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October 16, 2020

Accelerating Winds of Change in Global Payments; Coming into Focus; Failure to Impact; Unparalleled Synergies; 10 Active Angles on Today’s Market; Activist Hedge Fund Success: The Role of Reputation; “Fortune Change the World List”; “How the ‘Apple of Pot’ Collapsed”

October 9, 2020

Are Large-Cap Stocks Really Less Risky?; Transforming the U.S. Consumer Bank; Something New Under the Sun?; Investing in Two Battered European Equity Sectors; Book Value Is an Incomplete Measure of Firm Size; “Elon Musk, Unfiltered”; “Welcome to FinTok”; “Ad Tech Could Be the Next Internet Bubble”

September 17, 2020

Memo to the CFO: A New Approach to 2021; Investing in Innovation; What Explains the Covid-19 Stock Market?; Political & Social Risk in Equity Investing; The Most Popular Websites Since 1993; “Essential Wisdom From America’s Best-Performing Stocks”; “The Covid Silver Linings Playbook”; “The Longest Unprofitable Short I’ve Ever Seen”

September 9, 2020

Nintendo, Disney, and Cultural Determinism; Using Technology and Data to Transform; The Sad Case of TINA; Active Share and the Predictability of Portfolio Performance; “Silicon Valley’s Culture Clash”; “‘I Can’t Believe I’m Saying This, But I’m Passing on Seth Klarman’”; “Happy 90th, Warren!”; “Warren Buffett: An appreciation”

August 26, 2020

Reasons (Not) To Be Cheerful; The “GFC” For Travel; Charts for the Beach; How Businesses Have Successfully Pivoted During the Pandemic; Private Inequity: Private Markets and the Death of the Micro-Cap Stock; “Permanent Assumptions”; “‘Stakeholder Capitalism,’ One Year Later”; “Investors Have Been Making the Same Mistake for 300 Years”

August 14, 2020

Priorities for Rapid Revenue Recovery; Can Value Stocks Recover Without Help from Financials?; The Risks to a Robust Recovery; Emerging Markets Airports; The Hard Truth About Innovative Cultures; “How to justify being the most valuable car company on earth”; “Rewriting the playbook”; “How to Stay Productive When the World Is on Fire”

August 7, 2020

Baupost Group Q2 Letter; Time For Thinking; Horizon Kinetics Q2 Commentary; Capturing Cross-Selling Synergies in M&A; Hedge Fund Activists: Value Creators or Good Stock Pickers?; “A warning for investors right now”; “What if the dotcom boom and bust hadn’t happened?”; “Is a China-US “Rivalry Partnership” Possible?”

July 23, 2020

Reimagining Marketing in the Next Normal; The Case for Empowering Quality Shareholders; Goodbye Offices?; U.S. Banks Look Better than Fed Stress Tests Suggest; “How to Brainstorm – Remotely”; “Loosey-Goosey Governance”; “Why We Should Stop Worrying About What Others Think of Us”; “What Happened When I Ate The Best Brain Foods For A Week”

July 16, 2020

The Great Acceleration; A Value Investor Uncovers Opportunities in Technology; International and Emerging Markets Opportunities; "Broken" Asset Classes; Liquidity, Market Pricing and Passive Investing: A Dangerous Trifecta; “Helping Patients Where They Are”; “Apple Investors are Facing a New Threat: Simple Math”; “The Enduring Enigma of Costco's $1.50 Hot Dog and Soda Combo”

July 9, 2020

Oakmark Fund Q2 Commentary; No Need to Bank on a Rebound; Time to Nix Management; The Anatomy of a Rally; The Next Normal in Consumer; “Ackman on Markets, Money and More”; “Jeff Ubben Believes ESG Has ‘Hijacked the Conversation’”; “Understanding the Pandemic Stock Market”

June 18, 2020

Don’t Ignore History; Retail Banking for the Next Normal; Asset Light, Real Assets; The Road Ahead for the Automotive Aftermarket; An Inconvenient Fact: Private Equity Returns and the Billionaire Factory; “How Robinhood Convinced Millennials to Trade Their Way Through a Pandemic”; “Light on tech, heavy on banks – has Warren Buffett lost his touch?”; “Bill Gurley thinks IPOs are a rip-off”

June 11, 2020

GMO Quarterly Letter; Oil and Gas after Covid-19; Value in Recessions and Recoveries; How Covid-19 is Changing the World of Beauty; “1991 Barron’s Seth Klarman Interview”; “Uncertainty Should be No Barrier to Intelligent Decisions”; “A New Era of High Valuations?”; “Delivering Purpose and Profit”

June 4, 2020

Lessons from Through-Cycle Outperformers; Pershing Square Q1 Investor Call; Uncertainty II; Enduring Power of Brands and Navigating a Global Pandemic; Petra Capital Management Interview; Corporate Sustainability and Stock Returns; “Worst. Deal. Ever.”; “Uber CEO Dara Khosrowshahi Interview”

May 21, 2020

Invaluable Insights 2020; Is (Systematic) Value Investing Dead?; Getting Back to Normal; Adapting to the Next Normal in Retail; Investing in the Great Lockdown; Bundling and Unbundling; “Three reasons to like Chinese stocks”; “J.K. Rowling asked Twitter to explain Bitcoin. Here’s what happened next”

May 14, 2020

FPA Crescent Fund Q1 Commentary; Fiduciary Management Semi-Annual Report; Uncertainty; From Surviving to Thriving; Do Healthcare Stocks Protect Portfolios in a Pandemic?; “The Perfect Storm”; “Avoiding Snap Judgements”; “Should CEOs Take a Stance on Controversial Topics?”

May 8, 2020

Navigating COVID-19: Advice from Long-Term Investors; Horizon Kinetics Q1 Commentary; Value’s Next Act; Unsustainability; Analyzing Active Managers' Commitment to ESG; “What It Will Take to Get Us Back Outside”; “How the Pandemic Is Changing U.S. Retail”; “A Message for Uncertain Times”

April 21, 2020

Knowledge of the Future; Vulcan Value Partners Q1 Letter; Pandemic Policy Response Raises Risk of Inflation; Uncertain Times Call for Certain Interview Strategies; Coronavirus Trends Report; “The Fed May Have Altered the Nature of Risk”; “Who’s Lost Their Trunks?”; “CalPERS’ Untimely Tail-Hedge Unwind”

April 13, 2020

Calibrating; Steven Bregman on Debt Debasement; Darkest Before the Dawn; How to Restart National Economies; Apocalypse Now? Buy High-Quality Cyclicals; Jamie Dimon Letter to Shareholders; “Roaring Out of Recession”; “The Buyback Debate” 

April 6, 2020

Howard Marks: Which Way Now?; The Distinction between a Company and Its Stock Price; Fear and the Psychology of Bear Markets; A Slippery Slope Investment; With Volatility Comes Opportunity; Risks and Opportunities in Emerging Markets; “When Investors Call”; “The Two Pandemics”

March 25, 2020

Flattening the Curve; FPA Crescent Fund Interim Update; Safeguarding Our Lives AND Our Livelihoods; GMO Asset Allocation Update; The Search for the Bottom; The Path to the Next Normal; “Why Zoom Was Zooming”; “Be Real, Not a Hero”

March 17, 2020

What To Do When Black Swans Swim; Richard Oldfield on Recent Market Declines; China’s Coronavirus Experience: Lessons for Investors; The Economic Impact of COVID-19; COVID-19: Implications for Business; “Why Is No One Listening to Jeremy Grantham?”; “Turbulence Ahead for Global Supply Chains”; “Inside Xerox’s Audacious Quest”

March 12, 2020

The Black Swan of 2020; Amazon’s Free Cash Flow; Oh My! What’s This Stuff Really Worth?; How Disruption is Changing the Growth vs. Value Debate; David Swenson on Climate Change; The Resale Fashion Disrupter; “‘Monstrous’ run for responsible stocks stokes fears of a bubble”; “Silicon Valley Needs to Build Out, Not Cash Out”

March 5, 2020

Nobody Knows II; COVID-19: Implications for Business; Looking Beyond the Volatility; Broyhill Market Update; “Brookfield: inside the $500 billion secretive investment firm”; “The Rise and Reign of Jeff Bezos”; “Charlie Munger at Daily Journal Meeting”; “Ballmer Laughs at iPhone”

February 19, 2020

Bill Nygren Q4 Commentary; Horizon Kinetics Q4 Commentary; The Secret Ingredient of Successful Big Deals; 2020 Private Equity Outlook; World’s Most Admired Companies; “How Under Armour Lost Its Edge”; “As the Efficient Markets Hypothesis Turns 50, It Is Time to Bin It”

February 11, 2020

Third Point Q4 Investor Letter; Reports of Value's Death May Be Greatly Exaggerated; Fundsmith Investor Letter; Is the Groupe PSA-Fiat Chrysler Merger ‘Smart Consolidation’?; Greenlight Capital Investor Letter; “One of the Biggest Comebacks in Banking History”; “Just Markets”; “Is Venture Capital Worth the Risk?”

January 23, 2020

4 Traits Asset Managers Need for Success; The Known Unknowns of 2020; Utilities: A Potential New Growth Sector; Don’t Stop Believin’; Does the American Shopping Mall Have a Future?; “What a Difference an ESG Ratings Provider Makes!”; “Airbnb Copes With a Bad Trip on the Road to Its IPO; “The Rise of Re-commerce”

January 16, 2020

The Numbers Behind Successful Transformations; You Bet!; Racing and Rockstars; Saudi Aramco and Changing Global Energy Markets; The Lost Decade for Hedge Funds; “Often the best catalyst is no catalyst”; “25 Ideas That Will Shape the 2020s”; “Geopolitics, Volatility and Opportunity in Asia”

January 8, 2020

The Ten Surprises of 2020; Investing for December 31, 2029; The Future of Parcel Delivery; An Introduction to the Petcare Industry; The Alpha Lifecycle; “How Long Can the Good Times Last?”; “Gut Feelings are Driving the Markets”; “Bosses will pay a price for mixing politics and corporate values”