. We’re looking for intelligence. We’re looking for energy. And we’re looking for integrity. And we tell them, if they don’t have the last, the first two will kill you.” —Warren Buffett