Dear members,

Fellow member Joel Cohen of the MIT Investment Management Company has put together a wonderful resource for emerging managers. In particular, check out the emerging manager insights page and consider contributing.

Something to think about as Facebook's market quotation passes $1 trillion: In 2010, David Heinemeier Hansson penned a controversial essay, Facebook is not worth $33,000,000,000. I remember reading the article at the time — and agreeing with DHH! Last week, I re-read the article and tried to figure out how he (and I) could have been so very wrong.

To our American members, happy Independence Day!

Warmly,

John

Quote We Are Contemplating This Week

11 Articles We Are Reading This Week

1. Lazarus heist - Geoff White

2. Working hard - Paul Graham

3. Financial mania - Gayle Rogers

4. Intangible value - Kai Wu

5. Southwest story - Joseph Guinto

6. Loeb's compaigns - Dan Scott

7. Perfect football pitch - William Ralston

8. Business of addiction - Nilay Patel

9. Shareholder democracy - Roger Lowenstein

10. Myth of the lone genius - Roger's Bacon

11. India's first venture capitalists - Rajeev Mantri

Letters, Presentations, Writeups...

Industry Insights: crude oil | energy vs. materials | energy transition | litigation finance | metaverse | ocean shipping | online grocery | private equity

Letters & Commentaries: Absolute Return | Crescat Capital | J.P. Morgan | Merrill | Moody's | Oaktree | Richard Bernstein Advisors

Company Slides & Writeups: BMW | Cimarex | Constellation Software | DouYu | Five Below | GlaxoSmithKline | IDT Corporation | Jakks Pacific | Kura Sushi | Sandstorm Gold | Scale | Taboola | Trebia

Image of the Week: U.S. Equity Issuance

6 Podcasts We Are Listening to This Week

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

2. Money Tree - Dan Rasmussen on asset allocation and history

3. The Long View - Jason Zweig on the ongoing market mania

4. Invest Like the Best - Marc Andreessen on making better software

5. Coffee with The Greats - John Chambers on leadership and life

6. Compounding Curiosity - Michael Fritzell on investing in Asia

10 Videos We Are Watching This Week