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A Curator's Curation

Market Talk, Special Edition

Conor Mac
Nov 25, 2022
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Over the years I have shared hundreds of articles, papers, case studies, and other interesting resources in my Sunday editions of Market Talk. Today I have curated the highest quality resources into one place. I share a lot of great resources at Market Talk, but some of the content is ephemeral by nature, so I have instead focused on content that is evergreen; its relevance stands the test of time.

Twitter avatar for @TheITNewsletter
The Investment Talk Newsletter @TheITNewsletter
After more than 2 years, the Investment Talk Newsletter recently hit the milestone of 15,000 readers on @SubstackInc 🍾
11:10 AM ∙ Nov 24, 2022

Before we start, I will remind readers that in August I shared a rather large compilation of all the resources, data sources, and research tools that I use to write this newsletter, which might be of interest too. I recently spent a few hours updating it and adding new sources.

Resources, Resources, Resources

Given the breadth of content that I share, I have tried my best to bucket them into appropriate segments;

• Articles & Works From or On, Famous Investors

• Understanding Fundamental Analysis

• Understanding Qualitative Analysis

• Bubbles

• Mergers & Acquisitions

• Stock Market History

• Process

• Mentality & Misc

Investment Talk goes out to over 15,000 investors and is a reader-supported newsletter. If you enjoy the content and would like to support the newsletter, you can do so here.

Support Investment Talk

AlphaSense: Free Trial of an Expert Transcript Call Network

Thank you to Stream by AlphaSense for sponsoring this edition of Market Talk. Stream is an expert transcript library, with over 20,000 transcripts, that allows the individual investor to quickly perform preliminary diligence on new ideas related to their target companies across all sectors; avoiding the time, hassle, and cost of traditional expert network calls.

Source: AlphaSense

The calls are transcribed as well as presented in their original audio form, and transcripts are available to be downloaded as PDFs for later use. I will be candid and state that the price tag for this service is somewhat more expensive for a retail investor, but they have a superb 2-week free trial that I think everyone should make use of. You can find a link to that below.

Grab a Free 2-Week Trial

Some of the additional Stream features include:

  • AI-powered tools like smart synonyms and keyword proximity search help you discover relevant content quickly.

  • Call summaries and tables of contents help you quickly collect key transcript themes before reading.

  • Real recorded audio files help provide conversational tone and nuance

  • Library calls are led by buy-side analysts, many of whom have years of experience running expert interviews.

Articles & Works From or On, Famous Investors

Here you will find a selection of articles, papers, or curations of the works of some famous investors.

Peter Lynch

• The Peter Lynch Playbook

• An Interview with Peter Lynch in 1996, Six Years After Retirement

• Use Your Edge, Article from Peter Lynch 1997

• Peter Lynch Lecture from 1994

• Peter Lynch Essays: 1993 to 1999

Michael Burry

• Michael Burry: MSN Money Articles 2000-2002

Nick Sleep

• Nomad Investment Partnership Letter 2001-2014

François Rochon

• The complete history of letters from Giverny Capital

Michael Mauboussin

• Reflections on the Investing Process with Michael Mauboussin

• Reflections on the Ten Attributes of Great Investors

• The Paradox of Skill: Why Greater Skill Leads to More Luck

Benjamin Graham

• The Rediscovered Benjamin Graham Lectures from 1946/47

Phil Fisher

• Masterclass, Phil Fisher’s History

• A Rare Interview with Phil Fisher Following the 1987 Crash

Chuck Akre

• Return on Investment, Chuck Akre

John Templeton

• 16 Rules for Investment Success, John Templeton

Terry Smith

• Terry Smith Fundsmith Letters 2011 - July 2022

Warren Buffett

• Buy American. I Am.

• How Inflation Swindles the Equity Investor, Warren Buffet, 1977

• 65-Years Worth of Buffett’s Partnership & Berkshire Letters, Articles, Annual Meetings and Memos

• The Hustler: Lessons from a Young Warren Buffett

• So You Want To Be The Next Warren Buffett? Mark Sellers

• Practicing a “Punch Card” Approach to Investing

• A Dozen Things Warren Buffett and Charlie Munger Learned From See’s Candies

• The Story of GEICO, Graham, and Buffett

Dan Loeb

• Strange Case of Dan Loeb and Daniel S. Loeb

Bill Gurley

• The complete library of Bill Gurley articles

Seth Klarman

• Seth Klarman’s Critique of Efficient Market Theory

Bill Miller

• Sources of Edge, Bill Miller

• No Pain, No Gain, Bill Miller

• Bill Miller: Lessons From The Legendary Value Investor

Allan Mecham

• Arlington Value Capital Letters 2008-2017

Bubbles

Here are two articles on spotting and avoiding bubbles that I found particularly useful.

• Soros on Financial Markets & Bubble Spotting

• How to Avoid and Profit From Manias, Bubbles and Investor Irrationality

Understanding Fundamental Analysis

Papers and case studies that break down how to read financial statements, and some which focus on granular aspects of fundamental analysis.

• 10-K Navigation Guide

• How to Read a Financial Report

• 20-Years of Focused Compounding Letters

• Importance of ROIC: “Reinvestment” vs “Legacy” Moats

• Return on Invested Capital How to Calculate ROIC and Handle Common Issues

• Calculating Incremental ROICs

• ROIC and Intangible Assets

• Everything Is a DCF Model

• Earnings, Cash Flows and Free Cash Flows w/ Aswath Damodaran

• What Does a Price-Earnings Multiple Mean?

• Defining Equity Duration

• Viewing Stocks as Bonds

• So You Want to Be An Investment Analyst?

• Good Losses, Bad Losses

• New Business Boom & Bust

• The Impact of Intangibles on Base Rates

• The Base Rate Book

• Wealth Transfers: Redistribution of Value via Capital Allocation

• Intangibles & Earnings

• Employee Stock Options: Theory and Practice

• Why Appraising a Stock Based on “Relative Valuation” vs. Peers Isn’t Enough to Guarantee You’re Getting a Bargain

Understanding Qualitative Analysis

• Pricing Power & Inflation

• The Makings of a Multibagger

• The Economics of Customer Businesses

• Founder-Led Companies Outperform the Rest - Here’s Why

• A Guide to Marketplaces

• Pricing Power: Delighting Customers Vs Mortgaging your Moat

• Moat Erosion Starts Behind the Castle Walls

• Complexity Investing

• Measuring the Moat

• Understanding Competitive Advantage Through Market Power

• Why we focus on Quality

Mergers & Acquisitions

• Attractive M&A Targets: What Do Buyers Look For?

• To Buy or Not To Buy A Checklist for Assessing Mergers & Acquisitions

• Studying Serial Acquirers

Stock Market History

• Speculation in 1980s Taiwan

• Equity Duration & Inflation: Lessons from the Nifty Fifty

• Valuing Growth Stocks: The Nifty Fifty

• The Biggest Corporate Turnaround in History & The Bank That Almost Broke Britain

• The documentary of the Bank that Almost Broke Britain

• What Has Worked in Investing

•  Innovation Hubs – Past, Present & Future

• After the Beanie Baby bubble burst

• Minsky Moments in Venture Capital

• Ten Lessons from Great Businesses

Process

• Microcap as an Alternative to Private Equity

• Dollar Cost Averaging vs. Lump Sum: The Definitive Guide

• Why most investors are bad at selling

• Investing: Is it skill or luck?

• Investor Sentiment, Style Investing, and Momentum

• Long-Term Investing in a Short-Term World

• Why Compounding is so Difficult

• Hold Fast: Tips for 100 Baggers

• The Art and Science of Downside Protection

• When do you average down?

• The Agony & The Ecstacy: The risks and rewards of a concentrated stock position

•  A Good Filter For Finding Winners

• Due Diligence – Get On The Ground

• Play Your Own Game

• Speculation: A Game You Can’t Win

• Portfolio Turnover is the Price of Progress

• The Coffee Can Portfolio

• Why Invest in Quality?

• Selling Out, the Art of Selling

• Selling Is Harder Than Buying

• Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors

• The Conviction To Hold

• There’s No Such Thing as Buy and Hold

• Information as a basis for improvement

Mentality & Misc

• The Illusion of Knowledge

• Dare To Be Naïve

• The Raw Material of Long Term Investing

• Mental Tension and the Value of Falling Stock Prices

• Why I Like Small Companies

• Bull Market Rhymes

• Great companies are forged during crisis

• Sources of Enduring Business Success

• Stock Splits: A Re-Evaluation

• The Maturation of an Investor

• Learning from Yen Liow: Game Within the Game

• Managing the Man Overboard Moment

• When Quality Companies Face A Reckoning

• Flywheels by Andy Johns

• An Essay on Investing in Small Stocks

• The First Rule of Compounding

• 15 of our Favourite Investment Patterns

• Technical Analysis - Explained

• Ten Lessons from 20 Years of Value Creation Insights

• I Passed on Berkshire Hathaway at $97 Per Share

•  The Reading Obsession

If you enjoy the content and would like to support the newsletter, you can do so here.

Thanks for reading,

Conor

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Punch Card Investor
Writes Punch Card Investor
Nov 26, 2022Liked by Conor Mac

this is amazing, thank you sir

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Simon Handrahan
Writes Margin of Safety Investing
Nov 25, 2022Liked by Conor Mac

who needs the library of congress?

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