Dear members,

The theme of Latticework 2021 is Intelligent Investing on the Right Side of Change.

Join us at the Yale Club of New York City on December 15 as we explore this consequential topic with an exceptional group of speakers (to be announced soon) as well as your fellow members. The day will consist of six sessions, with much time devoted to audience participation. A plated lunch and coffee breaks will enable members to continue the discussion with like-minded investors.

Registered participants will also be invited to a cocktail reception at the Yale Club in the evening of December 14 -- another opportunity to meet fellow members and reconnect with old friends from the MOI Global community.

Register now to secure your seat.

Warmly,

John

Quote We Are Contemplating This Week

"If you only read the books that everyone else is reading, you can only think what everyone else is thinking." —Haruki Murakami

11 Articles We Are Reading This Week

1. Epic defeat - Ben Thompson

2. Cucinelli way - Om Malik

3. ESG gravy train - Aswath Damodaran

4. Most stocks are duds - Larry Swedroe

5. Zooming in on history - Frederik Neckar

6. Extreme contrarianism - Sebastian Mallaby

7. Delivery workers revolt - Josh Dzieza

8. Return of the mammoth - Carl Zimmer

9. Leverage and performance - Joachim Clement

10. Rise and fall of couchsurfing - Andrew Fedorov

11. Long-term investment success - Philo

John's note: I am pleased to share an essay by fellow member Christian Billinger on managing investment return expectations. Christian runs a Sweden-based, family-held investment company with no external capital. He approaches the topic of expectations management with the mindset of an endowment-style investor deploying permanent capital for the long term.

Letters, Presentations, Writeups...

Industry Insights: education | food | internet | office REITs | silica | social gaming

Regional Insights: Afghanistan mining | Australia & NZ macro | Brazil macro | China industrial policy | China videogames | Russia agriculture | US inflation

Letters & Commentaries: Adestella | Merrill | Moody's | OSAM | Polen | Qualivian | RBC | RF Capital | Richard Bernstein | TGV Intrinsic | Verdad

Company Writeups: Atento | Canadian National Railway | Commonwealth Bank of Australia | O'Reilly Automotive | RealReal | Yandex

Company Slides: Albemarle | BMW | Denbury | GeoPark

5 Podcasts We Are Listening to This Week

1. TWIII - Elliot, Phil, John discuss timely and timeless investing topics

2. The FORT - Chris Bloomstran on finding value in public markets

3. Business Brew - Logan Mohtashami on the housing market, more

4. Finance Simplified - Joel Greenblatt on how he analyzes companies

5. Behind the Balance Sheet - Stuart Roden's five keys to a successful fund

5 Videos We Are Watching This Week

Image of the Week: Behavior Gap