- The latest investment letter here.
Tools
Evergreen resources and for the voracious learner.
Greenlight Capital Q3 2024 Letter
- The latest investment letter here.
Summer Holiday
Coatue Deck 2024
- Latest deck with some interesting charts. Usual health warning.
Greenlight Q1
- Two interesting ideas inside. See page 5.
- Long HPQ (6.6x 2025E EV/EBITDA) on the idea of AI-PC upgrade cycle.
- Long ROIV where market cap = net cash + IMVT stake i.e. rest is for free.
- Not investment advice.
Atlas of Economic Complexity
- Nice tool from Harvard visualising the complexity of trade flows around the world by product.
- Here for example is copper exports.
Pershing Square Presentation
- Latest deck from Bill Ackman’s trust.
- New position in GOOG.
- Announcement of listing of a new closed-end fund in US (on NYSE) and a fee cut on the UK/NL funds.
AI for Economists
- Useful guide to prompts and other resources for economics using AI.
- Some good links to papers further down for applications to finance.
2024 Investment Outlook Reports
- If you are into this sort of thing, a fairly comprehensive list of investment outlook reports from both sellside and buyside, composed by the FT.
Greenlight Q3 2023 Letter
- The latest letter from David Einhorn’s fund (which is up nearly 30% this year).
- Interestingly he is betting on a cocktail of geopolitics, rising oil prices, and a recession all in the 2024 election year.
Job Posting Tracker
Markets and Central Banks
- As markets look to peak policy rates and beyond, this newsletter has been a really useful one-stop shop to get a detailed overview of central bank action and markets.
- For example the declining Clevland Fed nowcast of inflation (source).
Holiday Break
Investment Quotes
- “There seems to be an unwritten rule on Wall Street: If you don’t understand it, then put your life savings into it.” Lynch.
- “If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century, you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get.” Munger.
- “When you want to test the depths of the stream, don’t use both feet.” Chinese proverb.
- And more.
How to read well
- Read mostly fiction. Why? “Careful descriptions and summaries miss too much of the world. Hard distinctions make bad philosophy“.
- Read slowly.
- Start many books, but complete only a few.
- Buy on a whim – “If you create a home library it should act as one: It is there for you to discover and rediscover, to get lost in” – an anti-library.
- And a few more ideas.
How to Search Well
- A useful collection of internet search tips from basics, to the domain-specific, and how to deal with paywalls.
Support Snippet Finance
- Snippet is entirely free and plans to remain so.
- However, there are costs to running the site that keep growing.
- If you have been finding Snippet informative and inspiring for your daily work, please consider supporting the site.
- Thank you in advance. Your support makes all the difference.
Reddit Search
- A useful tool to search Reddit for information.
Intangible Assets
Investment DD Questions
- 100 checklist questions to get to the bottom of any investment (private or public).