Monday Morning Links Week 46
Global stock-related links
I liked the interview with Rob Copeland, author of the book The Fund, about Ray Dalio and his company, Bridgewater Associates. Two highlights: 1) Bridgewater’s investing is not systematic but relies on founder Ray Dalio’s hunches. 2) Dalio runs the firm like a cult with him at the centre. The book doesn’t have a smoking gun about Bridgewater, however. It seems to be a legitimate firm.
Out of the below reports, I think AlmostMongolian’s write-up on oil & gas mapping company Mind Technology was the most compelling. A restructuring has caused the company’s net cash to exceed the market cap of US$6 million (excluding the prefs). Further, Mind has positive EBITDA and an order backlog of US$30 million. The only problem is that it’s an illiquid stock.
Finally, I recommend the new Netflix documentary Arnold about Hollywood actor Arnold Schwarzenegger. There’s much to learn from his successes, including having a clear vision, being useful to others, having a positive attitude, etc. Arnold’s favourite quote: “Early to bed, early to rise, work like hell and advertise”.
Americas:
TechFund on EDA software developers Synopsis & Cadence (🇺🇸 SNPS US / CDNS US - US$77 billion / US$70 billion)
Gator Capital on First Citizens Bancshares (🇺🇸 CDNS US - US$20 billion)
AlmostMongolian on Mind Technology (🇺🇸 MIND US - US$6 million)
Europe:
Voss Capital on Irish cement company CRH (🇮🇪 CRH US - US$41 billion)
Undervalued Shares on e-commerce firm Allegro (🇵🇱 ALE PW - US$7.9 billion)
Mr Market Miscalculates on PE firm Alba (🇪🇸 ALB SM - US$3.0 billion)
Value & Opportunity on shipping spin-off Deme (🇧🇪 DEME BB - US$2.5 billion)
Panoramic Capital on media company TX Group (🇨🇭 TXGN SW - US$1.0 billion)
Turtles correctly predicted the takeover of GAN (🇬🇧 GAN US - US$74 million)
Asia-Pacific:
Teddy Okuyama’s tweets on Murakami Corp (🇯🇵 7292 JP - US$296 million)
Hurdle Rate on Pacific Current Group (🇦🇺 PAC AU - US$320 million)
DaBao’s tweets on Hsing Ta Cement (🇹🇼 1109 TT - US$187 million)
(estimated reading time)
Bridgewater: Inching toward equilibrium (8 mins)
Greenlight Capital is bullish energy and bearish about geopolitics (6 pages)
Flyover Stocks: warning signs when it comes to management teams (10 mins)
Zero GCoS on investing in Kurdistan oil & gas: Part 1 & Part 2 (45 mins)
Warden Capital on American hotel REITs (21 mins)
L1 Capital International Fund: takeaways from 100 meetings in US/EU (11 pages)
Ed Chancellor: Japan has become a gold mine for value investors (5 mins)
Shrubbery Capital turned bullish on China ahead of the 15 Nov meeting (2 mins)
Praetorian Capital provides information on their Argentina bet (7 pages)
Desert Lion Capital provides the bull case for South African equities (9 pages)
Augustville’s new stocks in portfolio: Italmobiliare, Eurotel, Thermador (11 mins)
Vulcan Value Partners: Diageo, Marriott, Texas Instrmnts, United Health (14 pgs)
(listening time)
John Malone on the current interest rate environment and Netflix (10 mins)
Berkshire director Chris Davis of The Davis Dynasty fame, on Buffett (2:21 hours)
Nick Train discussing the beaten-down UK stock market (46 mins)
Jim Grant thinks the bond bear market is going to continue (26 mins)
Jonathan Asante of Chikara Global EM Opportunities Fund: why EM? (57 mins)
John Rogers on investing and why he’s bullish Sphere Entertainment (1 hour)
Staley Cates on the history and future of express delivery firm Fedex (57 mins)
ValueStockGeek on US rural lifestyle retailer Tractor Supply (38 mins)
Hourglass Investing on recent short-seller target Xpel (23 mins)
Kyle Grieve on Polish supermarket Dino Polska (1:05 hours)
Author Rob Copeland on his new book The Fund about Bridgewater (46 mins)
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.
