SnippetFinance

Blogger - www.snippet.finance
A curated collation of Snippets on stocks, macroeconomics, investing and finance for the financially engaged. Written by Yuri who is an equity fund manager and CFA charterholder with 10 years experience.
Recently discovered this large collection of investment resources put together by Brian Langis. Lots of interesting articles, investment letters, interviews etc. A lot of classics.

https://brianlangis.wordpress.com/investment-collection/

Worth a browse.

[Repost from - snippet.finance] 

I thought it is worth highlighting the Third Point Capital Q2 letter (it can be found on the shelf here). Why?

After 25 years of running Third Point, Loeb is changing strategy - "I believe the Second Quarter was one of many important inflection points over the past 25
years. My disappointment with some elements of recent performance led me to adjust
certain parts of our strategy and investment process.
"

He goes on to say that "while event-driven is still an essential investment lens ..., today, quality is also an essential screen"

"This investment environment is characterized by breakneck technological innovation and sluggish growth which has only been amplified by COVID‐19. Considering this, it is essential to find companies with great leadership and unique products in growing end‐markets in which they are gaining share and achieving high topline growth and strong margins. These factors drive robust earnings and free cash flow growth supported by high returns on existing invested capital."

"To be clear, investing in compounders and event‐driven situations are not mutually exclusive activities. It has been our experience that our event‐driven focus provides us with a unique window into the creation or evolution of a quality company, since they are often born out of corporate events or management changes."

Interesting to see him change tack like this while others (e.g. Einhorn) are digging their heels in. The entire letter is worth a read. 
Beat me to it - was going to highlight the letter this weekend!
Hi Everyone,

I'd like to highlight my blog - snippet.finance
It is a curation of the most interesting snippets on stocks, investing and macroeconomics presented in a short, easy to digest way. I myself am a fund manager and analyst with ten years experience in equity markets and know how valuable good curation and ease of consumption are. The best way to keep up with the blog is to subscribe to the email newsletter at snippet.finance/subscribe. 

I'll periodically post content from the blog here. 

Best,

Yuri

Thanks Yuri, worth posting a few extracts so that people can see what you produce
Steve - great idea.
As mentioned www.snippet.finance is a curation of interesting things I find in the financial world.

Here are a few examples:
- An excellent read on the history of Fraud and Short Selling in light of Wirecard story - https://snippet.finance/history-of-fraud-and-short-selling/

- Fascinating attempt to set up a long-term stock exchange to improve the behaviour of corporates and investors - https://snippet.finance/long-term-stock-exchange/

- A model (with great hit rate historically) for forecasting the US election giving 91% chance of Trump winning.  “The terrain of presidential contests is littered with nominees who saw a poll lead in the spring turn to dust in the fall. The list is long and discouraging for early frontrunners.“ -  https://snippet.finance/us-elections/

- Great paper analysing the impact of short reports - It seems that companies that launch internal investigations as a response have the worst outcomes – 383% higher chance it is a fraud. https://snippet.finance/activist-short-sellers/

- Data showing that investing in distressed equities is very risky - as bond prices fall below 90c on the dollar, the associated company equity returns deteriorate sharply - https://snippet.finance/bonds-and-equities/

- Rise of alternative data in fund management - https://snippet.finance/alternative-data/

- For a bit of humour (though clearly most are true!) - Ten Rules to being a sell-side economist - https://snippet.finance/sellside-economists/

I will periodically post things on this excellent forum. If you don't want to miss anything the best thing to do is subscribe at www.snippet.finance/subscribe.