Circle Of Competence Issue #18

Mohnish Pabrai, Visionary vs. Optimizer CEOs, Yield Curve, Tax Cuts, Carl Icahn's SandRidge Activism, and more.

Circle Of Competence Issue #17

Seth Klarman Bio, Howard Mark's New Memo, AT&T TWX Merger, Carl Icahn's SandRidge Battle, Appaloosa Activism, and more.

Circle Of Competence Issue #16

Michael Burry Deep Dive, Microsoft's GitHub Purchase, Mary Meeker's Internet Trends, The Real Frank Abignale, Carl Icahn vs. SandRid

Circle Of Competence Issue #15

Prem Watsa Deep Dive, Warren Buffett & Jamie Dimon on Short-Termism, Tech Monopolies, End of The Tech Superstar Era, Icahn's SandRid

Prem Watsa Deep Dive

I finally finished going through Prem Watsa's Fairfax Financial shareholder letters this week and wanted to write a small summary on his rise to investing fame. He is the current Chairman and CEO of Fairfax Financial and controls 42% of share votes via his ownership. He is often referred to as the 'Canadian Warren Buffett' due to his long track record of compounding shareholders' capital in the insurance industry. Later this week, I will publish my scratch notes in a separate post on the site, for those who are interested. Let's start with a little history shall we? Born in 1950, Watsa attended high school and undergrad in India and later attended the Richard Ivey School of Business at the U

Michael Burry Deep Dive

MICHAEL BURRY INVESTMENT LETTERS (SCION CAPITAL) This week, I read through the compendium (link above) of Michael Burry's quarterly letters, testimonies, interviews, and articles so wonderfully compiled by the gentlemen at Austin Value Capital ( I had previously heard of Burry's wonderful record and interesting approach to value investing, but after reading the document, I had a newfound respect for his uncanny ability to perform DEEP research. So, let's start with a little intro. Michael Burry graduated from UCLA with a degree in economics in 1993 and went on to Vandirbilt's school of medicine. Despite studying medicine, he worked hard on his investments, often l

Circle Of Competence Issue #14

Charlie Munger Deep Dive, Ballooning Student Debt, Goverment Backed Mortgages Repeat, "Quantitative Value" Book Review, Buffett-Ub

Charlie Munger Deep Dive

This week I decided to finish Charlie Munger's letters to his shareholders at Wesco Financial from 1983-2009 and take notes with this question in mind: What makes Charlie Munger such a brilliant businessman? Let's start with a little history. Before his days as Wesco's Chairman and Berkshire's Vice Chairman, Charlie developed commercial real estate in California successfully in joint partnerships and was also a successful corporate attorney at Munger, Tolles, & Olsen. He also averaged a ~19% annualized return from 1962-1975 in his hedge fund Wheeler, Munger & Co. He parlayed his majority stake in Blue Chip Stamps which he bought for $24M (representing almost 61% of his hedge fund investment


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