Thursday, December 10, 2015


The Best Books Bill Gates read in 2015 [H/T ValueWalk] (LINK)

The Two Sides of Seneca and A Lesson on Human Fallibility (LINK)

The Manual of Ideas' Top 10 Interviews (LINK)

Richard Thaler: "The Behavioralizing of Economics" | Talks at Google (LINK)
Related book: Misbehaving: The Making of Behavioral Economics
Niall Ferguson with David Gergen: On Henry Kissinger (video) (LINK)
Related book: Kissinger: 1923-1968: The Idealist
The latest from Horizon Kinetics in their 'What’s in Your Index?' series (LINK)

Aswath Damodaran: Aging in Dog Years? The Short, Glorious Life of a Successful Tech Company! (LINK)

A good presentation on the oil market [H/T @AlexRubalcava] (LINK)

Can Elizabeth Holmes Save Her Unicorn? [H/T Matt] (LINK)

Gene-Editing Technology Could Help Eradicate Malaria, Study Shows (LINK)

The Art of Setting a Drug Price [H/T @BaseHitInvestor] (LINK)

It's All Gone Wrong for One of World's Biggest Mining Companies (video plays) [H/T @Wexboy_Value] (LINK)

Billions of Barrels of Oil Vanish in a Puff of Accounting Smoke (video plays) (LINK)

The Origin Story of Marie Kondo’s Decluttering Empire (LINK)
Related book: The Life-Changing Magic of Tidying Up
Steve Jobs introducing the 'Think Different' ad campaign, a couple of months after returning to the company in 1997 (video) [H/T @iancassel] (LINK)

Quote of the day, from Walter Isaacson in his book The Innovators: "Sometimes the difference between geniuses and jerks hinges on whether their ideas turn out to be right."

Investing thought of the day, via Ben Inker in the GMO Q3 Letter: "The rather odd thing about financials relative to other industries is that a high return on equity capital is as likely to be a sign of weakness as strength. Overly-levered financial firms generally look extremely profitable in the good times but have no cushion against losses when the cycle turns."

Book of the day: Dark Matter and the Dinosaurs: The Astounding Interconnectedness of the Universe


On an investment-related note, I had previously posted an excerpt from the Boyles Q2 Letter where we mentioned one of our latest investments, Legend Corporation Limited (ASX: LGD) in Australia. As value investors who think the stock is undervalued, the company's buyback announcement from today is one we like to see: 
Managing Director Brad Dowe said: “The buy-back is an effective means of returning capital to shareholders whilst the directors see the company’s share price trading much below the underlying value of the company. Legend expects the buy-back to be earning per share accretive, funded from existing cash reserves and debt facilities and will be prudently managed to maintain appropriate balance sheet capacity to fund further acquisitions”

Disclosure: I am a portfolio manager at Boyles Asset Management, LLC ("Boyles") and the fund managed by Boyles may in the future buy or sell shares of the stock(s) mentioned above and we are under no obligation to update our activities. This is for information purposes only and is not a recommendation to buy or sell a security. Please do your own research before making an investment decision.