What We're Reading ~ 11/30/16

Warren Buffett's meeting with University of Maryland students [UMD]

Is the next financial crisis on its way? [Steve Eisman]

A write-up on the impending Hilton (HLT) spinoff [Clark Street Value]

CBRE (CBG): industry deep dive to detect an emerging moat [Punch Card]

A look at Discovery Communications (DISCA/K) [Contrarian Edge]

Sustainable sources of competitive advantage [Collaborative Fund]

Why deep learning matters and what's next for AI [Algorithmia]

The unexpected genius of Facebook's Mark Zuckerberg [Fortune]

Google's online travel adventure upsets its biggest advertisers [Bloomberg]

A billionaire's dreams of creating a guns empire [NYMag]

If oil refiners crash, so will the economy [WSJ]

Mastercard, Visa set to reap spoils of India's war on cash [Bloomberg]

How Best Buy (BBY) fought Amazon [WSJ]

The evolution of media & entertainment: conversation with CEOs [YouTube]

How to get comfortable with being umcomfortable [Inc]

Why gut feelings may really help you make risky decisions [Washington Post]

Why stoicism is one of the best mind-hacks ever devised [Aeon]

Welling on Wall Street Interview With Boyar Value Group

Welling on Wall Street recently interviewed Boyar Value Group's Mark Boyar and Jonathan Boyar and talked about various topics including: their investment strategy, some of their current favorite stock ideas, and behavioral finance.

On investing, Mark Boyar noted that, "Patience is probably one of the most important elements of stock market investing.  First, you have to find the great business at a good price, then you have to have patience, the fortitude and the ability to withstand gyrations in the stock market.  That element is critically important."

They also share their thoughts on stocks such as Madison Square Garden (MSG), QVC (QVCA), Discovery Communications (DISCA/K) and more.

Check out the full interview embedded below:



You can download a .pdf copy here.

What We're Reading ~ 11/3/16

The rule of 72 [Mohnish Pabrai]

David Rubenstein speaks with JPMorgan's Jamie Dimon [YouTube]

Charlie Rose interviews Amazon's Jeff Bezos [Charlie Rose]

When do you give up on a stock? [Oddball Stocks]

Pitch on Discovery Communications (DISCK) trading at 12x free cash [ContrarianEdge]

A framework for shorting the VIX [EconompicData]

The competitive advantage of an owner-operator [Base Hit Investing]

Winning at trading by being different [Brett Steenbarger]

China can resist a crash but can't prevent one [Bloomberg View]

Beware of the low stock price illusion [ETF]

Buy the housing dips [Dead Companies Walking]

The science of why you should spend money on experiences, not things [FastCoexist]

What We're Reading ~ 7/15/15

The Devil's Financial Dictionary [Jason Zweig]

Discovery Communications and the uncertain future of pay TV [Punch Card]

Charlie Munger's favorite life hack [Business Insider]

Profile of Pat Dorsey [Barrons]

The single most important element to successful investing [The Felder Report]

Single sentence investing philosophies [Morgan Housel]

In defense of corn, the world's most important crop [Washington Post]

A pitch on Cimpress (CMPR) [ValueConferences]

Decoding China's swoon and its impacts [Going Long]

Little known French billionaire circles US cable market [WSJ]

Drahi's American cable dream faces harsh reality [WSJ]

Netflix and the conservation of attractive profits [Stratechery]

Aldi and Lidl are ready to invade the US, beware Walmart & Target [Forbes]

Leon Black's sell-everything call has been heard by his rivals [Bloomberg]

Broyhill Asset Management Q1 Letter on Ally Financial & Subprime Auto Lending

Chris Pavese's Broyhill Asset Management is out with its first quarter letter.  In it, they note their interest in the automobile industry.  Having previously invested in General Motors (GM) and CDK Global (CDK), they've recently found another idea that they found intriguing: Ally Financial (ALLY).

Broyhill notes that Ally is trading at 70% of tangible book value and they see book value approaching $40 over the next few years.  If the stock trades back to book value, this would mean a 2x return. They're not alone in their bullishness here, as late last year we detailed how Perry Capital liked ALLY as well.

In addition to looking at Ally Financial specifically, Broyhill also takes a deeper look at the myths and realities surrounding the subprime auto lending industry as a whole in an appendix at the end of the letter.

Embedded below is Broyhill's Q1 letter on Ally Financial and the subprime auto lending industry:

What We're Reading ~ Analytical Links 2/26/14

Excerpts from Warren Buffett's upcoming annual letter [Fortune]

A look at 2014's best online brokers [Stockbrokers]

On adapting as an investor [ReformedBroker]

Is value investing bred in the bone? [WSJ]

Don't fall in love with your stocks [Marketwatch]

On the MBA vs CFA debate [CNBC]

A pitch on Discovery Communications [SumZero]

American shoppers are making a giant shift to dollar stores [QZ]

Vodafone cable deals interest complicates possibility of AT&T deal [WSJ]

The internet is F'd [The Verge]

Social advertising economics [Morally Bankrupt]

On what Facebook's acquisition of Whatsapp really means [Benedict Evans]

A look at Spirit Airlines [NPR]

A conversation about young Wall Streeters [Dealbook]

Gross vs El-Erian: inside the showdown atop the world's biggest bond firm [WSJ]

What We're Reading ~ Analytical Links 2/5/13

M&A world: stacks of corporate cash looking for deals [All About Alpha]

Taking money off the table to diversify emotionally [Abnormal Returns]

Looking at annual trends in shareholder activism [Activist Insight]

Observations of individual stock returns 1983-2006 [Longboard]

Time Warner breaks out HBO results [Barrons]

Will Valeant overdose on acquisitions? [Herb Greenberg]

FCC chief tells Sprint chair he is skeptical of T-Mobile deal [Reuters]

Cable TV mogul looks to add Formula 1 to sports bag [NYPost]

Taking a look at Kinder Morgan [Glenn Chan]

Did Google really lose on its original Motorola deal? [Dealbook]

Nestle looking at selling even more assets? [Reuters]

Top destinations for foreign investment dollars [Business Insider]