1/ It's easy to find interviews with Howard Marks, but his recent presentation to Ivey Business School was particularly insightful. This interview provides an in-depth and "new" look at value investing, and we'll share some of the highlights here

James Anderson at Baillie Gifford: "There’s much that I have misunderstood and misjudged over the two decades but my ever-growing conviction is that my greatest failing has been to be insufficiently radical."

• Read everyday. • Spend time with nature. • Ask questions. • Never stop learning. • Don't pay attention to what others think of you. • Do what interests you the most. • Study hard. • Teach others what you know. • Make mistakes and learn. • It's Okay to not know things!

There's nothing better than talking about investing w/a like-minded investor. You swap ideas, strategies & it can be hard to stop! @BillBrewsterSCG & I met thanks to John Mihaljevic & MOI Global & this podcast is a continuation of the conversations we have enjoyed since.

Another gem from Housel. How to Do Long Term collaborativefund.com/blog/how-to-do… via Collab Fund

We've already had 2 home runs investing in businesses associated with Ron Shaich. Now we are both betting on $PAR. Wonderful far-reaching conversation on value creation in the restaurant industry and why he thinks it has a great opportunity to dominate its niche.

June's research paper: Intangible Value ✨ Can value investing strategies be improved by adding intangible assets? 👾 The Asset-Light Economy 🔮 The Dark Matter of Finance 🏰 Intangible Moats 📉 The Disruption of Value 👨‍🎓 Fixing the "Value Factor" (Not investment advice) 🧵

They don't teach you these survival tips at business school...

-People who read news have more distorted view of political opponents -Politically Disengaged 3X more accurate in guessing how political opponents think compared w/extremists -For Democrats, more education associated w/worse understanding of Republicans perceptiongap.us

1/ The latest #Commentary from Felix Narhi is out now. Here are some key #highlights. bit.ly/38rNq6j

Despite being up 28x and 35x over the last 11 years, Amazon and Netflix have only beaten the market 6 of those 11 years Worth considering this when your a business owner how gyrations don't change the underlying trend

The investment case for $PAR by Ron Shaich of Panera fame... How top performing restaurants are embracing tech to win the consumer youtube.com/watch?v=Et9w01…

"It's not that hard if you're running a public company, to make the quarter. You can cut costs, u can raise prices. But the question is, are you building sustainable competitive advantage? My view of the world is that there's nothing that matters more than competitive advantage."

Thanks Andrew Walker. Thoroughly enjoyed our chat on $SFIX! Interesting set up on the eve of a significant "Act 2" runway extention, while stock is still priced as a niche "Act 1". Hear why were are bullish on the team, TAM, unit economics & runway.

‘Firms with the highest decade-horizon stock mkt returns tended to be younger, had larger drawdowns the prior decade & higher prior-decade R&D spending, as compared to more typical firms’ ‘Can Observable Characteristics Forecast Outcomes?’ Bessembinder bailliegifford.com/literature-lib…

Truly honoured to be a Refinitiv Lipper Fund Awards 2021 Winner. The Pender #smallcap Opps Fund has been named the best Cdn Focused Small/Mid Cap Eq Fund over a 10-yr period. Congratulations to the fund’s PM team. Thank you Refinitiv, an LSEG business #LipperFundAwards bit.ly/3kK23sh

"a lot of people say you're not going to go to Starbucks & buy a coffee w/ #Bitcoin. Well, it's the same as saying, nobody's going to buy a coffee with a #goldcoin" Felix Narhi brings "From Gold and Dollars to Bitcoin..." to Day 4 of Pender's #12Days 👉bit.ly/3ydcrOG

Congratulations @penderdave! Investment Executive names Pender CEO & PM, David Barr as "a natural choice for Investment Executive’s 2021 Mutual Fund Manager of the Year". bit.ly/3dOUOv8

1/ It's our last comment for 2021! Taking us out is Felix Narhi who reviews recent developments in the Pender Global Focused Fund. He dives into popularity cycles, pessimism (what could go wrong?), optionality (what else could go right?). Read: bit.ly/3mtghP7

This is important to understand. But you can choose to not compete against the algos. Humans already lost the war of trying to move fast to create alpha. But you can play a much slower game by changing time frames. The machines are still totally naive about 5-10+ year time frames