Dear members,

I was delighted to host The Zurich Project 2022 last week. More than sixty members from around the world gathered in beautiful Zurich, Switzerland for three days of learning and friendship.

It would be my great pleasure to welcome you next year!

Please save the dates: June 6-8, 2023.

Best wishes,

John

Quote We Are Contemplating This Week

11 Articles We Are Reading This Week

1. Hyperinflation - Rudy Havenstein

2. Healthy cultures - Larry Cunningham

3. Repurchase risks - Andrew Walker

4. Seeing the world - Conor MacNeil

5. Valuation metrics - Byrne Hobart

6. Once in a lifetime - Morgan Housel

7. Great track records - Frederik Gieschen

8. Scientific slowdown - Ben Southwood

9. Tech's invisible threat - Stephen Clapham

10. When ideas get easier - Eric Gilliam

11. Stadium name economics - Patrick Nave

Letters, Presentations, Writeups...

Industry Insights: cloud infrastructure | container shipping | housing | nuclear power | oil and gas | online identity layer | semiconductors

Letters & Commentaries: Absolute Return Partners | Bridgewater | Calderwood | Commonwealth | J.P. Morgan | Merrill | Moody's | Robeco

Company Writeups: Bakkafrost | Fairfax | Snowflake | Sonida

Company Slides: ABM Industries | Brown-Forman | Campbell's | Chico's FAS | Concrete Pumping | DocuSign | HealthEquity | REV Group | Stitch Fix | UNFI

5 Podcasts We Are Listening to This Week

1. TWIII - Elliot, Phil, John on Mauboussin's man overboard moment

2. Acquired - Katherine Boyle on investing in American dynamism

3. Capital Allocators - Sam Zell on turning around troubled assets

4. Decision Education - Ryan Holiday on keeping calm in a crisis

5. Business Breakdowns - Neil Schuster on the PGA Tour's business

5 Videos We Are Watching This Week