Blackstone CEO's new book: What It Takes [Stephen Schwarzman]
Taking a look at Domino's [Timberwolf Equity Research]
Quick new interview with Peter Lynch [Fidelity]
Denise Chisholm on historical sector valuations [Barrons]
With DataXu buy, Roku unveils big ad ambitions [Digiday]
At Costco, everything resonates with the consumer [Retail Dive]
Disney, IP, and returns to marginal affinity [Matthew Ball]
Apple Pay and the future of mobile payments [PYMNTS]
Technical overview of Elastic (ESTC) [Motley Fool]
Inside Apple's long, bumpy road to Hollywood [Hollywood Reporter]
20 countries that will face population declines [Business Insider]
Showing posts with label DIS. Show all posts
Showing posts with label DIS. Show all posts
Wednesday, October 23, 2019
What We're Reading ~ 10/23/19
Wednesday, October 16, 2019
What We're Reading ~ 10/16/19
The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of Walt Disney [Bob Iger]
The active manager paradox: high-conviction overweight positions [CFA Institute]
In-depth piece on Amazon: Jeff Bezos's master plan [The Atlantic]
How cloud gaming will and won't disrupt [Matthew Ball]
A look at TradeDesk [Greytab Investments]
A pitch on Interactive Brokers [Barrons]
On unsustainable consumer subsidies in the new app world [The Atlantic]
Recent commentary from Bill Nygren [Oakmark]
Top 20 business transformations of the last decade [HBR]
TJMaxx prices, experience make it immune to Amazon [Business Insider]
T. Boone Pickens on what made him successful [Twitter]
How baseball cards got weird [The Atlantic]
Thursday, May 23, 2019
New Graham & Doddsville Issue: John Hempton, Yen Liow, Bill Stewart
Columbia Business School is out with the Spring 2019 issue of its Graham & Doddsville newsletter. It features interviews with Bronte Capital's John Hempton, Aravt Global's Yen Liow, and Stewart Asset Management's Bill Stewart.
It also includes student investment pitches such as long Dollarama, long Align Technology, long Carsales.com, and long Dean Foods 6.50% senior unsecured.
Embedded below is the Spring 2019 issue of Graham & Doddsville:
You can download a .pdf link here.
Tuesday, May 7, 2019
Daniel Sundheim Long Netflix & Disney, Bearish on Canadian Pot Stocks: Sohn New York Conference
We're posting up notes from the Sohn New York Investment Conference. Next up is Daniel Sundheim of D1 Capital Partners. He talked about being bullish on Netflix (NFLX) and Walt Disney (DIS) and was bearish on Canadian pot stocks.
Daniel Sundheim's Sohn New York Presentation
- Overall cautious saying valuations are a concern and especially so if inflation picks up and Fed expectations are impacted or China trade talks fall, there's not enough cushion.
- Bullish on Walt Disney (DIS) and Netflix (NFLX). Both will be the leading direct-to-consumer video companies in the future. Sees the latter breaching $1,000 in the next 4-5 years.
- Bearish on Canadian pot companies: "Growing marijuana is inherently not a good business." Says Canadian weed industry has enormous downside due to huge supply. Business models are challenged and the valuations are 'absurd.' Closest thing to a bubble since bitcoin.
- Unlike other hedge funds, has not shorted Tesla because Elon Musk is 'hard to bet against.'
- Advised not to sell out of positions where you have a ton of conviction. Cited Mastercard which he bought at IPO and sold once it doubled, only for it to jump 10x its IPO price. "Great businesses don't come around that often ... Time is your friend when you have a great business." He emphasized compounding capital over years instead of months.
Be sure to check out the rest of the Sohn New York conference presentations.
Wednesday, January 9, 2019
What We're Reading ~ 1/9/19
Atomic Habits: An easy & proven way to build good habits [James Clear]
On hard choices [Seth Klarman]
Putting recent economic & market moves in perspective [Ray Dalio]
A final decision investment checklist [Value Investing World]
16 ways to measure network effects [Andreessen Horowitz]
The 2019 stock buy list [Crossing Wall Street]
Stock market investors: it's time to hear the ugly truth [MarketWatch]
The world's top 750 family businesses ranking [FamCap]
Disney's Bob Iger interview [Barrons]
On the Kentucky Bourbon resurgence [NYTimes]
Pitch on Radisson Hospitality (RADH) [Yet Another Value Blog]
A look at Cognex (CGNX) and Roku (ROKU) [RGA]
GE powered the American Century - then it burned out [WSJ]
Interview with BNSF's Matt Rose [Railway Age]
The thin line between bold and reckless [Collaborative Fund]
How China's reform transformed poor families into middle class shoppers [SCMP]
Dirty dealing in the $175 billion Amazon marketplace [The Verge]
Tuesday, October 16, 2018
What We're Reading ~ 10/16/18
Why family businesses outperform [Credit Suisse]
Exclusive interview with Amazon founder Jeff Bezos [Forbes]
Op-ed from AQR's Cliff Asness: Buyback derangement syndrome [WSJ]
The untold story of Stripe, the secretive $20 billion payments startup [Wired]
Profile of the owner of the In-N-Out burger chain [Forbes]
Bob Iger's bets are paying off big time for Disney [TIME]
Pitch on Henry Schein (HSCI) [Spruce Point Management]
A pitch on Tempur Sealy [Barrons]
A capacity to suffer and setting the right expectations [Scuttlebutt Investor]
Can Larry Culp fix General Electric? [WSJ]
LendingTree is the secret success story of FinTech [TechCrunch]
Why facts don't change our minds [James Clear]
Atomic Habits: An easy and proven way to build good habits [James Clear]
A day in the life of a Waymo self-driving taxi [The Verge]
The gambler who cracked the horse-racing code [Bloomberg]
Monday, June 4, 2018
Enrique Abeyta Short Anheuser Busch Inbev Presentation: Kase Learning Conference
We're posting up a series of presentations from the recent Kase Learning Short Selling Conference. Next up is Enrique Abeyta who pitched a short of Anheuser Busch Inbev (BUD).
Enrique Abeyta's Presentation: Short Anheuser Busch Inbev (BUD)
- Thinks there will be negative earnings revisions. Craft brewers are a threat, but contract brewing and the lower hurdle to entry in the market is the bigger story: it costs very little to start up a tiny beer somewhere and start producing.
-While most legacy beer companies built their advantage via scale and advertising via expensive mediums (TV, print) today advertising costs have come way down via online advertising and you can target the exact type of customer you're looking for.
- Also thinks Kraft Heinz (KHC) and Disney (DIS) will face similar threats and would be short those as well (KHC: lots of micro brands starting ot popup, DIS: cost of producing content is coming down and others can do so much more cheaply)
Below is the video of Enrique Abeyta's pitch on shorting Budweiser:
Be sure to check out the rest of the presentations from the Kase Learning Short Selling Conference.
Wednesday, February 7, 2018
What We're Reading ~ 2/7/18
George Soros remarks at the World Economic Forum [George Soros]
It's hard to predict how you'll respond to risk [Collaborative Fund]
How delivery apps may put your favorite restaurant out of business [New Yorker]
Older piece but interesting: Disney as a service [Redef]
QVC plans to survive Amazon and escape the cable TV death spiral [Bloomberg]
Why one firm passed on investing in Ecolab [Intrinsic Investing]
A new mental model for investing [MicroCapClub]
Germany is still obsessed with cash [Bloomberg]
Why Rimowa rules the luggage carousel [FT]
Investing in UK retailers: bargains or basket cases? [FT]
The new robot revolution in manufacturing [WSJ]
Ikea's success can't be attributed to one charismatic leader [HBR]
The American sedan is dying, long live the SUV [Bloomberg]
Like great coffee, good ideas take time to percolate [FT]
Wednesday, November 22, 2017
What We're Reading ~ 11/22/17
Honored to be listed: 100 best finance Twitter accounts you should follow [Forbes]
If you don't already, follow us on there @marketfolly [Twitter]
Bill Miller is staging another comeback [Washington Post]
Mohnish Pabrai on spinoffs [Forbes]
Profile of nVidia's founder/CEO [Fortune]
Profile of founder of dating app Bumble [Forbes]
Caesars returns to building its gaming empire [Barrons]
Very old profile of Lou Simpson when he was at GEICO [Washington Post]
Lessons from successful turnarounds [Boston Consulting Group]
Top 100 most valuable US brands [Brandz]
Is bitcoin another tulip craze or a legitimate investment? [Washington Post]
Spurned by ESPN, Barstool Sports is staying on offense [NYTimes]
Thursday, August 31, 2017
What We're Reading ~ 8/31/17
The Emotionally Intelligent Investor: How Self-Awareness, Empathy & Intuition Drive Performance [Ravee Mehta]
The death of many brands [Intrinsic Investing]
The global economy coalescing around a few digital superpowers [HBR]
A dozen attributes of a scalable business [25iq]
On Disney's tough choice [Stratechery]
Beauty industry gears up for an ugly market share war [Barrons]
Javascript is eating the world [dev.to]
Blue Apron's struggles show why it's tough to make it with e-commerce subscription [Bloomberg]
Louis Vuitton knows fashion is a money pit and keeps throwing money at it [Bloomberg]
How brokerage app Robinhood got millennials to love the market [Fast Company]
Primer on the gaming sector [Ethereal Value]
How the three-tiered beer distribution system works [Fermentarium]
On the two systems that determine and influence every decision you make [Thrive]
Wednesday, June 28, 2017
What We're Reading ~ 6/28/17
Taking the pulse of Disney's behemoth ESPN [Sports Business Daily]
The end of car ownership [WSJ]
Pitch on Bank of the Ozarks [Barrons]
Five ways a company can keep its competitive edge [Fortune]
Morningstar's updated top 10 holdings of ultimate stock pickers [Morningstar]
Half of Americans are spending their entire paycheck (or more) [CNN Money]
'How many jobs will be killed by A.I.?' is the wrong question [LinkedIn]
Inside the secret world of the shipping industry [Longreads]
Compound interest applied to learning [Kottke]
How to predict if a borrower will pay you back [NYMag]
Monday, December 12, 2016
Anne-Sophie d'Andlau Long Euro Disney: Sohn London Conference
We're posting notes from the Sohn London investment conference 2016. Next up is Anne-Sophie d'Andlau of CIAM who pitched long Euro Disney (EPA:EDL).
Anne-Sophie d'Andlau's Sohn London Conference Presentation
Long Euro Disney (EPA: EDL)
Euro Disney listed in Paris in 1989 but has never made a profit. The shares are down 99% since floatation. Euro Disney has a complicated ownership structure with Walt Disney US owning 77%.
Euro Disney is the most popular tourist destination in Europe with 15 million visitors per year. The reason it has never made a profit is due to the heavy royalties and management fees it has to pay to Walt Disney US. Net income has always been negative. The licensing fees are three times the accepted market practice. Without the fees, Euro Disney would be as profitable as other Disney theme parks. Euro Disney has a long history of restructurings. Shareholders have been diluted by around 9x. CIAM estimate that over the last ten years Euro 930 million has been overcharged by the Walt Disney company.
About 18 months ago, Walt Disney launched a minority buyout to take Euro Disney private at $1.25 per share, a price that d’Andlau described as ridiculous. It was after the buyout proposal that CIAM got involved.
The Euro Disney business is divided into two segments.
- Resort activities: theme parks, hotels
- Real estate
CIAM have identified unrecognised value in the real estate assets of about Euro 1.9 billion or about half the land value of Euro Disney. This valuation is not included in the company accounts or in the takeover documents. CIAM think the takeover price should be 3x higher. This has led CIAM to take 3 actions.
- They opposed the minority buyout by Disney US to take the company private at $1.25. Euro Disney is still listed. They are challenging the regulator who gave the deal the go-ahead in the Supreme Court.
- In the Criminal Court, they are taking judicial action against Disney US for favouring Disney shareholders over Euro Disney shareholders. More specifically they are accusing Disney of the misuse of corporate assets, the publication of misleading accounts and managing a company for the sole interest of the majority shareholder.
- CIAM is also taking a civil case to try to recover the Euro 930 million that they believe has been siphoned off from Euro Disney over the last 10 years.
Be sure to check out the rest of the Sohn London conference presentations here.
Wednesday, July 6, 2016
What We're Reading ~ 7/6/16
Decision Quality: Value Creation from Better Business Decisions [Carl Spetzler]
An interview with Berkshire's Ted Weschler [Business Insider]
Interview with Disney's Bob Iger [Hollywood Reporter]
Brexit and the future of Europe [George Soros]
Things you can't care about when managing other people's money [A Wealth of Common Sense]
The truths and myths of buybacks [Fat Pitch]
How your brain picks and sticks with winning decisions [Singularity Hub]
Mark Cuban on CEO pay [Blog Maverick]
Exor SpA: buying a reinsurance co doesn't mean you're the 'next Berkshire' [Value & Opportunity]
The CFA exam's toughest question: what's the payoff? [Bloomberg]
The cure for decision fatigue [WSJ]
Soaring childcare costs squeeze families [WSJ]
The rise of self learning software [Recode]
As self driving cars hit the road, innovation is outpacing insurance [NYTimes]
A look at Nextdoor, a local neighborhood social network [The Verge]
Inside a robot run warehouse [BBC]
What's the most important financial advice you'd give to your children? [Castlebar]
Wednesday, August 12, 2015
What We're Reading ~ 8/12/15
Avoiding process drift [A Wealth of Common Sense]
GOOG: Do you trust Larry Page? [Stratechery]
Giving Google room to dream big [NYTimes]
Pichai tapped to run restructured Google within Alphabet [Bloomberg]
Inside SoftBank's struggle to turn around Sprint [WSJ]
A short seller's new target: Canadian housing [Globe and Mail]
Quick pitch on Nationstar (NSM) [Oozing Alpha]
A look at Mondelez [Brooklyn Investor]
And another Mondelez analysis [Elevation Capital]
How baseball's tech team built the future of television [TheVerge]
Ad woes pummel TV firms [WSJ]
Why Disney and ESPN will be OK [Stratechery]
Alan Greenspan sees pending bond market bubble [Bloomberg]
Investors find ways to indirectly profit from start-ups [NYTimes]
IACI: Tinder and the dawn of the dating apocalypse [Vanity Fair]
Why streaming services are so secretive [Bloomberg View]
A profile of Exor's John Elkann [NYTimes]
The power of admitting your own errors [WSJ]
Wednesday, February 4, 2015
What We're Reading ~ Analytical Links 2/4/15
Dead companies walking: How a hedge fund manager finds opportunity [Scott Fearon]
Seth Klarman on what he's learned from Warren Buffett [FT]
On mindfulness, meditation and investing [Abnormal Returns]
The future of iron ore [Joe Magyer]
FCC Chairman: this is how we will ensure net neutrality [Wired]
Monetary policy: the great illusion [CapX]
Inside the studio where ESPN is betting billions on the future of sports [The Verge]
On Disney's Bob Iger and Apple's Steve Jobs [Fortune]
Here's why Netflix stock is so volatile [MicroFundy]
How Berkshire can survive beyond Warren Buffett [Stanford]
Study says 'boring' stocks generate better returns [Marketwatch]
On Keynes the stock market investor [SSRN]
Chipotle: the definitive oral history [Bloomberg]
The Chipotle effect: why America is obsessed with fast casual [Washington Post]
Inside RadioShack's slow motion collapse [Bloomberg]
Google is developing its own Uber competitor [Bloomberg]
On declining lethality [NYTimes]
Wednesday, October 15, 2014
What We're Reading ~ Analytical Links 10/15/14
Berkshire Beyond Buffett: The Enduring Value of Values [Lawrence Cunningham]
On spectrum value and a case for Verizon [Bronte Capital]
Importance of ROIC: A glance at the last 42 years of Wells Fargo [Base Hit Investing]
Building the perfect investor [Millennial Invest]
A look at the potential future for the cable industry [GlennChan]
Pay TV's new worry: 'shaving' the cord [WSJ]
Six figure incomes - and facing financial ruin [WSJ]
T-Mobile's stock slump offers buying opportunity [Yahoo]
On how Buffett's portfolio managers are faring [Fortune]
Why millennials are shunning cars [Washington Post]
The freelance economy and word of mouth [HBR]
Wednesday, November 6, 2013
What We're Reading ~ Analytical Links 11/6/13
Individual investor bullishness hits 6 year high [PragCap]
What to do in this market [Brooklyn Investor]
On a consistent and repeatable investment process [Research Puzzle]
Portfolios With Purpose: Stock picking for a cause [WSJ]
The 20 smartest things Jeff Bezos has ever said [Fool]
The bull case on Valeant Pharmaceuticals [Barrons]
Quick glance at Du Pont [Modern Graham]
A look at QEP Resources and Rick's Cabaret [HF Intelligence]
Springleaf Holdings and the re-emergence of subprime consumer lending [CFA]
Take-Two: A compelling value with 2 asymmetric options [First Adopter]
Disney and Dish wrangle not over broadcast fees, but the future of TV [NYTimes]
Can companies maintain their extraordinarily high margins? [WSJ]
Whitney Tilson's observations from his trip to China [Seeking Alpha]
On China's pollution problem [NYTimes]
Ajit Jain feeds Buffett's hunger [Insider Quarterly]
Why Twitter's IPO is a bigger deal than Facebook's [WSJ]
For new MBA's, tech more appealing than Wall Street [WSJ]
Thursday, August 22, 2013
What We're Reading ~ Analytical Links 8/22/13
Rising markets batter short sellers [WSJ]
What has QE actually accomplished? [Mauldin Economics]
Cash is a drug for investors, redux [Abnormal Returns]
The best value investing quotes [Old School Value]
ESPN holds talks for web-based TV [Bloomberg]
Chinese search for infant formula goes global [NYTimes]
Barnes & Noble (BKS) reverses strategy in train wreck of a call [GigaOm]
8 pivotal acquisitions made by Google (GOOG) [Hongkiat]
In-depth reports on for-profit educators [Senate.gov]
Is the new Gmail killing email marketing? [BusinessWeek]
Life after Siri: Nuance's (NUAN) climb to being your digital assistant [Forbes]
On gold losing its shine [Telegraph]
Overseas investors spend $50 billion on Florida real estate [BizJournals]
JPMorgan's latest guide to markets [JPMorgan]
Newly revealed 1975 letter from Warren Buffett [Fortune]
Phone companies are winning new TV watchers, cable & satellite not so much [GigaOm]
Wednesday, July 10, 2013
What We're Reading ~ Analytical Links 7/10/13
On saving investors from themselves [WSJ]
Smart and stupid arguments for active management [Reformed Broker]
Incorporating right-brain thinking into your investment process [Investing 501]
How gold lost its luster [The Big Picture]
A dozen things I've learned about the psychology of investing [25iq]
Steel: an inferno of unprofitability [The Economist]
On dealing with a rising interest rate environment [WSJ]
30-year mortgage rates surge to highest level in 2 years [Zillow]
The Dow Jones Index between 1789 and today [Go Infront]
MJN, ABT, NSRGY: China investigates foreign makers of baby formula [WSJ]
DVA: dialysis pay would drop $970 million under CMS proposed rule [BNA]
DIS: An interview with head of ESPN John Skipper [HollywoodReporter]
Talk of mergers stirs cable TV's big players [NYTimes]
Labor market spider chart [Federal Reserve Bank of Atlanta]
The best investment advice you'll never get [San Francisco Magazine]
Merchant banks make a comeback [WSJ]
The scam Wall Street learned from the mafia [Rolling Stone]
A report on Corrections Corp of America (CXW) [Scribd]
Introducing the Winklevoss Bitcoin trust [FT Alphaville]
Wednesday, March 20, 2013
What We're Reading ~ Analytical Links 3/20/13
What matters more in decisions: analysis or process? [Farnam Street]
The stock market and the economy are two very different animals [Abnormal Returns]
One of the most sentiment-driven rallies ever [Reformed Broker]
A pitch on retailer Coach (COH) [Old School Value]
Walt Disney (DIS): Can ESPN sustain its fee subscriber growth? [Trefis]
A small investors' guide to activist investing [Fool]
When will interest rates rise? [LearnBonds]
Technical tools for helping to identify possible market tops and bottoms [Chris Perruna]
Confirmation bias and the importance of asking "why might I be wrong?" [Incblot]
Why Redfin, Zillow (Z) and Trulia (TRLA) haven't killed off real estate brokers [BW]
This is the future of TV [Quartz]
Is it time to short Canada? [Bonddad]
How to beat Amazon (AMZN), Best Buy (BBY) edition [WSJ]
The scariest statistic about the newspaper business today [The Atlantic]
Short sellers flee the scene [WSJ]
10 signs stocks are about to tumble [Marketwatch]
Should investors be on Twitter? [Felix Salmon]
March madness analytics: blind bracket tool [WSJ]
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