Circle Of Competence Issue #4

March 20, 2018

KKR's 2018 Global Perspectives & Outlook

- Great perspectives on all asset classes and a look at what areas of the globe and capital structure are attractively priced

 

Greenlight Capital (David Einhorn) Q417 Letter

- Good discussion of Mylan and GM positions

 

Euclidean Technologies' Q417 Letter - Predicting Earnings

- Great discussion on how BAD humans are at predicting earnings over the short term and how it is simply better to buy cheap companies over time based on an EBITDA/EV or EBIT/EV multiple

 

AQR Interview with Ed Thorpe - the father of modern quantitative investing

- Great discussion on his career and his discoveries as a mathematician as they relate to poker, gambling, and ultimately the financial markets

 

Third Point LLC Q417 Letter (Dan Loeb)

- A very well-known activist, Dan Loeb took a position in Nestle in June and they have responded well to Third Point's call for change at the company. Interesting review of the position at the end of the letter

 

Tao Value Letter - Small Value Fund

- Interesting Commentary on Tesla's market craze, Juicero's private market flop, and an interesting take on one Value Investor's view on Bitcoin/Cryptocurrencies

 

Grantham, Mayo, van Otterloo "Viewpoints"

- Great discussion on the look and feel of financial bubbles, along with a few predictions for 2018-2019

 

Wedgewood Capital Q417 Letter

- Interesting commentary on Apple, Celgene, Priceline, Charles Schwab, Visa

 

Fairfax Holdings - Chairman's Letters to Shareholders (1985 - 2018)

- This week I've been studying the growth and rise of Fairfax under the reigns of Prem Watsa. Great series of letters starting from a small company growing to a large multi-billion dollar insurer. I will be writing another article on these letters later on. But for now - enjoy!

 

Uber Syndicated Loan

- Interesting article on Uber's quest for more funding, despite spending over $10B of investors' capital without posting profits

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