Bonus Content Archive

Beyond the Factor; Fade the Election Part 2; Measuring the Moat; The Efficient Market Hypothesis vs. Roaring Kitty; Law and Courts in an Age of Debt; Interview: Stanley Druckenmiller; “How Are Companies Really Using AI?”; “Is Streaming Really a Terrible Business?”

Emphasize Value as Investors Throw Caution to the Wind; One More Before Year End; Investing in Climate Solutions; A Revenue and Inventory Mystery; Identity and Economic Incentives; Sleep Disruptions and Information Processing; “From Amazon to Space”; “Tim Cook Wants Apple to Literally Save Your Life”

Horizon Kinetics Q3 Commentary; Gold & Other Precious Metals; Ruminating on Asset Allocation; Massif Capital Q3 Letter; Latitude Q3 Letter; “It’s the Most Hated Airline in America. You’ll Miss It When It’s Gone.”; Interview: PG&E CEO Patricia Poppe

Turtle Creek Q3 Commentary; Third Avenue Value Q3 Commentary; Third Point Q3 Letter; Gator Capital Q3 Letter; Greenlight Capital Q3 Letter; “Bumper Sticker Guy”; Interview: Rolls-Royce CEO Tufan Erginbilgic

Misguided Mayhem; Queen Hatshepsut; Inflated Key Metrics ... and a Pedophile Hellscape; Emerging Markets: Five Opportunities; When a Crystal Ball Isn’t Enough to Make You Rich; “How Large Language Models Could Impact Jobs”; “The American Who Waged a Tech War on China”

Shall We Repeal the Laws of Economics?; Orbis Emerging Markets Quarterly Commentary; Fade the Election; Mining; The Heightened Risk of Passive in U.S. Large-Cap; “Through Not One, Not Two, But Three Quant Crises”; “Don’t Underestimate the Power of a Walk”

AI: Dystopia or Utopia?; The Less-Efficient Market Hypothesis; Deep Value; How to Think About Risk; “Are You Saying No to Elon Musk?”; “Generative AI Hype Feels Inescapable”

Charts for the Beach 2024; Nixed: The Upside of Getting Dumped; Pizza Pizza; Cintas: Rags to Riches; More Time to Trade Isn’t a Good Thing; Traversing For Value; Co-Intelligence: How to Live and Work with AI

Does Value Matter Anymore?; Optionality; The Folly of Certainty; Patient Capital Q2 Commentary; Sharing Names and Sharing Information; “The Buyback Wall of Shame”; What Does Your Writing Style Say About You?

What Goes Up ... Keeps Going Up; Gen AI: Too Much Spend, Too Little Benefit?; FAQ: Passive Investing; Third Avenue Value Fund Q2 Commentary; Concentrate!; Ruffer Investment Review; How Starbucks Devalued Its Own Brand; A Stealth Tax on Prosperity

How To Lose Money Smelting Copper; Born to Run; Nonbank Growth Is Heavily Supported by Banks; Do Experts Know Better What They Do and Do Not Know?; Pattern Recognition and Public Markets; Is Influencer Marketing Worth It?; Master of Make-Believe

Is it Time to be Max Bullish?; Stock Market Concentration; Identifying Recovery Catalysts in China; The Shortseller Enrichment Commission?; Kenneth Griffin Interview; Manifestation of Earnings; Roger Federer Commencement Speech

The Future of Aging; Something’s Gotta Give; Hindenberg Short Report: Axos Financial; Corporate Mergers and Acquisitions Under Lender Scrutiny; John Elkann Interview; Sundar Pichai Interview; How a Pioneering Blackjack Master Beats the Odds of Aging

The Economics of Different; Executives vs. Chatbots; Evidence from Zero-Commission Trading; Barriers to Scale; Levi’s – On Revitalizing a Brand; Why Investors Throw Money at Eccentric CEOs; The 16 Worst-Paying College Majors

Learn from Last Tech Bubble to Embrace GenAI Mania; Valuation Multiples; A Very Long Hill; Brain Activity of Professional Investors Signals Stock Performance; The Bullish Energy Cycle; Thomas Peterffy Interview; 50 Quotes from Joel Tillinghast

Value Stocks: Cracking the Quality Code; The Indispensability of Risk; Research Report on Ashtead; Undateable; Five Myths About Generative AI That Leaders Should Know; Gartner: Compound Insights; Our Man in East Setauket

The Impact of Debt; Horizon Kinetics Q1 Letter; Massif Capital Q1 Letter; Timing Your Swing; Berkshire Hathaway Tribute to Charlie Munger; Berkshire After Buffett: Pulling the Insurance Strings; The Quality Anomaly; Graham & Doddsville Spring Issue

Third Point Q1 Letter; Third Avenue Value Q1 Letter; Don’t Cry For Me Argentina; Volatility Ahead?; David Einhorn at Sohn Conference; Establishing a Case for Emerging Managers; Charlie Munger’s Legacy; The Art of Compounding

Is ESG Good or Bad?; Short Report on UWM Holdings; India: Cyclical or Structural Opportunity?; A Deep Dive Into Chinese Industrial Production; Cost of Capital and Capital Allocation; Bill Ackman Podcast Interview; “They Are Very Comfortable Lying”; “How Successful People Think”

Where to Next for Generative AI?; Record Highs ... But We’re Still Excited; Oaktree Top Takeaways; How Stock Price Volatility Distorts Capital Allocation; Bruce Flatt Interview; Pick and Shovel Play for Life Sciences; Getting Into “The Zone” 

The Great Paradox; Avoiding Value Traps; U.S. Industrial Renaissance; Magnificently Concentrated; Equinix Exposed; “AI is Still Just Statistics”; “Easy Money Redux”

First Eagle Annual Letter; How To Avoid Another Lost Decade in Equities; The Blue and Yellow Can; Equity Dislocation; An Illusive Turnaround; Third Point Investor Letter; “How Nvidia is Powering the A.I. Revolution”; “The Hidden Costs of ‘Buy Now, Pay Later’”

Extending Time Horizons; Interview with Bill Nygren; Money; Drawdowns; Revealed Beliefs about Responsible Investing; The Behavioral Alpha Benchmark; “The Art of Negotiation”; “What is Common Sense”

Kopernick Global Year-End Letter; Greenlight Capital Q4 2023 Letter; Horizon Kinetics Q4 Commentary; Third Avenue Value Q4 Commentary; The Big Questions; Venture Predation; “How Much Is Your Favorite Free App Worth?”; “The Psychology of Hoarding”

Ten Surprises of 2023: Year End Review; Will We Do the Right Thing?; Indexing the Short Case; Emerging Markets 2024; “The Art of Looking Stupid”; "Pricing Without Mispricing"

The Weirdest Market Efficiency in the World; Year Ahead Outlook; Easy Money; Semiconductors, Real Estate and the Japanese Consumer; Leading Platform Companies are Thriving; Volatility Laundering; Contrarian Investing; Investing Skill vs. Luck

Oakmark Select Fund Q4 Letter; Oakmark International Fund Q4 Letter; Pattern Recognition; The Four 4s Behind the Opportunity in Japan; The Outlook for 2024-26; How AI-Powered Trading Could Hurt Price Formation; Andrew Brenton Interview; Annie Duke and Howard Marks