Wednesday, June 1, 2016

Articles of interest

Russell Clark of Horseman Capital warns about risks in the aircraft-leasing market.

Nate Tobik from Oddball Stocks describes what makes a bank successful and how he's playing an expected wave of consolidation in the American banking industry.

Alice Schroder talks to The Motley Fool about Warren Buffett's personality and his career.

Bull, Bear & Value has an impressive write-up of British Columbia Power, a special situation that Buffett and Charlie Munger owned in the early 1960s.

Vienna Capitalist argues that "corporations have been the marginal buyer of US equities" through stock buybacks. The article is from a year ago but still very relevant.

At Base Hit Investing, guest author Connor Leonard writes about companies with "reinvestment moats," i.e. the combination of a defensive business and the ability to grow while earning high incremental returns.

Credit cards
Jana Vembunarayanan offers a detailed history of credit cards.

Declining businesses
Matt Brice describes why declining businesses are bad investments, using Outerwall as an example.

Government debt
Credit Bubble Stocks offers a downbeat assessment of government bonds, particularly long bonds.

Fritz argues that Indonesian banks are economically vulnerable and richly valued.

Industrial gases
Dislocated Value provides a detailed overview of the industrial-gas sector.

Jerry Neumann argues that "innovation comes in waves: great surges of technological development followed by quieter periods of adaptation."

Interviews interviews Robert Wilson, a phenomenally successful private investor. Speaking in 2000, Wilson predicts that the stock market will do poorly and that short-selling will become more competitive. He also comments on Warren Buffett, Julian Robertson, and George Soros. Part one and part two of the interview (h/t Brattle St. Capital).

SATT Global Research writes about South Korea's alarmingly high level of household debt.

A BusinessWeek article describes how Al Dunlap ran Sunbeam into the ground while misrepresenting the company's financial condition (h/t Dorsia Capital).

Morgan Creek Capital Management has a nice overview of George Soros's career that discusses his concept of reflexivity and its importance to investing.

SmartBusiness profiles Charles Stack, who developed the first online bookstore before losing out to Jeff Bezos and

Tom Jacobs talks about Maurece Schiller, who's largely forgotten today but was a pioneering theorist of special-situations investing during the 1950s and 1960s.

Back of the Envelope has a detailed analysis of Catella, a Swedish financial conglomerate.

Venture capital
"georgesmith" from the EEVBlog forum argues that uBeam's technology is fundamentally flawed and laments that "Unfortunately, in the world we live in, receiving VC funding doesn't show a company's science is sound."