- Mar 30, 2020
Skin in the Game
This week I watched Nassim Taleb's talk at BlockCon where he explored the concept of having 'skin in the game' and how asymmetric risk sharing pervades our everyday lives. The example of asymetric risk and reward that Taleb loves to showcase is the 2008 great financial crisis, where the large bank CEO's received millions in severance pay while tax payers were left holding the tab to bail out the banks. But how should we think about the thousands of businesses and millions of
- Mar 30, 2020
An Update on Texas Pacific Landtrust
Disclaimer: I am not your financial advisor, and this is not financial advice. Do your own research. Speaking of skin in the game, on February 15th, I wrote a case study on Texas Pacific Landtrust. At that point, it was trading at roughly $770 per share. I was long, and remain long, and have continued to purchase shares as they have declined to current levels at $379 per share. At current prices, the company is trading at around 9x trailing earnings (which will most likely be
- Mar 29, 2020
Circle of Competence Issue #104
Skin in the game, update on TPL, staggering unemployment claims, oil storage markets, what to look for in 10-Ks, debt-laden industries, AI c
- Mar 21, 2020
Circle of Competence Issue #103
Macro data dashboard, locking arms, notable fintwit, Tom Russo on intelligent investing, CBOE on central bank digital currency, Francis Coll
- Mar 15, 2020
Circle of Competence Issue #102
COVID-19 model and thoughts, oil price war, looming credit overhang, fund letters, Mike Maples on investing in tech, Stripe and Shopify brea
- Mar 8, 2020
Circle of Competence Issue #101
Howard Marks' latest memo, Absolute Return Partners on reversion to the mean, long term real estate cycle prediction, Peter Thiel on Zer
- Mar 1, 2020
Circle of Competence #100
Updated Business Vault, Berkshire Hathaway Letter, investment fund letters, mental models. Peter Thiel on accomplishing more technologically