Monday Morning Links 2023 Week 27

Global stock-related links

Americas:

• Aswath Damodaran’s updated view on Nvidia (🇺🇸 NVDA US － US$1.0 trillion)

• Capital Incentives on Zebra Technologies (🇺🇸 ZBRA US － US$15 billion)

• Quality Value Investing on AMN Healthcare (🇺🇸 AMN US － US$4.3 billion)

• Special Situations Investing on PrairieSky Royalty (🇨🇦 PSK CN － US$4.2 billion)

• Eloy Fernandez on Topgolf Callaway Brands (🇺🇸 MODG US － US$3.7 billion)

• 10th Man Deep Dives on Canada Goose (🇨🇦 GOOS US － US$1.8 billion)

• Mokapu Capital on LatAm bank Bladex (🇵🇦 BLX US － US$801 million)

• Bright Ideas on Anterix (🇺🇸 ATEX US － US$603 million)

• Laughing Water Capital on Lifecore Biomedical (🇺🇸 LFCR US － US$293 million)

• Raper Capital’s open letter to Alto Ingredients (🇺🇸 ALTO US － US$220 million)

• Long Cast Advisors on Matrix Services (🇺🇸 MTRX US － US$159 million)

• LATAM Stocks on Espaço Laser (🇧🇷 ESPA3 BZ － US$137 million)

• Generals and Workouts on Cyteir Therapeutics (🇺🇸 CYT US － US$92 million)

• WSG on FG Financial (🇺🇸 FGF US － US$19 million)

Europe:

• 310 Value on Hermes (🇫🇷 RMS FP － US$227 billion)

• Invariant on Scandinavian Tobacco Group (🇩🇰 STG DC － US$1.4 billion)

• Searching 4 Value on leasing company Grenke (🇩🇪 GLJ GR － US$1.4 billion)

• Librarian Capital on Sabre Insurance (🇬🇧 SBRE LN － US$427 million)

• Breeley Capital on Ecora Resources (🇬🇧 ECOR LN － US$376 million)

• Hidden Value Gems on oil & gas company Kistos (🇬🇧 KIST LN － US$247 million)

• Hurdle Rate on legal practice Anexo Group (🇬🇧 ANX LN － US$89 million)

• Value Focus Investing on Safestyle UK (🇬🇧 SFE LN － US$30 million)

• Breeley Capital on game developer tinyBuild (🇬🇧 TBLD LN － US$24 million)

---

(estimated reading time)

• Federal Reserve: Financial conditions are the tightest since the GFC (2 mins)

• Bridgewater: Most global economies remain in disequilibrium (10 mins)

• Cullen Roche: Understanding the modern monetary system (52 pages)

• Marc Rubinstein on financial innovations gone wrong (12 mins)

• Variant Perception: Echoes of past bubbles (2 mins)

• Joachim Klement: How to spot a house price bubble (3 mins)

• Calafia Beach Pundit: No reason to worry about falling M2 (6 mins)

• Upslope Capital on the fundamentals of short-selling (32 pages)

• Last Bear Standing with five themes for 2023 (8 mins)

• Augustville: Portfolio update June 2023 (8 mins)

• Bireme Capital’s May 2023 investor letter (11 mins)

• Bonhoeffer Capital’s 1Q2023 investor letter (17 pages)

• Gregor McDonald on where nuclear might fit into a future energy mix (12 mins)

• The Transcript: A View from Asia (16 mins)

• Asian Century Stocks: Erin Meyer’s framework for assessing culture (16 mins)

• George Magnus: China will not be able to de-dollarize under Xi Jinping (15 mins)

• Richard Katz on the weak Japanese yen (4 mins)

• Notes from Graham Rhodes’ trip to Shanghai in June 2023 (6 mins)

---

(listening time)

• Seth Klarman: “We’ve been in an everything bubble” (24 mins)

• David Einhorn’s recent talk at the Cambridge Union (59 mins)

• MI2 Partners’ Julian Brigden with his latest market outlook (59 mins)

• James Montier on why US profit margins remain high (46 mins)

• Jordi Visser of Weiss Multi-Strat on disruptive technologies (54 mins)

• Marko Papic on what’s likely to happen in Russia (35 mins)

• Joseph Wang on where interest rates might be heading (37 mins)

• Moerus Capital’s Amit Wadhwaney on value stocks (57 mins)

• Zoltan Pozsar on his idea of Bretton Woods 3 and USD hegemony (56 mins)

• Bank of England’s Tom Mutton on the bank’s future CBDC (25 mins)

• Werner Guy van Pittius on China’s recovery and more (21 mins)

• Raymond Micaletti on retail sentiment and momentum (53 mins)

• Sean McGould on how accounting can create an edge in investing (47 mins)

• Daniel Beneish on how to identify accounting fraud (35 mins)

• Doug DeMuro on Porsche’s history and future (3:23 hours)

• Baillie Gifford’s Tom Walsh on semicap ASML (52 mins)

• Airlie Funds’ Will Granger on Rupert Murdoch’s News Corporation (39 mins)

• Judd Arnold on offshore oil & gas stocks, including Tidewater (1:32 hours)

• Substack author and investor Andrew Walker with two value stocks (48 mins)

---

US accumulated excess savings since COVID-19 went negative in 1Q2023. Source: Federal Reserve

---

Interested in Asian equities? Check out my sister publication Asian Century Stocks, which provides deep-dive reports on value stocks in the Asia-Pacific region:

---

Disclaimer: Monday Morning Links uses information sources believed to be reliable, but their accuracy cannot be guaranteed. The information contained in this publication is not intended to constitute individual investment advice and is not designed to meet your personal financial situation. The opinions expressed in such publications are those of the publisher and are subject to change without notice. You are advised to discuss your investment options with your financial advisers, including whether any investment suits your specific needs. From time to time, I may have positions in the securities covered in the articles on this website.