Thursday, August 27, 2015


Ruane, Cunniff & Goldfarb Investor Day Transcript (May 2015) [H/T market folly] (LINK)

Pershing Square Holdings' interim report [H/T Will] (LINK)

Jim Grant: The Fed Turned the Stock Market Into a 'Hall of Mirrors' (video) (LINK)

Are You a "Ben Graham Defensive Investor"? (LINK)

The Absolute Return Letter - August/September 2015 (LINK)
This month's Absolute Return Letter is a little different. It was a very eventful summer with many incidents impacting financial markets and we have compiled all these topics into one letter. China is, not surprisingly, a core subject. If the Chinese economy is slowing (and it is), we don't think China is in for a hard landing. If anyone is in the near term - and this may surprise you - we think the U.S. and the euro zone are far more likely candidates.
Kazakhstan to host IAEA nuclear fuel bank to assist non-proliferation [H/T Linc] (LINK)
One of NTI's supporters, U.S. billionaire investor Warren Buffett, contributed $50 million to "jumpstart" the project, Nunn said. 
"I look forward to the time soon when the fuel bank will become an operational reality," Buffett said in a message read by Nunn. 
"Please tell all the decision makers that I am a patient and long-term investor and I know that international agreements take a considerable amount of time. But please also tell them that I am 84 years old."
Book of the day: Men to Match My Mountains