Dear members,

Audio replays of Latticework 2022 are now available!

• Chris Goulakos & Howard Marks on Investing Amid Macro Challenges

• Tom Russo on Investing in Businesses With a Capacity to Suffer

• Christopher Tsai on Intelligent Investing in an Age of Disruption

• Chris Bloomstran on Investing in Flation: Surviving Financial Instability

• Ian Clark on Private Equity-Style Investing in the Power Sector

• Will Thomson on Intelligent Investing in the Real Asset Ecosystem

A note regarding the migration of this newsletter to a new email service provider: We have used Revue, a Twitter subsidiary, to bring this weekly email to you. Twitter is shutting down Revue in January, and we will migrate to a new provider. Should you find yourself not receiving the newsletter, please check your spam folder or email [email protected].

Happy holidays!

John

11 Articles We Are Reading This Week

1. Disney coup - Joe Flint

2. Death of satire - Rohit Krishnan

3. Tiktok legislation - Jordan Schneider

4. Capital allocation - Michael Mauboussin

5. Investment maxims - Conor MacNeil

6. Ethics of fossil fuels - Chris Leithner

7. Globalism in retreat - Roger Lowenstein

8. Oil market and oil stocks - Daniel Gladiš

9. Great investors and laziness - Frederik Gieschen

10. Running an insurance company - Alex Morris

11. Why competitive advantages die - Morgan Housel

Letters, Presentations, Writeups..

Industry Insights: carbon removal | nuclear energy | semiconductors

Letters & Commentaries: Bonhoeffer | Merrill | RBA | Santander | T. Rowe

Company Insights: BP | Coupa Software | DLH Holdings | Evolution | Far East Consortium | China Jushi | Liquidia | Marvell Technology | Microsoft | XPEL

Company Slides: Apogee | BlackBerry | Darden | FactSet | FedEx | General Mills | Micron | Paychex | Steelcase | Toro | Winnebago | Worthington

Quote We Are Contemplating This Week

Member Events

This section lists selected offline events. Reply for details.

• Miami Member Dinner, hosted by Pedro Zuloaga (Jan. 24, 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 Podcasts We Are Listening to This Week

1. TWIII - Phil, Elliott, John discuss the "highlights" of the past year

2. Squawk Pod - David Tepper discusses his equity market outlook

3. Lunar Society - Bethany McLean discusses frauds and visionaries

4. Talking Billions - Christopher Tsai: three generations in investing

5. Invest Like the Best - Michael Mauboussin on capital allocation

5 Videos We Are Watching This Week