The decision matrix: how to prioritize what matters [Farnam Street]
Sustainable sources of competitive advantage [Collaborative Fund]
Deep dive on wireless future: 5G [Axios]
How Shopify is the platform powering the direct-to-consumer revolution [Digiday]
Why Google Fiber is high-speed internet's most successful failure [HBR]
Pulling back the curtain on how SoftBank's massive Vision Fund works [TechCrunch]
A pitch on Yelp [Barrons]
Inside the world's fastest growing food delivery service [Eater]
Food delivery apps are impacting your favorite restaurants [Democrat & Chronicle]
How seltzer/sparkling water is upending coffee and beer [WSJ]
App-only banks rise in Europe and aim at traditional banks [NYTimes]
For some platforms, network effects are no match for local know-how [HBR]
David Rubenstein interviews Amazon's Jeff Bezos [YouTube]
How TripAdvisor changed travel [The Guardian]
The $29 billion battle to own how America sleeps [Fast Company]
How Paytm clinched its Berkshire Hathaway investment [Economic Times]
'Peak car' and the end of an industry [Bloomberg]
Wednesday, October 3, 2018
What We're Reading ~ 10/3/2018
Wednesday, February 28, 2018
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]
Wednesday, January 24, 2018
What We're Reading ~ 1/24/18
Thinking in Bets: Making smarter decisions when you don't have all the facts [Annie Duke]
The playing field: five levels of investor development [Graham Duncan]
Op-ed written by Warren Buffett [Time]
Breaking out of low growth 'new normal' is on horizon [Mohamed El-Erian]
The annual Barrons roundtable: outlook for economy & stocks [Barrons]
A look at Starbucks (SBUX) [Scuttlebutt Investor]
Inside the eccentric, relentless dealmaking of Softbank's Masa [Bloomberg]
How Charlie Munger became an 'expert generalist' [Quartz]
India has 600 million young people & they're set to change our world [The Guardian]
A slowdown is in store for the self-storage business [WSJ]
How automation will change work, purpose, meaning [HBR]
Beyond the Bitcoin bubble [NYTimes]
Wednesday, August 23, 2017
What We're Reading ~ 8/23/17
New book from Bridgewater's Ray Dalio, Principles: Life and Work [Ray Dalio]
What is and isn't a moat [Johnson Inv]
Always invert [Above the Market]
The stereo speaker company giving sight to self-driving cars [SF Chronicle]
The internal combustion engine is not dead yet [NYTimes]
Is Tesla (TSLA) really a disruptor? And why the answer matters [HBR]
Chill: robots won't take all our jobs [Wired]
TripAdvisor (TRIP) can fly higher [Barrons]
The incredible shrinking Sears (SHLD) [NYTimes]
Amazon vs Maersk: the clash of titans shaking the container industry [Platts]
Jack Ma (BABA) is ahead of Jeff Bezos in grocery store ambitions [Bloomberg]
How Softbank (SFTBY) is reshaping global tech [The Information]
How Baidu (BIDU) will win China's AI race, and maybe the world's [Wired]
Quantum computing comes of age [Alphr]
Your brain on money [A Wealth of Common Sense]
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, May 6, 2015
What We're Reading ~ 5/6/15
A must-read on behavioral finance: Thinking, Fast and Slow [Daniel Kahneman]
Margin debt hits all-time highs: why you shouldn't be concerned [Kimble Charting]
What you should and shouldn't learn from Warren Buffett [WSJ]
With big names and money flowing in, tech startups in India heat up [NYTimes]
3 stocks pitched by Weitz Value Fund [Forbes]
Transdigm: when is a large moat worth more than 30x earnings? [Seeking Alpha]
On the pricing and valuing of top managers [Aswath Damodaran]
A guide to reading for investors [Safal Niveshak]
A pitch on Viacom [BeyondProxy]
Tim Cook on Apple's future: everything can change except values [Fast Company]
Silicon Valley veteran steers Softbank's deals [WSJ]
How Airbnb could spawn an M&A frenzy in the hotel industry [Fortune]
Casinos failed Atlantic City, but they're still part of its future [The Deal Newsroom]
Insurers take on more risk in search of returns [NYTimes]
Wednesday, March 18, 2015
What We're Reading ~ 3/18/15
The Checklist Manifesto: How to Get Things Right [Atul Gawande]
Ray Dalio warns of 1937-style rate risk [FT]
A dozen things learned from David Tepper about investing [25iq]
Interview with short-seller Marc Cohodes [First Adopter]
In praise of short sellers [New Yorker]
Lumber Liquidators' campaign of distraction and deception [Seeking Alpha]
Crispin Odey says following China could lead to recession [Sydney Morning Herald]
Why the smart money is betting on WWE [First Adopter]
A pitch on Interactive Brokers [Value Venture]
Live Nation Entertainment: an unregulated monopoly? [PunchCardBlog]
A look at Softbank [Institutional Investor]
With the benefit of hindsight [Morgan Housel]
Stock performance before, during, and after recessions [Wealth of Common Sense]
The majority of people are struggling to save for retirement [Wealth of Common Sense]
The future of the four horsemen: Amazon, Apple, Facebook & Google [YouTube]
Consumer behavior across pay-TV, VOD, and OTT [Digitalsmiths]
Zillow, the industry, and reading the tea leaves [Notorious Rob]
Thursday, May 1, 2014
Third Point on Dow Chemical, IHI Corp & SoftBank: Q1 Letter
Daniel Loeb's hedge fund firm Third Point is out with its first quarter letter to investors. In it,they detail their position in Dow Chemical (DOW) in-depth. Instead of summarizing it, we'll let you read the full pitch in the letter below. They also touch on a Japanese midcap: IHI Corp.
Additionally, Third Point updates its stake on Softbank. They feel the decline in shares this year was unwarranted and write,
"SoftBank is witnessing substantial growth in underlying asset value, de-levering via the Yahoo! Japan transaction, and poised to drive further de-levering and free cash flow growth in SoftBank Mobile. It currently trades at a 23% NAV discount to consensus estimates of value. Alternatively, valuing SoftBank Mobile on a P/FCF methodology suggests SoftBank is trading at a 45% discount. The discrepancy lies in the fact that the EV/EBITDA approach understates SoftBank Mobile's high free cash flow conversion and low cost of capital. These discounts are clearly unwarranted. We anticipate SoftBank's NAV will post continued growth and shrink this discount as management's strategy comes into further focus and transparency around underlying assets (particularly Alibaba) improves."
Embedded below is Third Point's Q1 letter:
You can download a .pdf copy here.
