Dear members,

The early-bird rate for Latticework 2022 expires this coming Friday, October 21. Secure your seat now.

Latticework 2022 will be held at the Yale Club of New York City on December 13 (full day), with a cocktail reception in the evening of December 12. We will examine intelligent investing in the context of an inflationary environment.

Keynote speakers include:

• 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

• Will Thomson, Managing Partner, Massif Capital

• Christopher Tsai, President, Tsai Capital Corporation

Join fellow members for a day of discussion and friendship. Register now.

Warmly,

John

P.S. We hosted our tenth-annual European Investing Summit 2022 last week. Enjoy!

MOI Global - Selected Highlights

S&U: Well-Run, Family-Owned Specialist UK Lender at Deep Discount — moiglobal.com

Daniel Gladiš of Vltava Fund presented his in-depth investment thesis on S&U plc (UK: SUS) at European Investing Summit 2022.

AcadeMedia: Leading Education Company in Northern Europe — moiglobal.com

José Antonio Larraz of Equam Capital presented his thesis on AcadeMedia (Sweden: ACAD) at European Investing Summit 2022.

Samuel Weber Updates Lanxess, Swatch, Holcim, Deutsche Bank — moiglobal.com

Samuel Weber updated his investment theses on four ideas he had presented at previous editions of European Investing Summit.

Quote We Are Contemplating This Week

11 Articles We Are Reading This Week

1. Divining talent - Rohit Krishnan

2. Regulators' lament - Roger Lowenstein

3. Solvency constraints - Joseph Wang

4. Sullivan tech doctrine - Jordan Schneider

5. Syria's nuclear reactor - Amir Bar Shalom

6. Warehouse club origins - Ravi Nagarajan

7. Return on invested capital - Michael Mauboussin

8. Accuracy of growth forecasts - Brian Chingono

9. Price-to-book ratio's relevance - Aaron Pek

10. Shadow of fact, artifact of feeling - Lawrence Yeo

11. Evolution of endowment investing - Frederik Gieschen

Letters, Presentations, Writeups..

Industry Insights: AI | housing | life sciences | semiconductors | VC

Letters & Commentaries: Black Bear | Carlyle | Claret | East 72 | GMO | Palm Valley | Pangolin | Permanent Equity | RBC | Rowan Street | Wedgewood

Company Writeups: Alibaba | CITIC | Domino's | Donnelley | Ferrari | ICE | Markel | Meta | Nvidia | SiTime | Softbank | Spectrum Brands | Tortilla

Company Slides: AZZ | BlackRock | Fastenal | TSMC | Walgreens Boots

5 Podcasts We Are Listening to This Week

1. TWIII - Elliot, Phil, John on investing in inflationary environments

2. Meb Faber - Jim Rogers shares his outlook for global markets

3. Tech Strategy - Jeff Towson on his favorite cloud business models

4. TED Interview - Atul Gawande on American healthcare innovation

5. Invest Like the Best - Madhavan Ramanujam on monetization

5 Videos We Are Watching This Week