Monday Morning Links 2023 Week 36

Global stock-related links

Americas:

• Value Don’t Lie with a short note on Disney (🇺🇸 DIS US － US$149 billion)

• AGB on instrument maker Ametek (🇺🇸 AME US － US$37 billion)

• SSI on Permian Basin Royalty Trust (🇺🇸 PBT US － US$985 million)

• Under the Bus on oil services firm Pason Systems (🇨🇦 PSI CN － US$844 million)

• Harris Perlman on Seneca Foods (🇺🇸 SENEA US － US$368 million)

• Whiteout Capital on California Nanotechnologies (🇺🇸 CNO CN － US$5.1 million)

Europe:

• Librarian Capital on Diageo (🇬🇧 DGE LN － US$91 billion)

• 310 Value on eDreams (🇪🇸 EDR SM － US$939 million)

• Buried Treasure on LNA Santé (🇫🇷 LNA FP － US$367 million)

• Maynard Paton on Tristel (🇬🇧 TSTL LN － US$198 million)

• Mokapu Capital on Frontier Developments (🇬🇧 FDEV LN － US$166 million)

Asia-Pacific:

• Astutex on animation studio Toei Animation (🇯🇵 4816 JP － US$3.6 billion)

• Robin’s Substack on Supply Network (🇦🇺 SNL AU － US$406 million)

• ValueInvestingBlog.net on Ossia International (🇸🇬 OSS SP － US$31 million)

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(estimated reading time)

• Bridgewater: Has the Fed tightened enough? (8 mins)

• Yet Another Value Blog on Ozempic and its impact on restaurants (6 mins)

• Edelweiss Capital discussing investing in luxury goods producers (9 mins)

• The Last Bear Standing on weakening USD money supply growth (6 mins)

• Variant Perception: Intro to Low-Periodic-Power-Law models (2 mins)

• Open Insights on falling inventories in the crude oil market (2 mins)

• The Fond Investor on the video game industry stocks (34 mins)

• Superfluous Value 1H2023 portfolio review (5 mins)

• Wolf of Harcourt Street: August 2023 portfolio review (5 mins)

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(listening time)

• Steven Romick of FPA on his track record and investing philosophy (26 mins)

• Warren Pies on where we are in the current business cycle (32 mins)

• Mike Singleton thinks we’re getting closer to a US recession (1:09 hours)

• Lyn Alden on her new book Broken Money (1:23 hours)

• Professor Barry Eichengreen on the USD, public debt levels etc (43 mins)

• Real estate expert Jonathan Miller on the impact of high mortgage rates (2 hrs)

• Professor Itzhak Ben-David discussing benefits and risks with ETFs (1:24 hrs)

• David Bastian of Kingdom Capital with intro to distressed investing (1:04 hours)

• Todd Wenning on moats & his new Substack Flyover Stocks (38 mins)

• Firstlight Management's AJ Secrist on food processor Lamb Weston (41 mins)

• Comgest PM Alistair Wittet on high-quality stocks in Europe (47 mins)

• Brazilian bond investor Raphael Kassin on Fed policy, EM bonds (18 mins)

• Panel of Nick Wood & Nick Kirrage at Quilter Cheviot & Schroders (45 mins)

• Football finance expert Rob Wilson on the business of football (1 hour)

• Jorge Guajardo on the rise of PRC car exports: Part 1, Part 2 (1:03 hrs)

• James Salter on starting Japan-focused Zennor with David Mitchison (30 mins)

• Preferred Shares podcast on the 1960s vending machine mania (1:20 hours)

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Large recent divergence between PE firm NAVs and the global equity market cap, potentially suggesting inaccurate valuations. Source: @HayekAndKeynes

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