Hottest links for Thursday, March 6th, the late edition. Get our free daily newsletter and never miss a single linkfest. Also, now if you sign up you will get our new e-book on value investing.
Top stories for today are included below. Just in time for Thursday afternoon reading, we’ve got some great stories, including Darden saying “damn the torpedoes,” a great lecture on activist investing, and the case for systematic decision making.
Hottest Links: Stories
A Few Lessons from Sherlock Holmes
Gates Capital Management's Excess Cash Flow (ECF) Value Funds have returned 14.5% net over the past 25 years, and in 2021, the fund manager continued to outperform. Due to an "absence of large mistakes" during the year, coupled with an "attractive environment for corporate events," the group's flagship ECF Value Fund, L.P returned 32.7% last Read More
An investor introduced me to Peter Bevelin a few years back, recommending Seeking Wisdom: From Darwin to Munger, which I hope to reread during our next trip up the mountain. [The View from the Blue Ridge]
The Case For Systematic Decision Making
A more in-depth version of a thought piece we’ve been tossing around. Enjoy [Wesley R. Gray, Turnkey Analyst]
Follow up: East Asiatic – Sale of Venezuelan Business
East Asiatic Company (OTCMKTS:ESAKY) was part of my “strange stocks” series almost a year ago. The stock looked extremely cheap, but the issue was that for their Venezuelan, they had to use the official Bolivar exchange rate. [Memyselfandi007, Value and Opportunity]
Buffett’s Book Pick Guides Fuss to Marks Beating Market
Warren Buffett, in his annual letter to shareholders of Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) last week, said the best investment he ever made was buying a copy of “The Intelligent Investor” by Benjamin Graham. [Charles Stein and Christopher Condon, Bloomberg Luxury]
Mason Morfit (ValueAct Capital): Lectures on Activist Investing
Mason Morfit of ValueAct Capital gave three lectures on activist investing a few years ago with Abe Friedman at the Stanford School of Law. They were a part of the Stanford Rock Center Series on Shareholder Activism: How it began and how it’s reshaping today’s investment landscape. [Market Folly]
Boom-Bust Barometer Hasn’t Confirmed S&P 500 New Highs
The boom-bust barometer, which compares commodity prices to unemployment claims as gauge for economic activity, has had a strong correlation to the S&P 500 (INDEXSP:.INX) over the past 10 years. [GaveKal Capital]
Amidst Activist Opposition, Darden Persists With Plan To Spin Off Red Lobster
We’ve been quite remiss in not discussing Darden Restaurants, Inc. (NYSE:DRI)’s plan to spinoff Red Lobster and the ongoing activist fight over the company’s direction. [Inelegant Investor, Stocks Spinoffs]
Want to Bet on Ukraine?
Ukrainian dollar bonds can have tempting returns, if you like a bit of risk and have enough nerve. Given Ukraine’s financial situation, though, they can be a bit jumpy. [Serena Ruffoni, MoneyBeat]
Xylem Transports Patrick Decker From Harsco To Be New President And CEO
It’s been two and a half years since Xylem Inc (NYSE:XYL) was spun off from ITT Corp (NYSE:ITT). Not a long time, but long enough for the company to hire its third CEO. Gretchen McClain, the CEO at the time of the spinoff, resigned abruptly last September amid poor result. [Inelegant Investor, Stock Spinoffs]
How China Buried India — A personal perspective
Twenty years ago, India, not China, was the object of my absolute and total focus. Back then, I was living in London and working as a European bureau chief for Forbes Magazine. [China First Capital]
Think You’re Smarter than a Monkey?
BBC has an article discussing the same research we highlighted almost a year ago: Her conclusion is that these biases are so deep rooted in our evolutionary past, they may be impossible to change. [Wesley R. Gray, Turnkey Analyst]
Blame it on the Weather . . .
In response to this morning’s Polar Vortex discussion, a friend sends this in: Why Are Wall Street Economists Paid Millions Of Dollars? The answer: to be horrible weathermen. [Barry Rithholtz, The Big Picture]
Man sues casino after losing $500,000 while drunk
A businessman who lost $500,000 on table games at a Las Vegas casino on Super Bowl weekend is arguing that he shouldn’t have to pay because he was blackout drunk. [Hannah Dreier, Global News]