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VersaillesinNY

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  1. You are confusing Sequoia Fund (Ruane Cunniff) with Sequoia Capital (Venture Capital), the second did mark down its FTX investment to $0.
  2. Joshua : Greetings, Professor Falken. Stephen Falken : Hello Joshua Joshua : A strange game. The only winning move is not to play. How about a nice game of chess? WarGames, 1983
  3. Semper-Vic-Partners-L.P.-Letter-to-Investors-April-2020.pdfLetter-to-Investor-LP-2021Q4.pdfthomas-russo-value-investing-conference-march-15-2018.pdfSemper-Vic-Partners-LP-Letter-to-Investor-August-2021.pdf
  4. RIP Mr Gottesman https://www.wsj.com/articles/david-s-gottesman-friend-of-warren-buffett-has-died-at-age-96-11664501670 https://www.nytimes.com/2022/09/29/business/dealbook/david-s-gottesman-dead.html
  5. CNBC Transcript: Duquesne Family Office Chairman & CEO Stanley Druckenmiller Speaks with CNBC’s Joe Kernen Live During the CNBC Delivering Alpha Conference https://www.cnbc.com/2022/09/28/cnbc-transcript-duquesne-family-office-chairman-ceo-stanley-druckenmiller-speaks-with-cnbcs-joe-kernen-live-during-the-cnbc-delivering-alpha-conference-today.html
  6. RIP Mr Lou Simpson. Some insight on Lou Simpson and how he works From Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors: Buffett has described Simpson as having “the rare combination of temperamental and intellectual characteristics that produce outstanding long-term investment performance.” In particular, Buffett admired Simpson’s ability to invest in stocks with below-average risk, and yet generate returns that were the best in the insurance industry, a hallmark of Buffett’s. Simpson’s investing for GEICO often paralleled Buffett’s efforts at Berkshire. And students of Buffett’s style will recognize his influence in Simpson’s process: seek undervalued businesses with proven track records, strong management, a high likelihood of continued steady growth, pricing power, financial strength, and a history of rewarding shareholders. “He has this great ability to understand what’s going to be a good business,” said Glenn Greenberg, a longtime friend who is now managing partner at Brave Warrior Capital Management. (Simpson considers Glenn an excellent investor and they have ended up owning the same stocks numerous times over the past 30 years.) “And it’s concentrated because there aren’t that many really good businesses.” Simpson has an unassuming manner and puts people at ease. He has a wide circle of acquaintances, which assists in gaining insights into companies and industries he is researching. He is also a master of understatement, so much so that in conversation the import of his observations aren’t understood until long after the discussion is over. Like the man, Simpson’s office is unassuming. It is situated in a low-key, nondescript office building in Naples, Florida, an 8- to 10-minute drive from his home. A passerby would have no clue about the business being transacted in it. It is also unusually quiet. He says that he has always tried to block out as much noise as possible. There are no interruptions; no ringing phones, no Bloomberg in the office—Simpson keeps it in the entranceway, separate from the office, so that he has to stand up from his desk to look something up if he needs it. “If I have the Bloomberg on, I find I am looking at what the market is doing,” he said. “I really like to be the one who is parsing the information, rather than having a lot of irrelevant information thrown at me.” His desk, like the rest of his office, kitchen, and meeting rooms, is clutter free. His work life is similarly low key. He is disciplined about exercising before work, and arrives at his office long before market hours. Simpson reads everything he can find about companies that have caught his eye. He doesn’t search for investments in analyst reports, or by speaking to sell-side researchers. lou-simpson-1987-profile.pdf A Maestro of Investments in the Style of Buffett - The New York Times.pdf
  7. https://www.manhattanda.org/d-a-vance-michael-steinhardt-surrenders-180-stolen-antiquities-valued-at-70-million/
  8. Steinhardt might have illegally purchased some cursed antique objects or did he publicly bashed Warren Buffett in 2011, maybe both. "You can fool people some of the time, but you can't fool them all of the time." — Aesop
  9. This link works: https://www.bbc.co.uk/programmes/p0b4hdtb Skip first 2 min Steven Pinker, Tim Harford, Charlie Munger
  10. Enjoy! https://www.youtube.com/channel/UCvvR2wp795uqsmh6F-Rq6TA/videos
  11. Stanley Druckenmiller: “The greatest investors make large concentrated bets where they have a lot of conviction” https://thehustle.co/stanley-druckenmiller-q-and-a-trung-phanin
  12. 2021 Student Investment Fund Annual Meeting Keynote by Stanley Druckenmiller
  13. RIP Charles de Vaulx. It's a tragedy. https://www.morningstar.com/articles/1035374/iva-founder-charles-de-vaulx-has-died Charles de Vaulx, an iconoclastic value manager who co-founded IVA Funds after working for many years with investing legend Jean-Marie Eveillard, has died in an apparent suicide, the New York City Police Department confirmed Monday evening. De Vaulx, 59, entered IVA offices at 717 Fifth Ave. in Manhattan shortly before 1 p.m. Monday, the department’s public information office said in an email. Responders pronounced him dead at the scene at 1:05 p.m. The police said detectives are still investigating de Vaulx's passing, but do not suspect any criminal activity. The death of de Vaulx shocked and saddened former colleagues and others who knew him for his uncompromising investment style that prioritized buying stocks at deep discounts or not at all. He was renowned and revered across the industry for his investing acumen and opinionated views on individual companies and the market in general. IVA, the firm he formed in 2008 with former colleagues from First Eagle funds, had struggled in recent years, however. His passing comes little more than a month after IVA abruptly announced it would liquidate its funds and close shop.
  14. Behind the Rise and Fall of an Esteemed Value Shop _ Morningstar.pdf https://www.morningstar.com/articles/708457/behind-the-rise-and-fall-of-an-esteemed-value-shop Good article and lessons learned about IVA's fund raise and dramatic fall.
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