Circle of Competence Issue #44

John Malone media lecture, Dell goes public, Worldy Philosophers book review, market cycles update, China update, Seth Klarman letter, podca

Circle of Competence Issue #43

Eddie Lampert's miscalculation, Dell-DVMT gets approval, Chris Cole on volatility, SpaceX raises funds, Thoma Bravo's rise, podcasts

Eddie Lampert, Sears, and Chess

Back in Issue #34 I discussed the slow, painful demise of Sears and Eddie Lampert's fight to save (or suck the life out of?) Sears. I also shared an excellent 2011 short thesis from John Hempton of Bronte Capital that discussed the incredibly haughty assumption of Lampert that he could actually pull off the feat of liquidating an operating business with many tens of thousands of employees and keep the profits from the tangible property for his fund. The more I study business and finance, the more I realize that investing and running businesses are akin to an intricate dance. They have rhythms, cadences, actions, and reactions. They are not theoretical complexes that can easily be modeled on

Circle of Competence Issue #42

Investor discussion w/ John Ackiss, Opportunity Zone investing, Trammell Crow memo, Alice Schroeder's BRK.A analysis (1999), Elon Musk o

Circle of Competence Issue #41

Opportunity zones, Seth Klarman on short termism, Brookfield letter, Retail private equity deep dive, yield curve inversion, climate change,

Circle of Competence Issue #40

Circle of competence podcast, sports betting, inconsistent private equity returns, Jordan Peterson, real estate syndication, Lebron James, p


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