Dear members,

We have a terrific lineup for Latticework 2022:

• Chris Bloomstran, President, Semper Augustus Investments Group

• Ian Clark, CEO, Dichotomy Power / Dichotomy Capital

• Chris Goulakos, Managing Partner, Balius Partners

• Howard Marks, Co-Chairman, Oaktree Capital Management

• Tom Russo, Managing Member, Gardner Russo & Quinn

• Will Thomson, Managing Partner, Massif Capital

• Christopher Tsai, President, Tsai Capital Corporation

Latticework will be held at the Yale Club of NYC on December 13 (full day), with a cocktail reception in the evening of December 12. Register now.

Have a wonderful week.

John

Member Events

This new section lists selected offline events. Reply for details.

• London Member Dinner, hosted by Alex Gilchrist (Dec. 7, 2022)

• Zurich Member Dinner, hosted by John Mihaljevic (Dec. 8, 2022)

• Latticework 2022, Yale Club of New York City (Dec. 13, 2022)

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

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

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

11 Articles We Are Reading This Week

1. On writing - Nassim Taleb

2. Meta myths - Ben Thompson

3. Cyclical knowledge - Morgan Housel

4. Recession investing - Chris Leithner

5. Cycle value investing - Pedro Zuloaga

6. Investing in influence - Kai Wu

7. Goldilocks under threat - Frank Martin

8. Approaching the war stage - Ray Dalio

9. Welch's impact in hindsight - Malcolm Gladwell

10. Polen's investment approach - Damon Ficklin

11. How geniuses used to be raised - Erik Hoel

Letters, Presentations, Writeups..

Industry Insights: asset management | copper | emerging managers | energy | gaming | hyperscalers | oil | semiconductors | venture capital

Letters & Commentaries: August | Bayes | Beowulf's Treasury | Bireme | First Eagle | Flagship | FPA | Long Cast | Maran | Merrill | Nordstern | O'Keefe

Company Writeups: Acres Commercial | Activision | Amazon | Carvana | Catella | Delta Apparel | Home Depot | Intel | Meta | Schwab | Sportradar

Company Slides: AES | ATSG | ConocoPhillips | Duke | Icahn | Kellogg | MercadoLibre | Parker Hannifin | PayPal | Petrobras | RCL | Warner Bros.

Quote We Are Contemplating This Week

5 Podcasts We Are Listening to This Week

1. Odd Lots - Mark Bergen on Apple's threat to the online ad industry

2. LA Tech Week - Andreeseen, Krishnan, Emanuel on the art of the deal

3. How I Built This - Steve Kaufer on founding and growing Tripadvisor

4. Another Podcast - Benedict Evans on whether the metaverse matters

5. Capital Allocators - Michael Rees on buying general partner stakes

5 Videos We Are Watching This Week