Thursday, February 5, 2015


I found a few minutes of internet access on vacation to link to some of  the things I've been saving to read this week... 

Seth Klarman: What I’ve learned from Warren Buffett (LINK)

Warren Buffett adds to his lead in $1 million hedge-fund bet (LINK)

Warren Buffett: Know when to hold 'em (LINK)

Warren Buffett’s Broker to Retire From Citigroup (LINK)

Winter 2015 Issue of Graham & Doddsville (LINK)
The new issue features Bill Ackman of Pershing Square Capital Management, Jay Petschek and Steve Major (’94) of Corsair Capital Management and Andrew Wellington of Lyrical Asset Management. Additionally, you will find pictures from the 2014 Graham & Dodd Breakfast and seven investment ideas from Columbia Business School students.
The Absolute Return Letter, February 2015: The End Game (LINK)
Many investors have been on tenterhooks ever since 2008 believing that we have never fully solved the issues which created the financial crisis. Via QE central banks have managed to ‘lower the temperature’, however the patient is still sick. In this month’s Absolute Return Letter we take a closer look at a number of ‘end games’ and conclude that the most likely outcome is simply a continuation of the slow growth which we are currently experiencing.
Lucky and Good: How Tom Brady Became the Greatest (LINK)
This is less about Tom Brady and more about greatness in general. Or what it takes to be the greatest. In other words, we’re rounding Take Mountain today and heading straight for Think Piece Junction. If you’re not up for that, feel free to bail out now.
The Nine Primary Tactics Used to Influence Others (LINK)

Chipotle: The Definitive Oral History (LINK)

How Twitter Found Its Money Mojo (LINK)

The Techies Who Are Hacking Education by Homeschooling Their Kids (LINK)

Scott Adams: Science’s Biggest Fail (LINK)

Scott Adams: What Makes Stuff Go Viral? (LINK)

Wintergreen Asks Coca-Cola to Retract Management Share Awards (LINK)

Value Investing Podcast Tom Russo on the China Factor (LINK)

The February issue of the Mutual Fund Observer has an interesting discussion on Third Avenue (LINK)

Hussman Weekly Market Comment: Market Action Suggests Abrupt Slowing in Global Economic Activity (LINK)
The combination of widening credit spreads, deteriorating market internals, plunging commodity prices, and collapsing yields on Treasury debt continues to be most consistent with an abrupt slowing in global economic activity. Generally speaking, joint market action like this provides the earliest signal of potential economic strains, followed by the new orders and production components of regional purchasing managers indices and Fed surveys, followed by real sales, followed by real production, followed by real income, followed by new claims for unemployment, and confirmed much later by payroll employment. Stronger conclusions, particularly about the U.S. economy, will require more evidence, but from a global perspective, these pressures are already quite evident.