Monday, August 1, 2016


Jamie Dimon's full CNBC interview (video) (LINK)

Mental Models: Getting the World to Do the Work for You (LINK)

Reinvestment Moat Follow Up: Capital Light Compounders (LINK)

Apollo Asia Fund: the manager's report for 2Q2016 (LINK)
Looking back at the quarter, it seems to have been dominated by politics, and few of the political developments made me more optimistic. Events in Europe and the US presidential runup commanded a disproportionate share of the headlines, but there was plenty to worry about in Hong Kong and China, Thailand and Malaysia, the South China Sea and the Indian subcontinent. Yet it seems subjectively to have been a constructive period for the fund - not because we can point to spectacular share price surges or great macro insights, but because of a modest collection of new stock selections which we are accumulating, potential candidates which we are working through, and the nitty-gritty of our investment process. It is always stimulating to talk to competent managers and learn about the characteristics of new businesses or specific challenges. This quarter we had a lot of good conversations, and the managers of our holdings rose to a wide variety of challenges in generally sensible ways. (Markets often get excited about temporary changes in business conditions; we frequently consider the quality of the management response more interesting.)
FPA Crescent Fund: Second Quarter 2016 Commentary [H/T ValueWalk] (LINK)

Mutual Fund Observer, August 2016 (LINK)

QE-forever cycle will have an unhappy ending - by Satyajit Das (LINK)
Related book: The Age of Stagnation