Old School Value Nugget Fest (June 20th Edition)

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What We’re Reading in the Media


  • This Time It’s Different (Howard Marks/Oaktree Capital letter) “Instead, what we’re told is different this time is the relevance of restrictions on future economic and market performance: There doesn’t have to be a recession; Continuous quantitative easing can lead to permanent prosperity; Federal deficits can grow substantially larger without becoming problematic; National debt isn’t worrisome; We can have economic strength without inflation…[etc.]”
  • Bruce Flatt & Howard Marks Talk Industry M&A, Credit Market​ (Bloomberg video interview)
    “Bruce Flatt, chief executive officer at Brookfield Asset Management, and Howard Marks, co-founder at Oaktree Capital, discuss the background of Brookfield’s purchase of a majority stake in Oaktree Capital. They speak with Bloomberg’s Erik Schatzker on “Bloomberg Daybreak: Americas.”  

Markets & Investing

Company & Strategy Analysis


Image of the Week

How the tech giants make their billions (Visual Capitalist)
An interesting infographic that’s too big to fit in this newsletter so I’ll just link to it.

Video of the Week

What’s up at Zooplus, TripAdvisor & Berkshire? Fred Liu (Hayden) & Steven Wood (GreenWood) discuss (YouTube)
Fred Liu & Steven Wood on Berkshire, Zooplus & TripAdvisor. 

​Quote of the Week

“We have to practice defensive investing, since many of the outcomes are likely to go against us. It’s more important to ensure survival under negative outcomes than it is to guarantee maximum returns under favorable ones.” 
― Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor
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