Monday Morning Links Week 45
Global stock-related links
In the past week, I read Zeke Faux’s book Number Go Up about the cryptocurrency market’s boom and bust. I highly recommend it. The main takeaway for me is the importance of having legal recourse in any investment. Conversely, when you buy a cryptocurrency, there is no assurance of anything. If you prefer a podcast version of the book, consider Barry Ritholtz’s interview with Zeke here.
Paul Tudor Jones’ interview with Stan Druckenmiller is also a must-watch. Stan is starting to see weakness in the US economy and is buying the 2-year US Treasury Bond for that reason. He also thinks the geopolitical situation is the worst he’s seen in his lifetime. In his view, this is not the time to be long stocks.
Out of this week’s company reports, I particularly enjoyed ToffCap’s tweets on Spanish homebuilder Aedas Homes. The company owns scarce land, pays out decent dividends, trades at 50% of NAV and is in discussions with a potential buyer.
Americas:
AlmostMongolian on Petrobras prefs (🇧🇷 PBR US - US$99 billion)
Analyzing Good Businesses on Amphenol (🇺🇸 APH US - US$50 billion)
Hennessy Focus Fund on homebuilder NVR (🇺🇸 NVR US - US$19 billion)
Bison Interests on oil services firm Weatherford (🇺🇸 WFRD US - US$7.2 billion)
Recurve Capital on Restoration Hardware (🇺🇸 RH US - US$4.4 billion)
From $100K to $1m on Black Stone Minerals (🇺🇸 BSM US - US$3.9 billion)
Searching 4 Value on Quálitas Controladora (🇲🇽 Q* MM - US$3.2 billion)
Value Don’t Lie on John Wiley & Sons (🇺🇸 WLY US - US$1.7 billion)
Liberty Park Capital on Tecnoglass (🇺🇸 TGLS US - US$1.6 billion)
Europe:
ToffCap with a tweetstorm on Aedas Homes (🇪🇸 AEDAS SM - US$778 million)
Cockney’s Substack on Avon Protection (🇬🇧 AVON LN - US$329 million)
Buried Treasure on Nordic Paper (🇸🇪 NPAPER SS - US$247 million)
Hurdle Rate on accounting SaaS firm Kulcs-Soft (🇭🇺 KULC LN - US$33 million)
Asia-Pacific:
Investing with Wes on e-commerce operator JD.com (🇨🇳 JD US - US$42 billion)
Asian Century Stocks on tower company China Tower (🇨🇳 788 HK - US$16 billion)
(estimated reading time)
SSI: Wisdom from the Swiss Alps, quoting Anthony Deden (8 mins)
Byrne Hobart on the drivers behind the long-term drop in interest rates (8 mins)
Brad Hathaway: 3 reasons not to invest in small caps (5 mins)
Asian Century Stocks (my publication) discussing pricing power (15 mins)
Alta Fox’s 3Q2023 letter on pawn shop First Cash, Aeromexico bonds (8 pages)
Tidefall Capital thinks US stocks are overvalued vs the TSX, cash okay (1 page)
Fairlight Alpha Fund’s 3Q2023 letter discussing PAX Global, Ecopetrol (6 pages)
Silver Ring Value Partner’s 3Q2023 on Garrett Motion and Alfa SAB (14 pages)
Choice Equities’ 3Q2023 letter on Crocs, Shake Shack, Children’s Place (4 pgs)
Bronte Capital Amalthea Fund’s Sep 2023 letter on Wirecard & more (8 pages)
Maran Capital Management’s 3Q2023 letter on Clarus, Vistry, CTT (8 pages)
(listening time)
Bridgewater’s Greg Jensen provides his macro outlook (6 mins)
Stan Druckenmiller talking to PTJ about his bearishness on US stocks (32 mins)
Charlie Munger gave his first podcast appearance ever on Costco, etc (1:06 hrs)
Sahm Adrangi talks to day traders, with stories of past battles (59 mins)
Warren Pies expects a slowdown in the US housing market (1:07 hours)
Global investor Keith Smith on The Business Brew discussing stocks (2:09 hours)
Shehzad Qazi on Grant’s with his views on the Chinese economy (33 mins)
EM investor Derrick Irwin on how hated Chinese stocks currently are (26 mins)
Bo Knudsen of C Worldwide on Novo Nordisk, quality companies (1:07 hours)
Bruce Berkowitz is bullish on Enterprise Products Partners (27 mins)
Hourglass Investing on low-priced medical device company InMode (20 mins)
Journalist Zeke Faux on the crypto market’s boom and bust (1:31 hours)
Thank you for reading!
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Disclaimer: Monday Morning Links uses information sources believed to be reliable, but their accuracy cannot be guaranteed. The information contained in this publication is not intended to constitute individual investment advice and is not designed to meet your personal financial situation. The opinions expressed in such publications are those of the publisher and are subject to change without notice. You are advised to discuss your investment options with your financial advisers, including whether any investment suits your specific needs. From time to time, I may have positions in the securities covered in the articles on this website.
Appreciate the inclusion of my write up on Black Stone Minerals