Monday Morning Links 2023 Week 32

Global stock-related links

Americas:

• Invariant on US cigarette maker Altria (🇺🇸 MO US － US$78 billion)

• Capital Incentives, update on Zebra Technologies (🇺🇸 ZBRA US － US$13 billion)

• Capital Incentives with an update on Qualys (🇺🇸 QLYS US － US$5.3 billion)

• Value Don’t Lie on spin-off Concentrix (🇺🇸 CNXC US － US$4.1 billion)

• Investing With Wes on GigaCloud Technology (🇺🇸 GCT US － US$285 million)

• Clark Street Value on lender HomeStreet (🇺🇸 HMST US － US$198 million)

Europe:

• Librarian Capital on British American Tobacco (🇬🇧 BATS LN － US$73 billion)

• French Hidden Champions on Bolloré (🇫🇷 BOL FP － US$18 billion)

• Value & Opportunity on Laurent Perrier (🇫🇷 LPE FP － US$834 million)

• Modern Investing on EdiliziAcrobatica (🇮🇹 EDAC IM － US$157 million)

Asia:

• Eloy Fernandez on Straco Corp (🇸🇬 STCO SP － US$291 million)

• Oriental Value on Taste Gourmet (🇭🇰 8371 HK － US$83 million)

• Junk Bond Investor on Highway Holding (🇭🇰 HIHO US － US$9.0 million)

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(estimated reading time)

• Joachim Klement: Geopolitical events don’t matter for investors (5 mins)

• Variant Perception on emerging markets in a capital cycle perspective (2 mins)

• Boyar Research: The hidden asset method (6 mins)

• Value Investing Substack on the history of EBITDA (10 mins)

• Augustusville Substack 2023 half-year portfolio update (8 mins)

• Third Point’s 2Q2023 letter discussing Danaher, Shell and more (13 pages)

• Praetorian Capital’s 2Q2023 letter on uranium, St Joe, oil, etc (7 pages)

• Immersion Inv’s 2Q2023 letter on MPAA, Basic-Fit, Franklyn Covey (14 pages)

• Greenwood Investors’ 2Q2023 letter on American homebuilders (6 pages)

• Greystone Capital’s 2Q2023 letter on RCI Hospitality, Basic-Fit, API, etc (9 pgs)

• Polen Global SMID Cap’s 2Q2023 letter on Alight, Markel, Shift & Tomra (6 pgs)

• Maran Capital’s 2Q2023 letter on API, Cadre, Clarus, CTT, Vistry (6 pages)

• Hosking Partners’ 2Q2023 letter discussing Japanese equities etc (6 pages)

• Horizon Kinetics’ 2Q2023 letter discussing bubbles & ETF distortions (41 pages)

• Kopernik recent commentary arguing for investing in commodities (23 pages)

• Interview with Rebecca Pacholder of Snowcat Capital (26 mins)

• Mindset Value on Mexican homebuilders including Consorcio ARA (3 mins)

• Oshadhi Kumarasiri at Smartkarma on Japanese consumer staples (11 mins)

• Asian Century Stocks with travel notes from Manila, the Philippines (9 mins)

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(listening time)

• Jamie Dimon on CNBC: Part 1, Part 2, Part 3, Part 4 (17 mins)

• Veteran podcaster Ted Seides with a crash course in interviewing (1:04 hours)

• Samo Burja argues that a small group of individuals shaped history (1:09 hours)

• Kyle Bass at the Hudson Institute arguing the PRC is preparing for war (1:16 hrs)

• FinTwit personality Shrubbery Capital with his market outlook (51 mins)

• Ed Altman thinks commercial bankruptcies are set to spike in 2024-25 (51 mins)

• Jacques-Aurélien Marcireau of Rothschild’s Big Data Fund on AI (27 mins)

• Britain’s Richard de Lisle on the value of US small caps (14 mins)

• Wealth manager Geoff Saab on his new book Low Risk Rules (56 mins)

• Derrek (@real_MikeBarnes) on gold miners, Nintendo and more (1:15 hours)

• Julia Angeles at Baillie Gifford on Argenx (44 mins)

• Motley Fool’s Lou Whiteman on Transdigm (49 mins)

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Non-farm payrolls will likely hit zero by March 2024, suggesting US employment will start to decrease from then onwards. Source: Vanda Research

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