Sunday, April 30, 2017


My must-read book over the next couple months gets released on Tuesday: Behave: The Biology of Humans at Our Best and Worst - by Robert M. Sapolsky 

Peace: Neither Ink nor Blood - by Nassim Nicholas Taleb (LINK)

How to Make Decisions like Ray Dalio - by Tren Griffin (LINK)

What Separates Goals We Achieve from Goals We Don’t [H/T @RobertCialdini] (LINK)

Home Capital Group - it is time for the Canadian regulator to act -- by John Hempton (LINK)

Interview with Adam Grant about his new book with Sheryl Sandberg, Option B [H/T @TimHarford] (LINK)

Dan Carlin on the History on Fire podcast (LINK)

Dan Carlin also has another episode of his Common Sense (politics) podcast up: Show 315 - War on a Whim? (LINK)

Howard Marks on Bloomberg TV (Video 1, Video 2)

Comment of note from Oaktree Capital Group's Q1 call, made by Bruce Karsh:
"So far in the second quarter, we are continuing the successful harvesting of fully valued portfolio holdings. As you may recall, last July, we highlighted the successful IPO of AdvancePierre Foods, a portfolio company of our Special Situations group. As a reminder, the legacy company, Pierre Foods, was a classic distress for control situation, where in 2008, the team invested $100 million to acquire the business through bankruptcy for an effective purchase price for the whole company of $170 million. This week, APF announced that it had agreed to be acquired by Tyson Foods for a total enterprise value of $4.2 billion. The transaction is expected to close in the current quarter, and the total cash received from this investment will represent approximately 23x our invested capital and generate $2.2 billion in profits for an IRR of over 90%. Clearly, one of the all-time great private equity investments and certainly the standout in the history of Oaktree. It's even more astounding to note that this is not a high-tech company but a prosaic food producer and distributor."