Food for Thought #25 // Links🔗

This time the most interesting content I stumbled over includes: Howard Marks’ memo, Twitter, Hong Kong,

Must read: Howard Marks‘ new memo something of value is about

  • what is value investing?
  • opportunity set and efficient markets

Must read 2: Todd Wenning from Ensemble with The quality margin of safety.

Swen Lorenz with his newest weekly dispatch arguing why banning Trump is good for twitter. (if you want to become a paying member to his world-class content please use my affiliate link)

Forager‘s Chief Investment Officer Letter December 2020.

David Webb with New Year thoughts and some thoughts on Hong Kong.

  • I just looked at a HK company and stumbled about Webb as a shareholder.

Marc Rubinstein from netinterest with The Private Equity Firms’ Private Equity Firm.

Investing lessons from Nick Sleep

The Economist about a new commodities cycle? and the stock market option craze (#robinhood)

Company news

  • Pandora‘s (PNDORA) preliminary 2020 results exceed guidance (news)
  • Gilead (GILD US) raises FY 2020 guidance, now sees adj. EPS of c. $7
  • US Telcos are splurging on 5G auctions and raise debt
  • Allstate, a competitor of Progressive (PGR US) is going to reduce its auto insurance rates by 5% in some states
    • Wedgewood with a good SeekingAlpha piece on Progressive (added in Q4)
      • also available on their website
      • including an Buffett/Jain/Munger QnA

Best and happy investing, s4v

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