Food for Thought #19 // Links🔗

This time the most interesting content I stumbled over includes: TME, Tesla, Sberbank, financial markets (and its randomness), a wonderful blog, the economics of asset management, …

Must read: Vitaliy Katsenelson’s Downhill Racing Meets Value Investing illustrates timeless knowledge about financial markets and advices us not to mistake luck for skill. Btw, I love skiing and I am already sad, that this winter we will probably not go for our annual skiing trip with friends 😦

Market actions: Moderna reported vaccine efficacy on Nov 16th, and is the second hoped-for-vaccine candidate after Pfizer/Biontech news broke a few days ago. I used the pop in the Oil & Gas sector to sell Shell (RDSA). I had a tiny legacy position in.

Stay humble: Joachim Klement on Investing about the huge factor of randomness in financial markets in inkblots.

Swen Lorenzweekly dispatch recommends a great blog to read. Nor is the featured blog free to read nor does it offer buy/sell cerdicts. So far I only read a few free-to-read sample posts and I concluded: This is a wonderful blog offering deep insight and wonderfully written articles! The authors thoughts, expressed in his 2019 review are a rare avail for every reader.
>> If you want to become a paying member to his world-class content please use my affiliate link.

Hayden Capital with its Q3 letter and Afterpay writeup (ASX: APT).

Collaborative has No Idea What Happens Next since exceptional events have exceptional and unforseen consequences. They make this clear looking at the eruption of volcano Mt. Tambora in Indonesia in 1815

Marc Rubinstein from netinterest about the disputed Economics of Fund Management. This article provides high-quality analysis, as ever! But, this time, I had the feeling that Simons is treated somewhat unfairly within the article’s opening. The stated facts and the referenced bloomberg article are probably factually right, but other (important) facts aren’t mentioned at all. I read the book in 2019 (without writing a book-review) and IF I remember correctly, Simons/RenTec made it very clear to potential investors for his long-term fund(s), that returns will be very different when compared to his flagship Medallion Fund, but investors primarily saw the company’s name on the fund’s materials. They adressed the issue of deminishing performance with growing assets (and the economics of fund management) directly when restricting the investor base for Medallion to employees and somehow capping the asset base. Regardless of the most recent performance, I am quite sure that each and every Medallion investor is not willing to give up or sell his stake.

Re-featured: Unravelling value’s decade-long underperformance (and imminent resurgence) by lt3000

Company news

  • Tencent Music (TME US) has some porn issues within its karaoke service.
  • About the divorse of Yandex / Sberbank (SBER RU).
  • Tesla (TSLA) will be included in the S&P 500 index, potentially forcing many passive indexers to buy TSLA shares (regardless of price / value) providing technical upside.

Best and happy investing, s4v


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