Dear members,

Secure your seat at Latticework 2022, our flagship member summit, to be held at the Yale Club of New York City on December 13.

A group of terrific speakers and fellow members will examine intelligent investing in the context of the challenging market environment, with elevated inflation promting the Fed to take measures to counter price increases. We will look at how commodity-based and high-quality businesses can protect investors and deliver long-term value.

Today I am delighted to announce one of our featured speakers: fellow member Chris Bloomstran, President and Chief Investment Officer of Semper Augustus Investments Group. Chris does original, deep research and is one of the investors I respect most. He is a great presenter, and I have no doubt that his perspective will be of great value to all in attendance.

Register now at the discounted early-bird rate.

Warmly,

John

Quote We Are Contemplating This Week

11 Articles We Are Reading This Week

1. Powell's speech - Chris Leithner

2. Safe place to hide - Chris Mayer

3. Erroneous experts - Joe Marwood

4. Force of incentives - Morgan Housel

5. Learning from users - Paul Graham

6. Post-crash venture capital - Mark Suster

7. Business books by industry - Trung Phan

8. Criticism of artificial intelligence - Erik Hoel

9. Future of blockbuster franchises - Matthew Ball

10. MBA vs billionaire career choices - Dan Rasmussen

11. Transforming the railroad industry - Ravi Nagarajan

Letters, Presentations, Writeups..

Industry Insights: artificial intelligence | banking in India | cloud software | internet-based services | oil and gas | online grocery delivery

Letters: Arquitos | Bonhoeffer | Cypress | Desert Lion | Merrill | Prime Macaya

Company Writeups: Adobe | Cloudfare | Google | Nvidia | Optex | Orion Engineered Carbons | Swire Pacific | UniCharm Indonesia | Upwork

Company Slides: Apogee | Darden Restaurants | FactSet | General Mills | H.B. Fuller | IBEX | KB Home | Playtech | S4 Capital | Scholastic | Steelcase

5 Podcasts We Are Listening to This Week

1. Value Hive - Taylor Pearson on ergodicity, the "sand pile effect"

2. Business Brew - Marc Cohodes discusses long/short investing

3. Meb Faber Show - Steve Romick on where he sees value today

4. Forward Guidance - Aswath Damodaran on intrinsic value

5. Knowledge Project - Reid Hoffman on better decision-making

5 Videos We Are Watching This Week