Dear members,

I hope you are enjoying replays from our recently concluded European Investing Summit 2021. We hosted more than two dozen terrific instructors, and they are happy to hear from you. Feel free to follow up with your thoughts or questions (instructor emails are shown in the respective session posts).

I am delighted to announce three Latticework 2021 sessions, to be held LIVE online on December 15th (additional sessions to be announced soon):

• “Spotting Winners in the Enterprise Software Ecosystem” — with Scott Miller, Founder of Greenhaven Road Capital, and Savneet Singh, CEO of PAR Tech. I am grateful to Shai Dardashti for the wonderful idea for this session.

• “Expectations Investing as Applied to Today's Growth Businesses” — with Saurabh Madaan, Managing Member of Manveen Asset Management, and Michael Mauboussin, Head of Consilient Research at Morgan Stanley.

• “A Venture Capital Approach Inspired by the Philosophy of Warren Buffett” — with Rishi Gosalia, Managing Partner of SF Value Capital, and Ho Nam, Co-Founder and Managing Director of Altos Ventures.

Have a great week!

Warmly,

John

Quote We Are Contemplating This Week

11 Articles We Are Reading This Week

1. Story of a cap table - Eric Newcomer

2. Disclosure dilemma - Aswath Damodaran

3. DCF terminal values - Steve Cooper

4. Rewrite of human history - William Deresiewicz

5. Cartel theory of everything - Philo

6. Value investing and inflation - John Alberg

7. China's leveraged prosperity - Jim Chanos

8. Curiosity as life improvement - Eric Barker

9. Behind a private equity fortune - Nathan Vardi

10. What oil's rise means for markets - Johann Colloredo

11. Arnault's hotel redevelopment project - Jo Ellison

Letters, Presentations, Writeups...

Industry Insights: collateralized loan obligations | computing | energy | equity and options markets | SaaS | shipping | technology | uranium

Letters & Commentaries: Alphyn | Ensemble | Greenlight | Hoisington | Horizon | Miller Value Partners | NZS | Oakmark | Open Insights | Pender | Rowan Street | Summers Value | Upslope | Wedgewood | White Brook

Company Writeups: Advantech | Baidu | Digital World | Fairfax | Makuake | Old Dominion Freight | Robertet | Silicon Motion | US Silica

Company Slides: GPC | Goldman Sachs | Jubilant | Nasdaq | Synchrony | Verizon

Book Recommendation: Wanting: The Power of Mimetic Desire in Everyday Life

Noteworthy Resource: roic.ai, a free alternative to Value Line

5 Podcasts We Are Listening to This Week

1. Daily Stoic - Steven Pinker on rationality and why it matters

2. Compounders - Adam Symson on adapting to changes in media

3. Asia Tech Strategy - Jeff Towson on the growth of digital businesses

4. Knowledge Project - Robert Cialdini on the principles of persuasion

5. Business Breakdowns - Ram Parameswaran, Mario Cibelli on Uber

5 Videos We Are Watching This Week