Tuesday, June 28, 2016


Why Do Most Acquisitions by Microcaps Destroy Shareholder Value? - by Ian Cassel (LINK)

[I don't have any position in Subsea 7 at the current time, but I like it when companies put out videos like this that help one to understand the business a little better.] .... Projects – Premier Oil Catcher Area Development – North Sea (LINK)

BoE injects £3.1bn of liquidity into banks after Brexit (LINK)
The Bank of England has pumped £3.1bn into the country’s banking system following the UK’s decision to leave the EU. 
The liquidity injection is the last of the central bank’s three scheduled special auctions announced before the UK referendum and designed to quell any panic about the state of the country’s lenders. 
It is the first operation that has taken place since the UK voted to leave the EU on June 23. The BoE allotted £3.072bn to lenders, having received bids amounting to £6.3bn. Most of the collateral offered was the lowest ‘Level C ‘ grade assets, according to the Bank’s data.
Raoul Pal and Grant William discuss Brexit (video) (LINK)

The Brexit Possibility - by Ben Thompson (LINK)

How do you make the Olympics pay? Fudge the figures (LINK)

Stealthy Black Hole Spotted by Accident (LINK)

This was released yesterday, and after a quick flip through my copy, it looks like it'll be an interesting book for those that like to dig into the details of accounting: The End of Accounting and the Path Forward for Investors and Managers

Monday, June 27, 2016


On an investment note, if you're looking to be greedy when others are getting a little fearful in the U.K. micro-cap land, valuations and volumes in some nicely positioned small companies are back at attractive levels. I can't discuss much here at the current time given that we are active in the space at Boyles, but just wanted to point it out as an area of potential opportunity for those interested.

Farnam Street: Why Are No Two People Alike? (Part 2) (LINK)
Related book: No Two Alike
Fluent Innovation: Using Behavioural Science to Make Your Next Big Idea a Success (video) (LINK)

Quantum Computing: A Primer (video) (LINK)

When You Dial 911 and Wall Street Answers [H/T @koster13] (LINK)

Hussman Weekly Market Comment: Brexit and the Bubble in Search of A Pin (LINK)
First things first. While the full attention of financial market participants is focused on “Brexit” - last week’s British referendum to exit the European Union - the singular factor to recognize here is that the vulnerability of the financial markets to steep losses has very little to do with Brexit per se. Rather, years of yield-seeking speculation, encouraged by central banks, had already brought the financial markets to a precipice prior to last week’s vote. It’s not entirely clear whether Brexit is a sufficient catalyst to burst the bubble, as we recall that the failure of Bear Stearns in early-2008 was followed by a period of calm before the crisis was sealed by Lehman's failure, and numerous dot-com stocks had already been obliterated by September 2000, when the tech bubble began its collapse in earnest. We’ll take the evidence as it comes, but we’re certainly defensive at present, for reasons that have little to do with Brexit at all.

Sunday, June 26, 2016


If you haven't listened to it yet, Malcolm Gladwell gave some interesting thoughts on what he thinks a college education and experience should entail in his chat with Tim Ferriss, starting at the 57:27 mark in the audio HERE. He also recommended a couple of books; one that appears to be out of print, Merchant Princes, and another, Strangers to Ourselves, that has also been recommended by Nassim Taleb and Danny Kahneman.

After Fleeing the Nazis, a Legacy That Won’t Run Dry [H/T @jasonzweigwsj] (LINK)
The frugal couple bumped into young Warren Buffett. Now they’ve left millions to Israeli water research.
Warren Buffett - Opinion on Brexit and EU [from early May] [H/T @HurriCap] (video) (LINK)

Steve Keen on the Macro Voices podcast (LINK) [The podcast also seems to have some of the older Real Vision TV interviews, such as Kyle Bass interviewing John Burbank, as one example. More available HERE.]

BIS 86th Annual Report (LINK)
There is an urgent need to rebalance policy in order to shift to a more robust and sustainable global expansion and address accumulated vulnerabilities, the BIS writes in its main economic review of the year. It calls for prudential, fiscal and structural policies to play a greater role.
Puerto Rico Governor suspends payments on infrastructure debt [H/T @BarbarianCap] (LINK)

Craft Brewers Go High-Tech [H/T Abnormal Returns] (LINK)

Interview with Disney CEO Bob Iger [H/T @Kevin_Holloway] (LINK)

Interview with outgoing Illumina CEO Jay Flatley [H/T @EricTopol] (LINK)

A Portrait of the Overperforming Salesperson [H/T @RobertCialdini] (LINK)

What Old Monkeys and Old Humans Have in Common [H/T @TheLeakeyFndtn] (LINK)

Friday, June 24, 2016


Howard Marks on Bloomberg talking Brexit (video) (LINK)

James Grant on CNBC talking Brexit (video) (LINK)

Do the Experts Know Anything? - by Justin Fox (LINK)

As Jason Zweig said on Twitter "Love him or hate him, fascinating interview with Pres. Obama"....The ‘Anti-Business’ President Who’s Been Good for Business (LINK)

Words of Wisdom and Advice for Aspiring Value Investors (LINK)

ValueWalk's Interview with Cook & Bynum Capital (Part 1) (LINK)

Exponent podcast: Episode 084 — A New World Order (LINK)

Books mentioned plenty of times on this blog before, but seem worth mentioning again on a day like today:

Superforecasting: The Art and Science of Prediction

The Signal and the Noise: Why So Many Predictions Fail--but Some Don't

Thursday, June 23, 2016

Stoicism audiobooks

For those interested, I noticed some new audiobook narrations have been made from the great works of Stoicism over the last few of months:

From Epictetus: 

From Seneca:

Previously, I had mentioned the audio versions of Seneca's letters that Tim Ferriss worked on with John Robinson to put together, which are linked to below. There was an audio quality issue with the "On the Shortness of Life" essay that was included at the beginning of Volume 1 which received some criticism (deservedly so). I'm not sure if it's fixed yet, but I don't believe the issue was widespread throughout the rest of the recordings. So what I'd recommend if you are interested in getting the letters is to listen to the sample of the version of the letters above, and then listen a sample of the ones linked to below, and see which narration your own ears prefer.

If you want to top off your library with the other well-known work of Stoicism, here is the narration I've liked best so far of the couple I've listened to:  Meditations - by Marcus Aurelius.

And if you want an overview of Stoicism before getting into the works of the key figures, William Irvine's A Guide to the Good Life: The Ancient Art of Stoic Joy is a good intro.


Will Berkshire Hathaway Eventually Get Broken Up By Activists? (LINK)
Related book: Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism
a16z Podcast: Fintech Revolution or Evolution? (LINK)

The second episode ("Saigon, 1965") of Malcolm Gladwell's Revisionist History podcast is now available (LINK)

How It's Made - Skyscraper (video) (LINK)

How It's Made - Batteries (video) (LINK)

Wednesday, June 22, 2016


Jim Grant's speech to the Washington CFAs (LINK)

Tesla Offers to Acquire SolarCity (LINK)
Related previous article: Elon Musk Supports His Business Empire With Unusual Financial Moves
Elon Musk Aims to Shore Up SolarCity by Having Tesla Buy It (LINK)

Jim Chanos: ‘Brazen' SolarCity deal is ‘corporate governance at its worst’ (video) (LINK)

Rebalancing, wealth transfers, and the growth of Chinese debt - By Michael Pettis (LINK)

Farnam Street: Why Are No Two People Alike? (Part 1) (LINK)
Related book: No Two Alike
Brain Pickings: Abraham Lincoln’s Tough-Love Letter to His Step-Brother About Laziness and Work Ethic (LINK)
Related book: Lincoln: Speeches and Writings 1832-1858
Alan Watts - How to melt anxiety (video/audio) (LINK)
Related book: The Wisdom of Insecurity: A Message for an Age of Anxiety (now also an audiobook
Related link: An Antidote to the Age of Anxiety: Alan Watts on Happiness and How to Live with Presence
Quote of the day, from 1995: “The nature of information itself is changing….This is just the beginning….We are crossing a technology threshold that will forever change the way we learn, work, socialize and shop.  It will affect all of us and businesses of every type in ways far more pervasive that most people recognize.” -Bill Gates (Crains Detroit Business, January 2, 1995) [H/T 25iq]

Tuesday, June 21, 2016


Malcolm Gladwell on The Tim Ferriss Show (podcast) (LINK)

The heroes of 'Flash Boys' just scored a landmark victory, but the battle isn't over [H/T Linc] (LINK)

George Soros warns on Brexit (LINK)
To start off, sterling is almost certain to fall steeply and quickly if there is a vote to leave– even more so after yesterday’s rebound as markets reacted to the shift in opinion polls towards remain. I would expect this devaluation to be bigger and more disruptive than the 15% devaluation that occurred in September 1992, when I was fortunate enough to make a substantial profit for my hedge fund investors, at the expense of the Bank of England and the British government. 
It is reasonable to assume, given the expectations implied by the market pricing at present, that after a Brexit vote the pound would fall by at least 15% and possibly more than 20%, from its present level of $1.46 to below $1.15 (which would be between 25% and 30% below its pre-referendum trading range of $1.50 to $1.60). If sterling fell to this level, then ironically one pound would be worth about one euro – a method of “joining the euro” that nobody in Britain would want.
US Railroad Carloads Below 2009/2010 Lows (LINK)

Rigonomics: Is $50 a barrel enough to revive global oil production? (LINK)

Raoul Pal - The Need to Study Real World Economics - Warwick Economics Summit 2015 [video from a little over a year ago] (LINK)

TV Advertising's Surprising Strength — And Inevitable Fall - by Ben Thompson (LINK)

"So busy doing my job, I can't get any work done" - by Seth Godin (LINK)

Quote of the day: "Intuition is pattern recognition. Use with caution: if future doesn't resemble past, lessons of experience can lead us astray." -Adam Grant (source)

Monday, June 20, 2016


Latticework of Mental Models: Lindy Effect (LINK)

No One Knows What Will Happen (LINK)

Kevin Kelly on EconTalk (LINK)
Related book: The Inevitable
The 2016 BP Statistical Review of World Energy (LINK)

China: Is peak coal part of its problem? (LINK)

Richard Duncan interview discussing China's economy (video) [H/T ValueWalk] (LINK)

Eric Hoffer and the Creation of Fanatical Mass Movements (LINK)
Related book: The True Believer  
Related previous post: Eric Hoffer videos

Sunday, June 19, 2016


New paper from Michael Mauboussin et al. - Operating Leverage: A Framework for Anticipating Changes in Earnings [H/T @HurriCap] (LINK)

Why Farnam Street Optimizes for Loyalty, not Pageviews (LINK)

A Dozen Things Learned from Elon Musk About Business and Investing (LINK)

Everything Is More Expensive Than It Looks - by Jason Zweig (LINK)

IEX Outduels Citadel, NYSE as ‘Flash Boys’ Exchange Approved (LINK)

Raghuram Rajan Unexpectedly Leaves RBI (LINK)

Mohamed El-Erian on life after Pimco (LINK)

The LSE In Conversation with Steve Schwarzman (audio) (LINK)

How Bill Nye, the Science Guy, Spends His Sundays [H/T @mikedariano] (LINK)