Monday Morning Links 2023 Week 40

Curation of stock-related content

I found a large number of stock write-ups this week. I’m intrigued by Eloy Fernandez’s thesis for Build-A-Bear Workshop, which continues to trade at a low multiple. I’m also keen to dig deeper into workplace supplies company Vestis now that it’s been spun off from Aramark.

Out of the podcasts, the interview with Jim Chanos is a must-watch, in my opinion. I’m also looking forward to the talk with Duncan McInnes to understand where Ruffer sees value right now.

Also check out Exante Data’s chart on European credit growth. It’s now rolling over. European mortgages are typically variable-rate and today’s high interest rates are likely to squeeze consumers in the Eurozone and elsewhere.

Americas:

• Analyzing Good Businesses on AutoZone (🇺🇸 AZO US - US$46 billion)

• Sleep Well Investments on CrowdStrike (🇺🇸 CRWD US - US$40 billion)

• Capital Incentives on Synaptics (🇺🇸 SYNA US - US$3.5 billion)

• Eloy Fernandez on Build-A-Bear Workshop (🇺🇸 BBW US - US$427 million)

• Clark Street Value on Graphite Bio (🇺🇸 GRPH US - US$144 million)

• Value Zoomer on Luvu Brands (🇺🇸 LUVU US - US$7 million)

• Junk Bond Investor on Fresh Vine Wine (🇺🇸 VINE US - US$7 million)

• Value Don’t Lie on uniform supply spin-off Vestis (🇺🇸 VSTS US - pending listing)

Europe:

• Undervalued Shares on Rolls-Royce (🇬🇧 RR/ LN － US$23 billion)

• Fundasy Investor on Evolution Gaming (🇸🇪 EVO SS － US$22 billion)

• Jake Barfield on InPost (🇳🇱 INPST NA - US$5.8 billion)

• Flyover Stocks: update on Howdens Joinery (🇬🇧 HWDN LN － US$4.9 billion)

• Business Breakdowns on Bakkafrost (🇫🇴 BAKKA NO － US$3.0 billion)

• Chop Wood, Carry Water pitch for Dr Martens (🇬🇧 DOCS LN － US$1.7 billion)

• Cockney’s Substack on Telecom Plus (🇬🇧 TEP LN - US$1.4 billion)

• Iggy’s Substack on Card Factory (🇬🇧 CARD LN － US$422 million)

• Alta Fox Capital on Humble Group (🇸🇪 HUMBLE SS － US$369 million)

• Wintergems on Ilpra (🇮🇹 ILP IM － US$67 million)

• Under-Followed-Stocks on Lindbergh (🇮🇹 LDB IM － US$19 million)

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(estimated reading time)

• Variant Perception: Top/bottom US stocks by crowding (1 mins)

• Joachim Klement on why we don’t react to underperforming stocks (4 mins)

• Exante Data: outlook for the Chinese economy in light of demographics (13 mins)

• Platform Aeronaut on global travel & leisure trends (7 mins)

• Hosking Partners on investing for the long term (13 mins)

• Calafia Beach Pundit: There is no sign of an impending US recession (5 mins)

• Edelweiss Capital on luxury brands: Part 1, Part 2 & Part 3 (33 mins)

• Pyramids & Pagodas on their Russia trip: Part 1, Part 2, Part 3 & Part 4 (31 mins)

• Dede Eyesan’s book Global Outperformers, on global ten-baggers (287 pages)

• I interviewed InflationX, asking him about opportunities in fixed income (7 mins)

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(listening time)

• Jim Chanos on the Chinese economy, stock compensation and more (16 mins)

• Steve Romick: Lessons from 30 years as a value investor (57 mins)

• Steve Eisman thinks the US banking sector is un-investable (7 mins)

• Jeff Gundlach interviewed by UBS Wealth management podcast (32 mins)

• Ed Yardeni on why Fed might get it right through its rate hikes (32 mins)

• Strategist Seema Shah of Principal AM: rate hikes will lead to pain (55 mins)

• Substack author Toff Capital on specialty chemicals distribution, YAK (1:20 mins)

• Vontobel’s Thierry Larose on LatAm debt markets (34 mins)

• Duncan McInnes of Ruffer discussing the yen, gold, bonds and oil (1:03 hours)

• Activist Chris Mills on how he’s investing his GBP 107 million fund (33 mins)

• Author Spencer Jakab on his book The Revolution That Wasn’t (1:34 hours)

• Daniel Yergin discussing energy and his new book The New Map (34 mins)

• Herald van der Linde on weakness in Hong Kong’s real estate market (14 mins)

• Yours truly on HK-listed cosmetics company L’Occitane (42 mins)

• Artem Fokin discussing Burford after winning the YPF case (1:46 hours)

• B. Riley’s Dan Day on Supply Side Platform, CTV and Magnite (1:12 hours)

• Business Breakdowns on troubled aircraft maker Boeing (47 mins)

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European credit growth has turned negative. Source: @jnordvig

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