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Stuff I Consumed This Week #SITC1

“These days, there are many more deep intellectuals in the business, and that, coupled with the explosion of information on the Internet, creates the illusion that there is an explanation for everything and that the primary task is simply to find that explanation. As a result, technical analysis is at the bottom of the study list for many of the younger generation, particularly since the skill often requires them to close their eyes and trust the price action.”

Paul Tudor Jones

Comments from me: Although I do read, listen and watch all of the below media it should be noted that sometimes the relevancy for me may be different than it’s relevancy to you. The best way that I can highlight this is the company write ups. I’m often not at all interested in whatever company I’m reading about. It rarely fits my style, what I’m reading for is to find new ways to think about and evaluate companies. My best piece of advice with this series is to find your why. Why are you reading something, what’s your goal with listening to a podcast etc. Active learning is the goal. With that being said here is the first edition, I hope you find at least one piece of media you find interesting.

Must Reads:

In every edition I will share many links. Here are the few that I found particularly useful.

1) Earnings, Cash Flow and Free Cash Flows: A Primer

(Source: Aswath Damodaran)

Free cash flow is back in style and (in my opinion) drive returns for the next few years to come. There is nobody better than Aswath Damodaran to explain how to calculate the often manipulated metric.

2) Return on Investment, Chuck Akre

(Source: Value Investor Insight)

Chuck Akre discusses starting Akre Capital and the funds process.

3) Lord of the Operating Models

(Source: Nongaap Investing)

Interesting article arguing against the common usage of the (non gaap) rule of 40. Important to consider when looking at these “growth” stocks. (cough ponzis cough)

Company/Industry Research


Discussion with Josh Young on opportunities in the Oil and Gas sector

Overview of FTX saga and contagion possibilities

John Templeton's 16 rules for investment success