Thursday, May 21, 2015


Oaktree’s Marks Says Europe Better Bet Than ‘Highly Priced’ U.S. (LINK)
“We are at a point in the cycle where we feel virtually all assets are trading above their intrinsic value; some are in ‘highly priced’ territory, and there are few absolute bargains available,” said Marks. “However, on the basis of our history with cycles, we believe there’s somewhat further to go before we reach peak exuberance, and thus peak prices.”
Sanjay Bakshi discusses contrarian investing (LINK)

Sanjay Bakshi discusses buy and hold (LINK)

Sanjay Bakshi discusses investing practice (LINK)

A Dozen Things Learned about Value Investing from Jean Marie Eveillard [H/T Abnormal Returns] (LINK)

Nassim Taleb: World is NOT more peaceful (video) [H/T ValueWalk] (LINK)

Latticework of Mental Models: Gresham’s Law (LINK)

First Hanergy Now Goldin: Hong Kong Stocks Drop Like Stones (LINK)
Hong Kong’s best-performing stocks this year are tumbling even faster than they rallied. 
Goldin Financial Holdings Ltd. and Goldin Properties Holdings Ltd., controlled by billionaire Pan Sutong, plunged more than 60 percent in Hong Kong trading Thursday. There was no immediate explanation for the drop. Before the rout, the two stocks surged more than 300 percent in 2015 for the biggest gains on the Hang Seng Composite Index. 
The tumble follows the mysterious 47 percent plunge in 24 minutes by Hanergy Thin Film Power Group Ltd. on Wednesday, which erased $19 billion in market value before trading was suspended. The companies have other similarities. Hanergy is also controlled by single billionaire owner -- Li Hejun. Almost no analysts tracked Goldin Financial or Hanergy even as their market values swelled to more than $30 billion, making them among Hong Kong’s biggest listed companies, while doubts over the sustainability of the rallies increased.
Future of Humanity: Nick Bostrom supports Stephen Hawking’s AI predictions [H/T Will] (LINK)
Related book: Superintelligence: Paths, Dangers, Strategies 
Related link: TED Talk - Nick Bostrom: What happens when our computers get smarter than we are?
Book of the day (released a couple of days ago): Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money