“This piece allows anyone to absorb all of Gurley’s knowledge bombs in the fraction of the time it took me to do it. I hope this piece brings you as much value as it did to me.” Brandon Beylo on Bill Gurley macro-ops.com/the-bill-gurle…

Strange Case of Dan Loeb and Daniel S. Loeb Kevin Gee cloudvalley.substack.com/p/strange-case…

“The contagion would be purely from a liquidity standpoint, and this is the biggest factor that would make the Fed rotate off the current tightening policy.” Deer Point Macro deerpointmacro.substack.com/p/fed-will-bac…

Charlie Munger is a modern-day polymath and one of the most respected investors of all time. He credits reading 500 pages/day with much of his success—his children even call him a book with legs. Here are 20 of the most transformative books he recommends (to read first):

“Behavior shifts influence capitalism and commerce and culture. We can do our best to examine these shifts and predict their ripple effects, but ultimately we’ll have to just wait and find out.” Rex Woodbury digitalnative.substack.com/p/10-character…

“Remember, Elon Musk is 51 years old and a father of 10—not a 12-year-old boy.” Vicki Bryan’s Bond Angle on $TSLA bondangle.substack.com/p/tesla-splits…

“Aron diluted existing shareholders so forcefully it bordered on the obscene. By more than quintupling the # of common shares outstanding, AMC raised $3.2bn from financing over the past 10 quarters, but only $965mm remains on the B/S” Doomberg on $AMC doomberg.substack.com/p/a-very-speci…

“If you are looking at a controlled company, always check to see if they return capital when appropriate. I love to see a company with a track record of paying special dividends or doing tender offers for big chunks of stock.” Idea Brunch Nat Stewart ideabrunch.substack.com/p/idea-brunch-…

He has Cerebral Palsy and wanted to skate board so his mom created this for him so that he could. Mother Of The Year🌸

Attention valuation fans: we have a new report out today on return on invested capital (ROIC). It updates and extends work from 2014. morganstanley.com/im/publication…

“Our identities get wrapped up into the things that we do and eventually, they become the things that we are. The time that we spend doing things define us. Spend that time wisely.” Kyla Scanlon kyla.substack.com/p/trust?r=4emk…

“At a minimum, an investment in Airbnb at today’s valuation requires a view on outsized GBV growth beyond $100 billion and / or normalized profit margins in excess of management’s long-term guidance.” Alex Morris (TSOH Investment Research) thescienceofhitting.com/p/growth-and-p…

If you’re looking for gifts this holiday season, here are my suggestions for the books every investor should own. If you’re looking to read and learn, you need books that have stood the test of time. These few will, I believe, still be indispensable decades from now.

“Although there are several indications that OPEC+ production has peaked…the most compelling is the sheer lack of investment. OPEC+ countries have been underinvesting in oil production capacity for years” Bison Interests Josh Young bisoninterests.com/content/f/opec…

What was the best book you read in 2022 and the main lesson you took from it?

Interesting. “Freedom of speech”