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Drinking morning coffee while doing a crossword on the deck. John Coltrane on the Sonos. I could do that every day. Wait, I do indeed do that everyday. Except sometimes the weather doesn’t cooperate and I switch between jazz and blues sometimes. and I don’t mind admitting that I sometimes search for answers on the internet when I get stuck.

Quick read from The Transcript of some Klarman quotes from the interview https://thetranscript.substack.com/p/seth-klarman-interview read some, and maybe you’ll want to invest an hour in the video. (I didn’t)

Short report of backpacking trip...basically 20 miles in two day, first day saw sleet at times. We had two stream crossings where water was up to 2 feet deep. Very cold, and the first time these scouts had ever needed to do stream crossings like that. Temp first night got down to 24 F, second night was low of 40ish. There were some nice steep hills for Missouri, good training for Philmont, but we will see much larger elevation changes there. Overall, we were well prepared for this trip. On the way home I heard a story on NPR about first order and second order fun. First order fun is instant gratification stuff, going to a movie, having a nice dinner, video games, etc. Second order fun is stuff that maybe didn’t seem fun at the time, but looking back afterward was. Things like running a marathon or anything that takes work but leads to a great sense of accomplishment. (Nailing an equity analysis thesis and having your stuff go up?) timing of the story was perfect.

Adding a teaspoon or so of microplaned lime zest to a pitcher of margaritas is real nice. There are some oils and other compounds that steep into the drink. Strain it out if little chewy bits bug you.

14 year old son has spring break this week, so we are going backpacking for two night trip. We head out with a few other scout leaders and sons, doing a Philmont shakedown. Wife, son and I have a 12 trek this summer. I often sleep better in a tent than in my own bed.

A similar situation happened, to a smaller dollar amount in coal. BTU had to post $534 million to satisfy margin requirements on derivative contracts after coal surged 200%+ since the end of 2021: https://finance.yahoo.com/news/peabody-announces-financing-arrangement-135400730.html

Men Faber has talked about this a few times: https://mebfaber.com/2021/07/01/journey-to-100x/ “I began putting money into private companies back in 2014. AngelList was, and remains, my primary platform, though I’ve done deals through a handful of other platforms including WeFunder, EquityZen, Republic, BioVerge, and Jason Calacanis’s syndicate. I’ve also co-invested with friends like Howard Lindzon, and made various direct investments with founders I know.” Might be a few other resources linked in the article.

Enjoyed this write up: https://valuepunks.substack.com/p/deep-dive-hdfc-bank-hdb-us Unless i misunderstood, author is from WhiteFalcon.

Is it just me, or does the site not work with iPad?

Piedmont Natural Gas (PNY) was bought by Duke in 2016. Sure it was a sleepy utility stock, but I participated in their DRIP program for something like 15 years buying $200/month. They offered 5% discount on reinvested shares. Sure would have been nice to let that run on auto.

Back to the value stock rotation...here’s a brief take on the rotation happening during the tech bubble: https://www.albertbridgecapital.com/post/if-growth-stocks-sell-off-will-they-bring-value-stocks-down-with-them

KNOP has a 12% distribution with a large portion of it RoC. (I think there is a thread in investing ideas here) A few BDCs I’ve owned in the past have had a mix of unqualified dividend and RoC

I’ve only sort of skimmed this, but this likes a good starting point for an array of relevant material. It’s aimed toward MBA interns, so perhaps a touch advanced for someone brand new. Contains lots of TL:DR summaries of embedded links to articles, books, research pieces, etc. https://mcusercontent.com/6dc62f307511d466ff78a94fe/files/08f2139c-5671-bfe3-fcd6-17ea31f9a85a/Verdad_Curriculum_v8.pdf

<I’ve heard of fever tree but can’t ever find it near me. Can only find tonic in generic half liters which always pisses me off because it goes flat. > pick up a sodastream and order Jack Rudy’s tonic syrup. That you can always have fizzy tonic. Jack Rudy’s has some other products, but I’ve never tried them: https://jackrudycocktailco.com/?gclid=CjwKCAjw7fuJBhBdEiwA2lLMYWqAivD5AJVF1XVqDmO-KBIxWgXcuKTevdLsDAJzME8l0EgdO89YWRoCXN4QAvD_BwE