Monday Morning Links Week 44

Global stock-related links

My favourite podcast of the week was the interview with Scott Bessent, a former analyst for George Soros and Stan Druckenmiller. Bessent makes money by identifying changes, anomalies, or mistakes policymakers make. He’s bullish on Japan thanks to the weak yen, TSE’s corporate governance reforms and the capitalist economy. He’s bearish on China under Xi Jinping and believes the CCP could blockade Taiwan after the general election in January 2024.

I also recommend Bridgewater alumnus Andy Constan’s interview on Real Vision for those interested in the US Treasury market. He’s starting to see value at the long end of the yield curve, but the US economy remains weak until layoffs in February 2024. The most obvious opportunity in his mind is shorting US equities.

Americas:

• Rowan Street discussing Meta (🇺🇸 META US - US$763 billion)

• Librarian Capital on Raytheon (🇺🇸 RTX US - US$114 billion)

• Invariant Substack discussing Altria (🇺🇸 MO US - US$70 billion)

• Sleepwell Investments on NVR (🇺🇸 NVR US - US$17 billion)

• Value Don’t Lie on First Horizon (🇺🇸 FHB US - US$5.9 billion)

• Capital Incentives on Zurn Elkay Water (🇺🇸 ZWS US - US$4.5 billion)

• Alluvial Capital on Talen Energy (🇺🇸 TLNE US - US$3.1 billion)

• Third Avenue on LSB Industries (🇺🇸 LXU US - US$682 million)

• Shadow Stock on Joint Corp (🇺🇸 JYNT US - US$116 million)

• Plural Investing on Currency Exchange Int’l (🇨🇦 CXI CN - US$89 million)

Europe: