Monday Morning Links 2023 Week 35

Global stock-related links

Americas:

• App Economy on Apple’s 3QFY2023 result (🇺🇸 AAPL US － US$2.8 trillion)

• Tech Investments Substack on Nvidia (🇺🇸 NVDA US － US$1.1 trillion)

• Librarian Capital on PayPal’s 2Q2023 result (🇺🇸 PYPL US － US$67 billion)

• Invariant on Intercontinental Exchange (🇺🇸 ICE US － US$65 billion)

• Wolf of Harcourt Street on MercadoLibre (🇦🇷 MELI US － US$62 billion)

• 310 Value’s quick SOTP of Brookfield’s (🇺🇸 BN US － US$51 billion)

• Profit Hunting Blog on TC Energy (🇨🇦 TRP CN － US$36 billion)

• Guasty Winds: nuanced view on Dollar General (🇺🇸 DG US － US$34 billion)

• Mokapu on Kroger’s acquisition of Albertsons (🇺🇸 ACI US － US$13 billion)

• StockOpine on security services provider Allegion (🇺🇸 ALLE US － US$9.6 billion)

• Unconventional Value: another post on Crocs (🇺🇸 CROX US － US$5.9 billion)

• Capital Incentives on building products co. Azek (🇺🇸 AZEK US － US$4.8 billion)

• Flyover Stocks on Worthington Industries (🇺🇸 WOR US － US$3.7 billion)

• SSI: buybacks at Alpha Metallurgical Resources (🇺🇸 AMR US － US$2.7 billion)

• Canadian Dividend Investing: Richelieu Hardware (🇨🇦 RCH CN － US$1.7 billion)

• From $100K to $1M on TerraVest Industries (🇨🇦 TVK CN － US$478 million)

• Junk Bond Investor on ComScore (🇺🇸 SCOR US － US$68 million)

• Clark Street Value: liquidation of CKX Lands (🇺🇸 CKX US － US$24 million)

Europe:

• Value & Opportunity on Tamburi Inv Partners (🇮🇹 TIP IM － US$1.7 billion)

• Fundasy Investor discussing LiveChat Software (🇵🇱 LVC PW － US$828 million)

• Iggy’s Substack on Card Factory (🇬🇧 CARD LN － US$441 million)

• Searching 4 Value blog on Solid Försäkring (🇸🇪 SFAB SS － US$109 million)

Asia-Pacific:

• Forager Funds discussing Readytech (🇦🇺 RDY AU － US$247 million)

• Jacob McDonough with an update on Beenos (🇯🇵 3328 JP － US$152 million)

• Oriental Value: An update on Activation Group (🇭🇰 9919 HK － US$142 million)

• Altay Capital on The Keihin Co (🇯🇵 9312 JP － US$77 million)

• Moram on Vysarn (🇦🇺 VYS AU － US$50 million)

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(estimated reading time)

• Louis-Vincent Gave: Making sense of the China meltdown story (13 mins)

• Hao Hong provides some nuance on the Chinese property market (5 mins)

• Noah Smith: Why China’s economy went off the rails (8 mins)

• The Equity Analyst on the troubles ailing Tiger Global Management (5 mins)

• Aswath Damodaran: Sports franchises have become trophy assets (21 mins)

• Eagle Point Capital: A framework for spotting value traps (11 mins)

• Palm Valley Capital: Scared money don’t make money (6 mins)

• Money: Inside Out on what might happen in Javier Milei’s Argentina (5 mins)

• OnlyCFO on the unit economics of cloud businesses (9 mins)

• Pershing Square’s 1H2023 report on Google, UMG, Chipotle, etc. (52 pages)

• Hayden Capital’s 2Q2023 letter on New Oriental, Sea Limited, etc. (24 pages)

• Rondure Global Advisors’ 2Q2023 letter discussing global stocks (12 pages)

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(listening time)

• Lee Ainslie on his career and building Maverick Capital (1:36 hours)

• The Odd Lots team summarises what it learnt at Jackson Hole (37 mins)

• Josh Young on where he sees value in oil & gas stocks (1:14 hours)

• Constrained Capital’s Mark Neuman on the bubble in ESG stocks (1:03 hours)

• Morgan Stanley’s Marshall Stocker on opportunities in EMs (17 mins)

• Researcher Zongyuan Zoe Liu on the weakness in China’s economy (50 mins)

• Cole Smead discussing John Train’s classic book Money Masters (1:22 hours)

• Vontobel’s Markus Hansen on Casey’s General Stores (49 mins)

• White Falcon Capital discussing Sandstorm Gold (51 mins)

• Harvard professor Michael Roberto on Tractor Supply Co (49 mins)

• Choice Equities' Mitchell Scott on shoemaker Crocs (50 mins)

• Acquired Podcast on what makes Costco so unique (3:01 hours)

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Capital has moved out of energy stocks into tech this year. Source: Deutsche Bank, EPFR, Haver

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