saltybit

more NTLS

DTEGY and NTLS

http://www.amazon.com/Who-Gets-What-Why-Matchmaking/dp/0544291131 A book about designing markets. I'm liking it so far, though it's a bit long-winded and you have to get to 100+ pages before he gets to a market design algorithm, but overall I think it's definitely worth reading and unique.

curious if some folks have early access to this book and read it.. It's written by Ben Carlson from "A wealth of common sense" http://awealthofcommonsense.com/about/ http://www.amazon.com/Wealth-Common-Sense-Simplicity-Complexity/dp/1119024927

Released recently (June 2015) http://www.bp.com/content/dam/bp/pdf/Energy-economics/statistical-review-2015/bp-statistical-review-of-world-energy-2015-full-report.pdf

James Grant on this topic in 9/2014 https://www.linkedin.com/pulse/balance-sheet-ate-switzerland-james-grant

Thanks for this recommendation. Great book, read and just finished.

Some of you probably saw this already: http://dealbook.nytimes.com/2014/12/25/dipping-into-auto-equity-devastates-many-borrowers/

http://www.reuters.com/article/2014/12/27/investing-fundflows-lipper-idUSL1N0UA0Y120141227 U.S.-based stock funds attract record $36.5 bln inflows in week -Lipper week of 12/24

I'm not an expert, and I just started looking. Some of the things i noticed are: - Many of these refiners seem to be dependent on larger spreads between the various oil benchmark prices (WTI, etc) the spread has been narrowing recently, so it also partly depends on where the refiners can get their input supply, especially the refining companies that are more focused on a particular geographical area. This can vary depending on the diversity of "connections" into the refinery. (railcar vs pipeline vs marine transport) - Refiners also vary in the kind of products (not just gas and diesel) that they produce and the amount. Some of the pricing of these products are less tied to the swings in the oil price. - Some of them also put on hedges, and vary in the amount that they hedge. I think someone like PBF (a recent Klarman/Baupost addition) might have more hedges on than others. Would love for someone with more experience and knowledge to chime in.

I liked the Klarman resources on the site. This one particularly (written right after the 08 crisis) "The Value of Not Being Sure" http://rbcpa.com/Klarman_The_Value_of_not_Bing_wrong_20090223.pdf

S&P 500 Company Sales Are Accelerating And Margins Are Expanding

Who is holding a large part of the debt of these oil companies? What happens if these oil companies default? Will there be cascading effects that don't just touch the energy industry?

Taunt sign during Harvard vs Yale game

[amazonsearch]The New House of Money[/amazonsearch] Looks like Steven Drobny is starting a new book, and allowing early access to the content, after registration. So far there are 2 chapters, Kyle Bass, and recently Chanos. http://www.drobnycapital.com/books

Michael Lewis on the book (written 2009) http://www.newrepublic.com/article/books-and-arts/the-master-money

What do you guys think of BXE? Just starting to look at it, but they seem to have a relatively healthy balance sheet and good management in comparison to some of the canadian oil players, as well as being reasonably valued.

more IFT

He wants a business that can be run by ham sandwhich because someday a ham sandwhich will end up running it. I think one of the deeper points in that statement is a company with a strong moat will be more likely to survive sub-par management for quite a while. If you own a business for a very long time there is a good chance you will get some bad managers in there. The Moat can help mitigate that. The bad manager does some damage for while and you boot them out and recover. In the long run the brand or company is not severely damaged. The new coke fiasco might be an example of that. Which businesses are currently in this state right now? (previously thought of as moated but lost a bit of the shine due to ham sandwich management)

Just out of curiosity, why do you ask? Looking for the next WorldCom? I was thinking that this can be a proxy for knowing which stocks are held by "weak hands". (lots of forced selling on a big swing downwards)

Is there any way to see which stocks have the greatest amount of its float held by owners who bought it on margin?

http://www.nytimes.com/interactive/2014/08/15/magazine/bad-paper-debt-collector.html?_r=0 entertaining read.

When is the spinoff set to happen? For some reason, I can't find the date and only see from http://ir.libertymedia.com/releasedetail.cfm?ReleaseID=846439

There's also a nice intro book to meditation written by a Google engineer http://www.amazon.com/Search-Inside-Yourself-Productivity-Creativity-ebook/dp/B0070XF474

Is there a good compiled collection of articles about Schloss somewhere? This was the best that I found so far: http://seekingalpha.com/instablog/677842-john-huber/1765091-who-is-walter-schloss