Dear members,

I hope this finds you well and that you are navigating the volatile market environment with calmness and poise.

Manias and panics will always be with us. They are a feature of financial markets because greed and fear are a feature of human psychology. As investors we face the challenge of developing a process that insulates us from those destructive forces and, ideally, allows us to exploit the weaknesses of other market participants.

I look forward to hosting The Zurich Project 2022 against this backdrop. We will not be swayed by the daily gyrations. The Zurich Project is an oasis of long-term, first-principles thinking aimed at winning over decades, not days.

It's an annual highlight for me to welcome 60+ members to Zurich. If not this year, I hope you will join us in the future. It will be my pleasure to host you.

Warmly,

John

Quote We Are Contemplating This Week

11 Articles We Are Reading This Week

1. Digital distress - Roger Lowenstein

2. Crisis investing - Dan Rasmussen

3. Trying too hard - Morgan Housel

4. Price anchoring - Jack Raines

5. Company culture - Taylor Pearson

6. Bear market traps - Frederik Gieschen

7. Prisoner's dilemma - Ranjan Roy

8. Shein's sudden rise - Vauhini Vara

9. Artificial personality - Rohit Krishnan

10. Blank page problem - Lawrence Yeo

11. Reversion to the mean - John Luttig

Letters, Presentations, Writeups...

Industry Insights: engineering, procurement, and construction | dialysis | gold | influencers | junk bonds | media | software-as-a-service | space | SPACs

Letters & Commentaries: Bonsai | Cedar Creek | Crescat | Giverny | GMO | Hayden | Horizon | Moody's | RF Capital | RGA | Richie | Saga | St. James

Company Writeups: Apollo | Endor | Nvidia | Twitter | Uni-President China

Company Slides: AerCap | Applied Materials | Bath & Body Works | Cisco | Keysight Technologies | Kohl's | Monday.com | Sea Limited | Stratasys | Take-Two Interactive | Tencent | VF Corp. | Vipshop | Vodafone | Walmart | Wix.com

5 Podcasts We Are Listening to This Week

1. TWIII - Mary Childs on the complicated legacy of Bill Gross

2. Acquired - Jim Weber on the transformation of Brooks Running

3. Business Brew - J Mintzmyer on the state of the shipping industry

4. Starting Greatness - Tobi Lutke tells the origin story of Shopify

5. Investing by the Books - Avner Mandelman on "stock sleuthing"

5 Videos We Are Watching This Week