Jeff Shen on Asian Markets: Sohn San Francisco Conference 2018

We're posting up notes from the Sohn San Francisco 2018 investment conference.  Next up is Jeff Shen of BlackRock who talked about the Asian market.


Jeff Shen's Sohn San Francisco Presentation: Asian Market

Co-CIO, Systematic Active Equity at BlackRock.  Talked about China capital markets more generally.  China is second largest equity market in the world (after US).  It is very liquid but a lot more retail investors versus more developed equity markets.  ~85% of trading volume comes from retail investors.

China equity markets are opening up to a broader investor base given MSCI decision to include Chinese companies.

Uses machine learning and big data to generate conclusions about the Asian market.  Big data + big market = big alpha.


Be sure to check out the rest of the Sohn San Francisco 2018 presentations.

David Tepper Interview: Has Been Positioned Cautiously

Appaloosa Management founder David Tepper was recently interviewed by CNBC.  These comments came before the recent wave of Chinese tariffs were announced, so keep that in mind for context but we still thought they were worth highlighting.

On Monetary Policy:

Tepper says the stock market rally has been "better than I thought" since 2010.  He's amazed that there's still quantitative easing going on in the world.  He thinks we're "kind of late" in the cycle and the tide is turning from loose to tight (monetary policy).

The Appaloosa founder believes we're in a late inning game.  It could be the 8th inning, but sometimes the game goes to extra innings.

Also, on taxes, he feels the tax cuts might be borrowing economic growth from the future and there might be some payback for that some point down the line.



On China, Trade Wars & Tariffs:

He thinks the tariffs with China are going to make it tough on the market going forward (note again he made these comments before the latest big wave of tariffs went into effect).  

If there's no tariffs, "The market's fair valued if you don't have tariffs on China.  But if you do have tariffs on China, how high does the Dollar go and where will earnings be in that case?"

On his latest equity positioning, Tepper noted, "Ya know I probably don't have enough exposure.  I've taken down my exposure.  I'm still long, but in percentage terms of S&P exposure, maybe 25%."  He's been worried about the trade war situation.  He says he's been wrong overall on positioning and his stocks haven't done that well this quarter.

He doesn't know how much of the tariff situation is discounted in the market.  If a deal is reached, he doesn't think a 10% pop would happen, but something positive.

At the same time, he points out that "We may have to get used to that these tariffs just may be on.  Then, there will be an adjustment in the stock market."  It's clear he didn't think things were fully discounted at the market prices when he made these comments (September 13th)


Tepper's Equities Positioning:  

Tepper thinks he's been too cautious recently.  He has cash he can put to work.  He doesn't think the trade war issue is easy to solve.  But he can put on portfolio adjustments very quickly, he notes.

On specific stocks, Tepper notes Facebook (FB) looks somewhat cheap, especially for the growth rate.  They still hold a sizable position.  He's less concerned about the Cambridge Analytica data scandal and more-so looking at margins and the latest guidance there.  Stock still trades 16-17x, he points out.

On Micron Technology (MU), Tepper notes that his hedge fund is still very long.  "The demand side is going to be good for a long time.  Servers, cloud, and if you have smart cars."  He likes the company's management.  Also pointed out company buybacks and low valuation as shares have pulled back as investors react to concerns about memory chip demand slowing down.

 
Embedded below are the videos from a portion of David Tepper's CNBC interview:

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Video 2

Charlie Munger Interview: China's Weekly on Stocks

Charlie Munger of Berkshire Hathaway and Li Lu of Himalaya Capital were recently interviewed a few months ago with Chinese media: Weekly on Stocks.  If you're unfamiliar, Lu is Munger's investing partner in China, where he has been investing for 15 years.  We've also posted Li Lu's interview up in a separate post.

Here are a few excerpts from the interview, with full videos below.


Charlie Munger Interview With Weekly on Stocks

Munger's opinion on Chinese securities:  "For investors, having more value means buying the best company in China or buying the best company in the United States. Comparing the two securities markets in China and the United States, I think the current price of the best companies in China is cheaper than the best companies in the United States. Therefore, Chinese people do not have to go abroad to find good investments, and there are many opportunities in their own countries. There are some very good companies in China and the prices are very reasonable."

When asked if he can name specifics:  "Hey, we can't tell you (laughs). In short, the Chinese market is increasingly open to foreign investors, with more and more participation from abroad, and the market is becoming healthier. These are all very good and will eventually drive up market prices."

On whether Berkshire's circle of competence is expanding with recent tech investments:  "At present, it is difficult for Berkshire to find good and low-priced investment products in the US market. We have hardly found anything suitable. All in all, you can also say that Apple is an electronic consumer goods company. Warren said that we may know more about consumer electronics than computer science, which is why Berkshire bought Apple stock.  Also emphasize another reason why we do this. If you want to be a good investor, you must keep learning. In the process of continuous learning, the situation is changing, the reality is changing, our investment will change, and we will not be self-sufficient."

Will they make more tech investments going forward?  "We don't know everything, we don't know how to understand, we only do what we know. The only company we have announced that has already invested is Apple. I think Warren said that we know Apple better than other companies. We can't know everything, so we invest in investing in assets that we can find to provide good value.  Take a look at our investment in airlines. In the past few decades, we have been joking with investment airlines. Warren has a lot of jokes in this area.  But suddenly, we bought stocks of each airline, because the airline's stock price has fallen sharply, it is so cheap, very potential. The conditions have changed and we are all willing to own airline stocks.  Like airlines, Warren and I don't like railroad stocks for decades. After a few decades, we began to buy shares in the railway, because the world has changed and the technology has changed. In the end, there are only four large railway companies. Finally, we bought the largest and most complete railway company among the four.  We changed because the world has changed. This is our investment logic. When the reality changes, shouldn't your thoughts change?"

Embedded below are the videos:

Charlie Munger Interview Videos

Video 1
Video 2
Video 3


Be sure to also check out the separate Li Lu interview we posted here.

The transcript of Munger's interview (in Chinese) is here.  H/T to @TaoValue for posting the videos.

Li Lu - Himalaya Capital Interview: China's Weekly on Stocks

Li Lu of Himalaya Capital was recently interviewed by Chinese media Weekly on Stocks.  If you're unfamiliar, Lu is Charlie Munger's investment partner in China and Munger has invested in Lu's fund for quite some time.  Charlie Munger was also interviewed, and we posted that up separately.


Li Lu Interview With Weekly on Stocks (China)

Li Lu on Munger/Buffett: "And so it is precisely their indifferent attitude towards personal interests that they have achieved such a long term performance success."  "Everyone is envious of Berkshire but no one is willing to learn their indifference to personal interests."

Lu on his fund:  He charges no management fee and has a 6% hurdle, modeled after the original Buffett partnerships.

Lu on investing:  "The investment itself is a prediction.  The prediction is indeed the result of a comprehensive combination of capabilities.  How to perform is the extension of conduct, so one's character, knowledge, and mentality really affect the long-term results.  There is no doubt about this."

"If you do this simply for the purpose of making money, it is almost impossible to achieve extraordinary long-term performance."

"Instead the key is that the most important thing for investment is to invest in anything you know and to avoid anything you don't know."

On the ongoing evolution of China's market:  "Three transformations: indirect finance to direct finance, debt dominance to equity dominance, and policy finance to market finance.  Then the whole financial market is gradually transformed from a disordered state like a gambling house to a relatively long term rational and sound decision."

On good investor characteristics:  "An excellent investor indeed should be honest to knowledge but not to the opinions of others.  Indeed this is actually somewhat against the humanity for us as social animals.  Indeed it is like this for us it is very important whether our evidence and logic is correct than whether others agree with you is not so important... An excellent investor has somewhat anti-human characteristics."

"The most important part in investment is objectivity and reasonability.  And the second is a deep understanding of intellectual honesty... That is to know what you really understand."


Embedded below are the videos:

Video 1


Video 2



For more on Li Lu, be sure to also check out a previous Columbia Business School interview with Li Lu.

H/T to @TaoValue for posting the videos.

The China Hustle: Trailer & Documentary

The China Hustle is a recently released documentary from Academy Award winner Alex Gibney and Academy Award nominees Frank Marshall and Jed Rothstein and the producers of Enron: The Smartest Guys in the Room.  The China Hustle features the story of the wave of Chinese reverse mergers that swept the market a few years ago.

It details a play by play of the various frauds that took place and the short sellers involved in discovering and drawing attention to them.  Featured in the documentary are the likes of Jim Chanos of Kynikos Associates, Carson Block of Muddy Waters Research, Soren Aandahl of Glaucus Research and more.

The trailer is embedded below with a preview. 

The China Hustle Documentary Trailer



The documentary is out now.  You don't even have to go to a movie theater to watch it.  It's on demand via various platforms and you can get it on Amazon Video here for only $6.99.

What We're Reading ~ 2/28/18

On decision regret [A Wealth of Common Sense]

Why competitive advantages die [Collaborative Fund]

Notes from the Wharton restructuring & distressed conference [Reddit]

The case against Google [NYTimes]

Consumer goods: big brands battle with the little guys [FT]

The end of the low volatility regime [13D]

Myths and facts about "risk parity" [FT Alphaville]

Inside Facebook's two years of hell [Wired]

How Softbank, world's biggest tech investor, throws around its cash [WSJ]

Canada's housing market flirts with disaster [FT]

Everything you need to know about 5G [IEEE Spectrum]

Inside T-Mobile's big, brash comeback [Fortune]

Boeing is killing it by squeezing its suppliers [Bloomberg]

From imitation to innovation: how China became a tech superpower [Wired]

Chinese tourists are taking over the earth [Bloomberg]

There's a global race to control batteries - and China is winning [WSJ]

Didi Chuxing took on Uber and won, now it's taking on the world [Wired]

Autonomous cars: no one wants to let Google win the war for maps all over again [Bloomberg]

Dyson bets on electric cars to shakeup industry [FT]

How to succeed in business?  Do less [WSJ]

What We're Reading ~ 11/29/17

Lessons from a legendary short seller [CFA Institute]

How to be a CEO, from a decade's worth of them [NYTimes]

Elon Musk: the architect of tomorrow [Rolling Stone]

A conversation with David Swensen [CFR]

The future of retail in the age of Amazon [Fast Company]

Are malls too cheap to ignore? [WSJ]

Inside the revolution at Etsy [NYTimes]

The two biggest risks now are China and inflation [Bloomberg]

How decades of bad decisions broke GE [CNN Money]

What does a flat yield curve mean for stocks? [StockCharts]

Jimmy Levin Long Chinese Banks: Invest For Kids Chicago Presentation

We're posting up notes from the Invest For Kids Chicago Conference 2017.  Next up is Jimmy Levin of Oz Management who is bullish on Chinese banks (CCB, ICBC, BOC, ABC).


Jimmy Levin's Invest For Kids Chicago Presentation: Long Chinese Banks

Late in the cycle prefer to look for off-the- run ideas, not classic value investing, but that idea is now the consensus.  Chinese banks are one idea not at an all-time high, and they’re out of favor due to pessimism abroad.

Long-standing local presence yields insights.  Risks here are over-stated or misunderstood.  China is likely to keep doing well – growth, but how much?  At 0.85x BV on a 14% ROE the Chinese big four banks are too cheap – historically they’ve traded above book.   Compared to U.S. and European peers the Chinese banks look cheap.

Worries about a property bubble bursting but inventory is down.  Worries about industrial excesses and overcapacity, but there have been reforms and prices are up.  Worries about restraining credit, but GDP still growing.  Worries about shadow banking, but loans in wealth management products are falling.

The Big Four have safer balance sheets than other banks in China.  At a 15% ROE, at least 10% capital build. 30-60% potential return as the banks re-rate.  Downside case is 65% of BV, down 10% from here – good risk/reward.



For more from this event, check out the rest of the presentations from Invest For Kids Chicago 2017.

What We're Reading ~ 2/16/17

Ed Thorp's new book: A Man for All Markets [Ed Thorp]

Seth Klarman weighs in on Trump [NYTimes]

Homeownership rate in 2016 was lowest in 50 years [Corelogic]

US household debts climbed in 2016 by most in a decade [WSJ]

Income share for the bottom 50% of Americans is collapsing [Marketwatch]

On the downfall of Toshiba, a nuclear industry titan [FT]

This free range short seller is making his comeback [Bloomberg]

Does Chipotle's valuation offer a margin of safety? [Rational Walk]

A whirlwind tour through trends in China [Andreessen Horowitz]

Beware Sears's zombie apocalypse [Bloomberg]

Inside Sears' death spiral [Business Insider]

Jeff Bezos wants Amazon to be the next HBO, Showtime [NYPost]

Tim Cook says augmented reality is a big idea like the smartphone [The Verge]

Bill Gates 2017 annual letter [GatesNotes]

Third Point's Q4 Letter: Bullish on Financials

Dan Loeb's hedge fund Third Point finished 2016 up 6.1%.  Third Point's fourth quarter letter outlines their bullish stance on markets, noting that de-regulation and tax decreases under various policies from President Donald Trump should spur US economic activity.

That said, they're still keeping an eye out on the potential for trade wars and/or inflation.

Particularly, they like financials and increased exposure to the sector in November and December: "We reallocated half our initial holdings from high-multiple, FCF businesses in payments, ratings, and P&C (which traditionally outperform during periods of deflation), to more traditional reflationary exposures in banks, brokers, and geographically, in Japan."

Third Point highlights that the bank stocks they're playing trade for less than 10x earnings with EPS growth in the high-teens.

Embedded below is Third Point's Q4 letter:



We've also posted up other letters today, so be sure to also check out Greenlight Capital's Q4 letter as well as Oaktree Capital's Howard Marks' latest memo.

What We're Reading ~ 8/10/16

When you don't know what you don't know [Medium]

The mirage of relative performance [ai-cio]

On investing and getting comfortable with being uncomfortable [Cordant Wealth]

Jim Grant: negative interest rates will end badly [CFA Institute]

Mark Hart bets China's currency will collapse [Bloomberg]

Interview with Daniel Kahneman [The Big Picture]

Daniel Dennett's most useful critical thinking tools [Farnam Street]

A look at Jefferies [Dealbook]

Coho Capital's pitch on Amazon [ValueWalk]

Think Amazon's drone delivery is a gimmick? Think again [NYTimes]

An e-commerce business' experience with the Amazon behemoth [Medium]

What happens to tons of jobs with autonomous vehicle disruption? [NPR] 

Why we pine for manufacturing [New Yorker]

Mark Zuckerberg on the next 10 years [The Verge]

Playing the long game inside Tim Cook's Apple [FastCompany]

Google and Facebook killed free media [Bloomberg]

What disruption really means [Hardbound]

What We're Reading ~ 6/22/16

Ev Williams became a billionaire creating the open web, now he's betting against it [The Atlantic]

The perilous task of forecasting [WSJ]

On Uber's battle for China [FT]

Why LaCroix sparkling water is suddenly everywhere [Vox]

TV advertising's surprising strength and inevitable fall [Stratechery]

Can Netflix survive in the new world it created? [NYTimes]

The business of too much TV [Vulture]

It's 'terrifying' competing with Netflix and Amazon [CNBC]

Spending money to make money, a.k.a. stock based compensation [Chamath Palihapitiya]

All money is made at points of friction [Alex Danco]

An example of an investment checklist [Covenant Lite]

Ideas are not cheap [Daniel Tillett]

Valuation online class [NYU Stern]

Mary Meeker's 2016 internet trends report [Recode]

China Connect: key mobile market trends in China [Slideshare]

The state of digital media 2016 [Slideshare]

A look at the event ticket industry [The Ringer]

The future of agriculture [Economist]

Hot air millionaires: how Drybar became a $100 million business [BuzzFeed]

Simple financial advice for new grads [Morgan Housel]

What We're Reading ~ 6/15/16

Calculating the return on incremental capital investments [Base Hit Investing]

The history of the online travel industry [Skift]

A conversation with Alphabet's Eric Schmidt [Charlie Rose]

Armstrong Flooring: a spinoff with big upside [StockSpinoffInvesting]

Time Warner's Jeff Bewkes fights the industry's urge to merge [Variety]

Why housing is about to eat the US economy [CSen]

Student loans as economic depressant [Across the Curve]

The college debt crisis is worse than you think [Boston Globe]

Thoughts from a recent trip to China [Going Long]

The future of banking is in China [WSJ] 

China's credit card clearing market now open for competition [SCMP]

China is close to having its own Silicon Valley [Business Insider]

Are we in a mattress store bubble? [Freakonomics]

The U.S. is richer than ever [Calafia Beach Pundit]

Welcome to Larry Page's secret flying car factories [Bloomberg]

What's the best management advice you've ever received [Alan Murray]

What's one thing you've learned at Harvard Business School [Medium]

Profile of Nike's CEO Mark Parker [SurfaceMag]

Struggling Ralph Lauren tries to fashion a comeback [WSJ]

What We're Reading ~ 5/25/16

How to make better investment decisions [Morgan Housel]

Why active management fell off a cliff - perhaps permanently [Reformed Broker]

Falsification: how to destroy your best ideas [Farnam Street]

Importance of ROIC: reinvestment vs legacy moats [Base Hit Investing]

Position sizing in value investing [Journeys of a Bumbling Trader]

8 big ideas from super investor Philip Fisher [Safal Niveshak]

JD.com (JD): a multi-decade compounder [Value Venture]

The race to 5G: inside the fight for the future of mobile [Tech Republic]

An inside look at Google Fiber [Recode]

The story of Facebook's biggest setback in India [The Guardian]

The most important investors of all time [The Irrelevant Investor]

On hero worship in investing [Clear Eyes Investing] 

The battle between startups & incumbents: distribution vs innovation [Andreessen Horowitz]

Why we still don't see a China hard landing [Mark Mobius]

The business of too much TV [Vulture]

Baby lull promises growing pains for economy [WSJ]

Luxury brands go on a diet [Bloomberg]

What We're Reading ~ 11/11/15

Dream Big: How the Brazilian Trio behind 3G Capital acquired AB Inbev, BK & Heinz [Correa]

10 questions to help define your investment philosophy [A Wealth of Common Sense]

A way to detect bias [Paul Graham]

What the Marines taught me about investing [WSJ]

The peril and opportunity of China [Mauldin]

Burbank's Passport says no place safe in China-led decline [Bloomberg]

Kyle Bass on China's looming banking crisis and the US economy [Fortune]

Platform Specialty Products could rebound [Barrons]

On Warren Buffett's stake in IBM [Medium]

On the focus of short-term profits [NYTimes]

How FICO became outdated [Pymnts]

Why the next sports empire will be built on eSports [Redef]

America's exurbs are booming [New Geography]

What We're Reading ~ 10/22/15

10 poor investment theses [Irrelevant Investor]

The case against short selling [Long Short Trader]

The five "why's" in problem solving [Wallbuilder]

The danger of 1-year performance numbers [A Wealth of Common Sense]

Latest post from the Valeant (VRX) bear camp [Bronte Capital]

How bad will it get for American Express? [Bloomberg]

China is not collapsing [Project Syndicate]

Kingmakers of China's internet: Baidu, Alibaba and Tencent [WSJ]

A look at wireless tower stocks [Barrons]

Tribune Media shares at a 50% discount [Barrons]

Fossil Group (FOSL): a value stock with temporary problems? [Value & Opportunity]

Netflix is creating a cordless nightmare for traditional media [Institutional Investor]

Light beer gets in touch with serious side [WSJ]

Auto parts retailers' immunity to Amazon drives stock surge [Bloomberg]

Why investors don't fund dating [Andrew Chen]

Robots and us [MIT]

What We're Reading ~ 9/23/15

More Than You Know: Finding financial wisdom in unconventional places [Mauboussin]

Fundamentals are only half the story [Reformed Broker]

Masters in business interview with Jason Zweig [The Big Picture]

Full transcript: interview with Chinese President Xi Jinping [WSJ]

Ukraine & Europe: what should be done? [George Soros]

How cable can capture the mobile internet [WSJ]

Steve Wynn plays the China card [Barrons]

Highlighting large price increases on certain drugs [NYTimes]

Notes from Mohnish Pabrai's annual meeting [Frenzel Herzing]

The rent crisis is about to get a lot worse [Bloomberg]

The pace in Mexico's fight against corruption is slowing [FT]

A potential disruptor in the lab testing industry [Inc]

A look at how the Berkshire/Precision Castparts deal came together [Biz Journals]

Apple's iPhone upgrade plan is a gamechanger [Recode]

On the brink of a revolution in smart digital assistants [Wired]

David Tepper "Not as Bullish as I Could Be": Interview

David Tepper of hedge fund Appaloosa Management appeared on CNBC today to share his thoughts on markets.

In the interview, Tepper talked about the concept of flows and if all the money is flowing one way, then you have to buy the dips.  But if all the money starts flowing the other way, then you've got to sell the rips.

Tepper said, "I'm not probably as bullish as I could be because I have problems with earnings growth, I have problems with multiples... so I can't really call myself a bull.  However, I will say this, if you invest today in the stock market if earnings grow 5.5% per year you will make money at the end of five years."

He also noted that if you're fully invested now, it's not a bad time to take some money off the table.  Tepper also went on to say that if we had a 15-20% correction, "I would buy."

He says that valuations are adjusting to new realities and before "jumping back in the water" he wants to see big stocks with emerging markets components have their P/E's come down and mutual funds with higher cash levels.

Tepper notes that the US is fine with low unemployment and that it's an individual stockpicking moment.  But he also says that you "don't have that cushion of safety" in the stock market right now.

When you have lower global growth, you'll see lower P/E's, Tepper says.  The Appaloosa manager said that Apple (AAPL) has a low multiple and he owns it (though it's only around a 0.75% position for them now that they're just maintaining).  He says it will always have a low multiple because it's a device company with technological risk.  But it has China exposure, which the market dislikes these days. 

He mentioned he no longer owns Alibaba (BABA) as well.  He said he read the Chinese situation wrong and got out in early July.  "They just keep making policy mistake after policy mistake over there," Tepper notes.

Tepper also says that he thinks it's going to be hard to hit earnings estimates next year.  He argued that "flat is not a bad place to be" right now, referring to his exposure levels in equities.  He says he's not a great short seller and doesn't think levels are high enough right now.  But if the Federal Reserve doesn't tighten and the market gets excited about that, then he might bring himself to short.

He again reiterated that, "We don't have a huge equity book" right now.

Tepper then noted: "I have a saying in my office: 'There's a time to make money, and there's a time not to lose money.' What time is this? Not to lose money."


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Summary of Warren Buffett's Recent Media Appearances

Berkshire Hathaway's Warren Buffett recently made the media rounds so here's a quick summary.

In his interview with Fox Business, Buffett said that his brick business isn't doing as well as his carpet business.  He also noted that furniture retailing is doing well.  He also said, "The insurance business (GEICO) has been quite good to us over the years, and continues to be."

Regarding oil, Buffett points out a common misperception that his railroad (Burlington Northern Santa Fe) is not as affected as people might think.

When asked if he would raise rates in September if he was on the Federal Reserve, he said he probably wouldn't.

Embedded below is the video of Buffett's interview on Fox Business:





Buffett also talked with CNBC.  There, he said that he bought more IBM (IBM) thus far in the third quarter.

Interestingly, Buffett said that "I'll never go below $20 billion in cash."  This pertains to Berkshire's upcoming purchase of Precision Castparts (PCP) where he'll opt to finance part of the deal with debt in order to maintain that certain cash level.

Buffett also said that on big down days with higher volume in the stock market, Berkshire will be out buying more than usual of certain stocks if for instance they were buying 20% of the volume for that day.  He likes to stay around that level so that he doesn't affect the price too much.

He re-emphasized his focus on 5-10 years from now as he thinks markets will be higher then and that's all that really matters to him.  He isn't concerned with short-term gyrations and isn't about to predict what will happen in the near-term.

On why he bought a bunch of Phillips 66 (PSX), Buffett said, "I had always intended that we would come back in, assuming the price is right.  PSX has no upstream production.  PSX is not a pure refiner, they've got a big chemical division.  We're buying it because we like the company and we like the management very much."

Embedded below is the video of Buffett's interview with CNBC:




Lastly, Buffett also chatted with Bloomberg.  There, he revealed that he doesn't see local TV broadcasting as a growth business.

On the global economy, he noted that, "I think it's unlikely that the world has some great slowdown, but it always can."

He also noted he's bullish on China over its long-term potential.

Embedded below is the video of Buffett's talk with Bloomberg:

What We're Reading ~ 9/9/15

The long road of proving yourself as an investor [Morgan Housel]

On the importance of journaling your investment thoughts [Safal Niveshak]

Prices have changed, not much else has changed [Aleph Blog]

Charts summarizing recent economic activity [Calafia Beach Pundit]

China to face tough economic conditions for up to 10 years [Nikkei Asian Review]

The case for keeping US interest rates low [FT]

A play on the student loan bubble: short Navient [SumZero]

Charter: John Malone's return to the US cable industry [Punch Card Blog]

Patrick Drahi positions himself to be a player in US cable [NYTimes]

Cable box rentals: a needless $19 billion industry [The Atlantic]

Is the high cost of live sports a tipping point? [Bloomberg]

James Tisch lecture on value investing [ValueWalk]

How the average US consumer spends their paycheck [CreditLoan]

Coming soon: Millennials married with children [WSJ]