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Sam Colt
"Guy that provides the proper Experimental Design"

An activist letter worth sharing concerning Disney.

Here is Dan Loeb from Third Point (16B AUM) arguing for Disney not to pay a dividend but to instead invest in the DTC content and move towards a subscription/platform business model a la Spotify and SaaS. 
 

Full letter: 
https://www.dropbox.com/s/bfx8nywghxgaix9/Dan%20Loub%20Disney.pdf?dl=0

 

I like how this letter ends. 
I like how this letter ends. 

 

Sam Colt
"Guy that provides the proper Experimental Design"

This is actually also one of my favourite interviews. Perhaps because it's much easier to understand. 😄

Yes, just like @John Beecroft3  said do check out the Edelweis journal and website. They also publish half-year results or at least yearly report where you can see what sort of things Anthony invested in. 
 

If you liked the Edelweiss story and way of thinking I imagine you will also enjoy Jim Garland. Here is a memo/ presentation he gave to a family office. https://www.dropbox.com/s/dmdv80qa4ggeoko/chicken_VS_EGG_FARMERS.pdf?dl=031

if you liked his stuff here is a website with more of it (there are quite a few of them that are hidden behind journal paywalls): https://www.jeffreyco.com/speeches-and-publications/james-p-garland23


 

On flexibility of investing approach.
Recently there've been a lot of talking on "value is dead". But I think it's nothing more than a lack of flexibility. If we just accept reality as it is, then what is called "dead", doesn't have any value. Maybe try to look for it in a different way?
If you call yourself a "value investor" and your portfolio didn't move for the last 10 years, obviously you failed to discover any value. It's such a weird approach to me, to call something "value", and when it fails to show any value, saying "value is dead" instead of just accepting that you were looking in the wrong place.
I manage my portfolio purely using algorithms that discover "valuation pull" based on fundamentals, price and TA. Believe me or not, but there's lots of value in the market. Algos don't read "Security Analysis", don't read news or watch RealVision. They're not biased and don't have any opinion on things. They're just trained to discover value. And they f-ing do :)