Member News and Reading Inspiration

Dear members,

Most presentations from our Best Ideas 2023 conference are now available. Enjoy!

The look and feel of this week's newsletter is different because we are trialing a new email service provider. Thank you for your patience as we work on the transition.

Have a wonderful week ahead.

John

11 Articles We Are Reading This Week

1. Forecasting follies - Bob Seawright

2. Equity anxiety premium - Sean Stannard-Stockton

3. Getty family's trust issues - Evan Osnos

4. Curiosity theory of everything - Rohit Krishnan

5. Syntax of social search queries - Henrik Karlsson

6. Diversification vs. concentration - Chris Mayer

7. Art and science of spending money - Morgan Housel

8. Techniques for evaluating character - Ted Gioia

9. Political economy of auhoritarianism - Adam Tooze

10. Paying top-dollar for exceptional talent - Trung Phan

11. Risks of investing with world's richest people - Andrew Walker

Letters, Presentations, Writeups..

Industry Insights: artificial intelligence | movies | music | nuclear energy | offshore drilling | restaurants | software | video games | weight management

Letters & Commentaries: Akre | Bayes | Crawford | Ensemble | GVC | Greenlight | Heartland | Miller Value | Permanent Equity | Smead | SVN | Third Avenue

Company Insights: ASML | Clinica Baviera | Explosifs Produits Chimiques | Nippon Ichi | Serica Energy | Sotera Health | TSMC | Vulcan Materials | Walt Disney | WeChat

Company Slides: Alcoa | Fastenal | Fifth Third | Goldman Sachs | H.B. Fuller | J.B. Hunt | Morgan Stanley | Northern Trust | Procter & Gamble | State Street | SVB | UAL

Member Events

This section lists selected offline events. Reply for details.

• Miami Member Dinner, hosted by Pedro Zuloaga (Jan. 24, 2023)

• Charlotte Member Dinner, hosted by Tyler Howell (Feb. 1, 2023)

• London Member Dinner, hosted by Alex Gilchrist (Mar. 16, 2023)

• Munich Member Dinner, hosted by John Mihaljevic (Apr. 20, 2023)

• Best Ideas Omaha 2023, Omaha, Nebraska (May 5, 2023)

• Miami Member Dinner, hosted by Pedro Zuloaga (May 9, 2023)

• Zurich Member Dinner, hosted by John Mihaljevic (May 10, 2023)

• Frankfurt Member Dinner, hosted by John Mihaljevic (May 25, 2023)

• The Zurich Project 2023, Zurich, Switzerland (Jun. 6-8, 2023)

• Latticework New York 2023, The Yale Club of NYC (Dec. 12, 2023)

5 Videos We Are Watching This Week

1. HBR - Eni CEO on meeting energy demand without Russian gas

2. WealthTrack - Charlie Ellis on the changing investment world

3. Davis Funds - Chris Davis & Morgan Housel on the mental game

4. Business Brew - Will Thomson on opportunities in real assets

5. The Interview Australia - Billionaire Larry Kestelman's journey

5 Podcasts We Are Listening to This Week

1. TWIII - Phil, Elliot, John on private equity's game of "volatility laundering"

2. Grant's - Cohan on "Power Failure: The Rise and Fall of an American Icon"

3. Founders - Lessons from Peter Bevelin's book about Buffett and Munger

4. Freakonomics - Implications of PE investments in veterinary practices

5. Behind the Balance Sheet - Chris Bloomstran on his investment approach

Quote We Are Contemplating This Week

"We are drowning in information while starving for wisdom. The world henceforth will be run by synthesizers, people able to put together the right information at the right time, think critically about it, and make important choices wisely." —E. O. Wilson