Dear fellow members,

We have a real treat for you this week:

My colleague Alex Gilchrist's conversation with Aswath Damodaran, who does not mince words on ESG, circle of competence, management quality, the role of stories in valuation, multiples vs. DCF, and much more.

I don't say this often: This is a must-watch interview.

(If you are truly strapped for time, click here to watch only the most fascinating portion -- about 20 minutes in length.)

Warmly,

John

MOI Global - Selected Highlights

Aswath Damodaran on The Dark Side of Valuation | MOI Global — moiglobal.com

Professor Aswath Damodaran discussed his book, The Dark Side of Valuation, at MOI Global's Meet-the-Author Summer Forum 2021.

Will Barnes and Will Oliver on Looking for Greatness Qualitatively | MOI Global — moiglobal.com

We had the pleasure of speaking with Will Barnes and Will Oliver, co-founders of In Practise, a research service for fundamental investors.

Ian Cassel on Micro-Cap Investing and Discovering Long-Term Compounders | MOI Global — moiglobal.com

We are pleased to bring you a conversation with micro-cap investor Ian Cassel, CIO of Intelligent Fanatics Capital Management.

Rickard Vallöf on Competitive Trends in European Grocery Retail | MOI Global — moiglobal.com

We had the pleasure of speaking with Rickard Vallöf, a partner in the Oslo office of McKinsey & Company, about grocery retail in Europe.

Quote We Are Contemplating This Week

11 Articles We Are Reading This Week

1. AI bank - Renny Thomas

2. Multi-tasking - Lawrence Yeo

3. Inflating fears - Peter Zeihan

4. Pseudonymity - Byrne Hobart

5. Coasian finance - Marc Rubinstein

6. High-yield spreads - Dan Rasmussen

7. Importance of slack - Bogumil Baranowski

8. Reflections on noise - Conor Macneil

9. Systematic investing - Lakshay Chauhan

10. Customer economics - Michael Mauboussin

11. Distribution and demand - Ben Thompson

Letters, Presentations, Writeups...

Letters & Commentaries: GMO | Hayden | Merrill | Moody's | Oaktree | Pender | Rhizome | Selcouth | WMKI

Company Slides & Writeups: Atlassian | AT&T | Baytex | CaixaBank | Copper Mountain | Corem | Eneti | Gravita India | Hostess | Lincoln | Moderna | Rolls-Royce | Sea Limited | Shein | Tata | Telus | Thomson Reuters | Walmart

Image of the Week

5 Podcasts We Are Listening to This Week

1. TWIII - Elliot, Phil & John discuss timely and timeless investing topics

2. Pender - Dave Barr & Tobias Carlisle on models vs. human experts

3. Meb Faber - Rob Arnott discusses modern monetary theory

4. Knowledge Project - Joel Greenblatt on investing made simple

5. Invest Like the Best - Brent Beshore on a year of unexpected events

5 Videos We Are Watching This Week