Monday Morning Links Week 48
Global stock-related links
The week's highlight is this interview with Nicolai Tangen, formerly at John Armitage’s Egerton Capital and now head of Norway’s sovereign wealth fund. Running a €1 trillion fund, Nicolai’s focus has turned to quality companies and using forensic analysis to weed out the bad apples. He also discusses how they use linguistic analysis to judge management teams; for example, CEOs who use simple words tend to be more truthful. His favorite authors: Angela Duckworth, Adam Grant, Anne Duke.
Montaka Global Investments makes a compelling case that Spotify’s earnings will improve thanks to its first US price increase since 2011, higher pricing power as record labels become less relevant, and better cost control.
For something inspirational, I recommend this speech by American entrepreneur Phil Ruffin, who built up a fortune through innovation in the convenience store sector, clever deals in the casino industry and avoiding stock speculation.
Americas:
Antonio on how Uber is finally becoming profitable (🇺🇸 UBER US - US$114 billion)
Hedge Fund Girl on recent improvements at Target (🇺🇸 TGT US - US$61 billion)
On Jeremy Raper’s campaign at BRAGG Gaming (🇨🇦 BRAG CN - US$128 million)
Europe:
Montaka Global Investments on Spotify (🇸🇪 SPOT US - US$35 billion)
Iggy’s Substack on Nova Ljubljanska Banka (🇸🇮 NLB LI - US$1.8 billion)
Wolf of Harcourt Street on Auto Partner (🇵🇱 APR PW - US$833 million)
Special Situation Investing: Tel Aviv Stock Exchange (🇮🇱 TASE IT - US$505m)
Modern Investing on driller Odfjell Technology (🇳🇴 OTL NO - US$191 million)
No Deep Dives on aircraft lessor Aviation Plc (🇬🇧 AVAP LN - US$114 million)
Asia-Pacific:
Clark Square Capital on cosmetics maker L’Occitane (🇭🇰 973 HK - US$3.7 billion)
Platinum on Indonesian developer Pakuwon (🇸🇬 PWON IJ - US$1.3 billion)
Treasure Hunting on TMNT “play” Playmates Toys (🇭🇰 869 HK - US$102 million)
(estimated reading time)
Compounding Quality interviews Francois Rochon (8 mins)
Ian Bezek on Javier Milei, Argentina and airport operator CAAP (12 mins)
Exante Data on whether Javier Milei can fix the Argentinian central bank (6 mins)
Turtles Substack on biotech stocks Galecto & AvroBio (2 mins)
Alphyn Capital on Fairfax Financial, Burford Capital, KKR, etc (7 pages)
Alluvial Capital on Supremex, LICT Corp, Monarch Cement (8 mins)
Auxier on interest rates, Ozempic, the P&C cycle, TSMC (6 pages)
Argosy on Leslie’s, Trisura, Post Holdings (3 pages)
(listening time)
Norges Bank’s Nicolai Tangen on his career and investment philosophy (45 mins)
Jens Nordvig on the US rate cycle, potential weakness in the USD (1:08 hours)
Greg Lippman discussing the US housing market amidst high rates (46 mins)
Todd Wenning of Flyover Stocks on how he identifies quality stocks (1:06 hours)
Bill Chen thinks now is the time to buy publicly traded REITs (1:55 hours)
Fairfax Financial’s Jamie Lowry & Ian Kelly on finding value in Europe (59 mins)
Jared Bibler, author of Iceland’s Secret, about Iceland’s 2008 crisis (1:06 hours)
David Cumming of the BNY Mellon UK Income Fund on UK equities (28 mins)
George Magnus on China’s real estate crisis, demographics and trade (59 mins)
The story of how US entrepreneur Phil Ruffin became a billionaire (29 mins)
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