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Member News and Reading Inspiration

June 12, 2021

Dear members,

I hope you'll enjoy my conversation with Brinton Johns, co-founder of NZS Capital. We dig into Brinton's influential white paper on complexity investing.

My friends Phil Ordway and Elliot Turner share their experiences as emerging managers in a special two-hour episode of This Week in Intelligent Investing.

We are gearing up for Wide-Moat Investing Summit 2021, to be held online from July 7-9. I am excited for the businesses that will be presented.

Summer temperatures are finally here in Switzerland, and the COVID news has been positive. I hope all is well on your end as well.

Warmly,

John

MOI Global - Selected Highlights

We had the pleasure of speaking with Brinton Johns, a co-founder and investor at NZS Capital, about the firm's investment philosophy.

We had the pleasure of speaking with Ram Parameswaran, founder and managing partner of San Francisco-based Octahedron Capital.

We had the pleasure of speaking with fellow member and former hedge fund manager Marc Rubinstein, author of Net Interest.

Christopher W. Mayer discussed his highly acclaimed book, 100 Baggers, at MOI Global's Meet-the-Author Summer Forum 2021.

Adam J. Mead discussed his book, The Complete Financial History of Berkshire Hathaway, at the Meet-the-Author Summer Forum 2021.

Quote We Are Contemplating This Week

"People who ask for help seldom need advice, but often get it. People who ask for advice often need help but rarely get it. It is a gift to the universe to be generous with help, but reluctant to advise." —Dee W. Hock

11 Articles We Are Reading This Week

  1. App store risk - Ben Thompson

  2. Greensill lessons - Stephen Clapham

  3. Project of one's own - Paul Graham

  4. Cooperation economy - Packy McCormick

  5. Blank check distortions - Aswath Damodaran

  6. Rituals for hypergrowth - Shishir Mehrotra

  7. High-pressure economy - Sean Stannard-Stockton

  8. Andreessen's world view - Niccolo Soldo

  9. Stop moving the goalposts - Morgan Housel

  10. Rise and fall of a restaurant - Kate Storey

  11. Financial system reinvention - Marc Rubinstein

Letters, Presentations, Writeups...

Letters & Commentaries: Andbank | BCG | ING | World Bank

Company Slides & Writeups: Alibaba | Alpine | Aurizon | CTO Realty | DP World | DZS | ICE | Paytm | PSTH/UMG | Schlumberger | Twitter

Image of the Week: U.S. Housing Inventory

"This chart from Evercore showing the collapse in inventory of high-priced homes is something else." —Ensemble Capital

5 Podcasts We Are Listening to This Week

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

  2. Operators - Nilam Ganenthiran on the opportunities for Instacart

  3. Deep Dives - John Huber on the building blocks of innovation

  4. Business Brew - Jason Wild on going from $80,000 to $1.7 billion

  5. Asia Tech Strategy - Jeff Towson talks switching costs and Wabco

5 Videos We Are Watching This Week