Dear members,

Please note the Latticework 2021 venue change from offline to online.

We made this change after receiving member feedback over the past week. Many members would like to attend Latticework but remain cautious about traveling and being in a room with 100+ others from around the world.

We will host Latticework 2021 as a fully online conference on December 15. You will enjoy complimentary member access.

I am sorry that the pandemic is still affecting our ability to meet in person. We plan to start meeting in smaller groups in various cities soon, and I hope we can resume our larger member events in the not-too-distant future as well. Thank you for your understanding and patience.

Warmly,

John

MOI Global - Selected Highlights

European Banks Might Finally Be Ready to Rise From the Ashes | MOI Global — moiglobal.com

Some 17% of our funds are devoted to banks. We own the UK champions Intesa, BNP, and Lloyds. We also own Deutsche Bank and Commerzbank.

Christian Billinger on Managing Investment Return Expectations | MOI Global — moiglobal.com

Christian elaborates on 1) how he arrives at a long-term return expectation of 8-12%, and 2) the benefits of having any expectations at all.

William Knowles on Concentrated, Low-Turnover, Quality-First Investing | MOI Global — moiglobal.com

We spoke with William Knowles of WMKI Group about managing concentrated, high-conviction portfolios with minimal turnover.

Quote We Are Contemplating This Week

11 Articles We Are Reading This Week

1. Evergrande - Michael Pettis

2. Fed tapering - Open Insights

3. Intangible assets - Steve Cooper

4. Xi's socialist vision - Lingling Wei

5. Sustained inflation - James Montier

6. Inflationary trajectory - Aaron Pek

7. Authenticity detectives - Samanth Subramanian

8. Capital-light incentives - Adam Mead

9. Crypto collapse scenario - Andrew Walker

10. Arithmetic of asymmetry - Conor Maguire

11. Penny wise, pound foolish - Bogumil Baranowski

Letters, Presentations, Writeups...

Industry Insights: natural gas | venture capital

Letters & Commentaries: Baleen | GDS Investments | Merrill | Moody's | Wilshire

Company Writeups: Altice | Dino Polska | Evergrande | Farfetch | GitLab | Ultrajaya

Company Slides: BlackBerry | Brookfield Renewable | CTO Realty Growth | Omega Healthcare | Sagicor | Thermo Fisher

5 Podcasts We Are Listening to This Week

1. Business Brew - Rui Ma puts recent China-related news into context

2. Compounders - Alan McKim on building moats and cohesive cultures

3. Masters of Scale - Reid Hoffman on keeping your best employees

4. Asia Tech Strategy - Jeff Towson on Hillhouse Capital's China strategy

5. Land of the Giants - Peter Kafka discusses the legacy of the iPhone

5 Videos We Are Watching This Week