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Circle Of Competence Issue #22

Quote of the week: (On a real optimist) "So he expects the world around him to break all the time. But he knows – as a matter of faith – that if he can survive the day-to-day fractures, he’ll capture the up-and-to-the-right arc that learning and hard work produces over time."

DEPARTMENT OF GENERAL FINANCE

Mindsets: Optimism Vs. Complacency Vs. Pessimism

Wonderful article by Morgan Housel at Collaborative Fund on what constitutes a real optimist in the face of disappointments and obstacles. I drew my quote of the week from this article. Highly recommend.

What Makes A Great Investor

I love this simple post from Howard Lindzon describing how essential a good network is to being a great investor. I started Circle of Competence mostly because I am passionate about learning and investing, but also because I’d like to connect with likeminded people and investors along the way. Growing your network is simply growing the knowledge base to which you have access.

The Theft Of GGP: Special Situations Analysis

Special situation investment pitch from Andrew Walker of Rangeley Capital explaining how Brookfield Property Partners LP is acquiring GGP Inc., an A class mall operator for a cheap price. What is interesting about the pitch is all of the attached tax shenanigans that come with owning GGP. If you are interested in special situations, this one is pretty hairy so enjoy!

Three Key Trends To Watch

I’m not a gold bug and typically don’t have an opinion on the gold markets, but I do watch the yield curve and the dollar has big effects on bottom lines for companies. 3 Interesting charts on gold, the yield curve, and the dollar for perspective.

Private Equity Funds: Leverage & Performance Evaluation