- A useful tool to search Reddit for information.
Tools
Evergreen resources and for the voracious learner.
Intangible Assets
Investment DD Questions
- 100 checklist questions to get to the bottom of any investment (private or public).
Factor Investing
- Comprehensive article on factor investing by AQR.
- Useful read for both systematic and fundamental investors.
- “Ilmanen et al. (2021) examine the out-of-sample performance of the main factors we focus on—value, momentum, carry, and defensive—using a century of data across multiple markets and asset classes.“
- “Exhibit 2 highlights the results from their study, which shows that these factors work uniformly across all markets and asset classes and their performance is stable over the periods before and after the original sample period, with little degradation from the original sample period.“
Investment Principles and Checklists
- Comprehensive 148-page tome containing a collection of principles from great investors.
- Not to be read all at once but more as a reference document for sound process.
PMI Global Heatmap
- U.K. and US are seeing some improvement, while Germany continues deeper in the red.
- Taken from this comprehensive and user friendly newsletter – a veritable tour of everything macro. Well worth subscribing.
ChatGPT Prompts
- Giving ChatGPT the correct prompts makes all the difference.
- Here is a useful repository on GitHub for countless use cases.
Analyst Resources
Holiday Break
- Snippet is on holiday, returning again 11th of January.
- Wishing everyone Happy Holidays.
Summer Break
Coatue Deck
- This deck has been doing the rounds the past few weeks.
- It is actually a good description of market downturns and how they work.
- Especially recommend looking from page 10 onwards – to understand the various stages (P/E reset, earnings revision) and slide 23 – what capitulation looks like.
- Based on this feels we are still not there yet.
- Interestingly they are also raising a structured equity fund.
Thinking Tools
- This is a useful collection of thinking tools and models – presented in a well designed way.
- Several of these are useful to investors – for example the second order thinking advocated by Howard Marks.
Support Snippet Finance
- Snippet went live as a passion project on the 2nd September 2019, just over 2 1/2 years ago and has since published over 1,300 snippets.
- Today, these go out to 8,000 of you who follow Snippet across various platforms.
- A big thank you to everyone who reads and shares.
- This type of growth comes at a cost, like our Mailchimp bill, but also all the time and effort that goes in to making each snippet exceptional.
- Therefore, I would be grateful for any support, commensurate to the value you feel Snippet provides.
- One good investment decision (or avoiding a bad one) as a result of an insight you find here pays for an eternity of support for this site.
- The support page now also includes monthly and annual subscription options.
- As always Snippet content will remain free.
- Thank you in advance.
SSRN
- SSRN the Social Science Research Network – is an open repository of papers on social science (and other areas).
- Malcom Gladwell called it “The greatest website on the internet” (Source).
- They now also have a new service dedicated to finance (in partnership with Quantum).
- It covers everything from Equities to Financial Statement Analysis.
- Many investors neglect academic work in their field – but it often holds valuable insights.
- The top papers section at SSRN is also excellent, featuring many financial topics.
103 Bits of Advice
- Another wonderful list from KK (the previous one is here).
- A few of my favourites:
- Half the skill of being educated is learning what you can ignore.
- Ask funders for money, and they’ll give you advice; but ask for advice and they’ll give you money.
- It is the duty of a student to get everything out of a teacher, and the duty of a teacher to get everything out of a student.
Charting
- Many fundamental investors don’t believe stock charts hold any value.
- Yet technical analysis does have useful signals even for bottom up investors.
- This was a pretty good basic introduction to charting – especially understanding the dynamics of participants and the so called “tug of war”.
ImportYeti
- Ever wondered what suppliers or manufacturers a company or product uses.
- ImportYeti is a search engine that uses bill of landings data for all US imports.
- Useful for investment or other types of research.
UK Short Positions
- We previously discussed how in Europe any short position over 0.5% has to be disclosed, daily.
- ShortTracker+ takes the underlying data for U.K. stocks and puts it in a much more useful form (by stock, by fund etc).
Pershing Square 2021
- Annual investor presentation from the famous fund.
- They grew NAV (26.9%) just below S&P 500 index in 2021 (+28.7%) but well above hedge fund indices.
- Interesting analysis of their UMG investing, the new SPARC, interest rate hedges and new investment in NFLX.
Biotech Resources
- For those interested in the biotech sector this was a great set of resources.
- Biopharm Catalyst – tracks catalysts/readouts by company.
- Derek Lowe’s blog – a brilliant read.
- For those looking for more of an introductory guide – this was great.