Brutal Truth. Enjoy!
(i) Starboard Value: 2022 Active-Passive Investor Summit
Slide 6 feels about right to me.
(ii) The Acquired Podcast: Benchmark Part II: The Dinner
The series made me think a lot about designing incentive systems at investment firms. The record is certainly remarkable. Also see: McKinsey: The Quarterly Interview: Bill Gurley. This is funny: “I even paid a massive amount of money to end up at this dinner with Warren Buffett, where we each got to ask him one question. My question was, “You know, if interest rates are zero, (1) your DCF model [which emphasizes discounted cash flow as the basis of valuations] doesn’t work, and (2) it drives all kind of speculation.” And he said, “You betcha!”’
(iii) TrungPhan: How does TMZ work?
Pretty ugly!
(iv) The Fall of Constantinople and the Rise of the West
High-skilled Byzantine immigration powered the Renaissance.
(v) Russell Napier «We Will See the Return of Capital Investment on a Massive Scale»
Speculative macro stuff but nonetheless interesting.
(vi) WSJ: Florida Couple Turned the Empty Miami Mansions of Venezuela’s Elite Into Personal Piggy Banks
Pretty funny.