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Sleepwell

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  1. I've spent a few weeks thinking about this topic, and recently wrote a piece about how I define it and a framework to build it: https://sleepwell.substack.com/p/the-raw-material-of-long-term-investing Curious as to how you guys think about it and if you have a different way to approach it. I've found it's one of the most personal investment skills and varies greatly from person to person. Any real life examples are also helpful.
  2. Not a podcast, but related to podcasts some big news today...spotify signs Joe Rogan for exclusive podcasts and videos in spotify (no more youtube and apple...) https://newsroom.spotify.com/2020-05-19/the-joe-rogan-experience-launches-exclusive-partnership-with-spotify/ https://www.theverge.com/2020/5/19/21263927/joe-rogan-spotify-experience-exclusive-content-episodes-youtube
  3. He's waiting for Disney to fall 40% so he can buy the whole thing :)
  4. Just out of curiosity, any other comments on why you chose a specific platform appreciated!
  5. 3x ebitda? Am I reading that right? That also jumped out to me... I think what they saw attractive was the financing they got in return. 576mm @9% 52MM in interest which is higher than the 47MM. I'm guessing there's some tax planning behind this too
  6. Warren E. Buffett, Berkshire Hathaway’s Chairman and CEO, said, “My partner Charlie Munger and I have known and admired the Lee organization for over 40 years. They have delivered exceptional performance managing BH Media’s newspapers and continue to outpace the industry in digital market share and revenue. We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry’s challenges. No organization is more committed to serving the vital role of high-quality local news, however delivered, as Lee. I am confident that our newspapers will be in the right hands going forward and I also am pleased to be deepening our long-term relationship with Lee through the financing agreement.”
  7. I thought they never sold anything... more flexibility going forward? https://finance.yahoo.com/news/lee-enterprises-buy-berkshire-hathaway-114510889.html
  8. did not see this one coming... Replacing Bill as CEO will be Todd Combs, one of Berkshire Hathaway’s investment managers. “Todd has a strong career in insurance,” said Ajit Jain. “He initially worked at Progressive Insurance Company before going to graduate school to begin an investing career.” Since 2010, Combs has been an investment manager at Berkshire Hathaway. In addition to becoming GEICO’s CEO, Combs will continue to manage $14 billion of investments for Berkshire Hathaway. https://www.businesswire.com/news/home/20191223005299/en/GEICO%E2%80%99s-Roberts-Retire-2020-Succeeded-Todd-Combs
  9. Have not seen a thread on this, if there's one I'm happy to move it there. Water scarcity and management is one of the biggest trends of the next few decades and there doesn't seem to be a lot of people paying attention to it other than your typical ESG guys. Not a whole lot of ways to play it, but a few names have come up from spinoffs over the the past few years. There's different ways to get exposure to it and different sub-sectors have different economics and growth rates. Here's an old Goldman primer that provides a good introduction. http://venturecenter.co.in/water/pdf/2008-goldman-sachs-water-primer.pdf Some names are: Xylem (XYL), Evoqua (AQUA) for Water technology and water treatment (utilities and industrial) Pentair (PNR) for filtration solutions, pool products Watts Water Tech (WTS), Mueller (MWA) for pumps, valves, plumbing, drainage, fire safety etc. (think of it as the hardware or piping) Roper (ROP) has a smart-metering exposure through their Neptune subsidiary Ecolab (ECL) industrial water treatment and cleaning solutions Most of these guys are trying to incorporate some sort of software solution/IoT into their businesses but I haven't seen much traction yet. Anyone following this space or have any thoughts?
  10. What are you trying to get at here? I ask because I used to work in Fixed Income research and this is not something we would look at. There's all sorts of distortions when looking at the S&P, need to take out financials, and then comes the question of whether you're doing it market-cap weighted in which case it would be very low because a lot of the tech co's have negative net debt to ebitda and huge weights so that would skew the whole. Overall I can say that the S&P is a pretty good Investment grade proxy, which as a whole has seen increasing leverage post crisis, in part due to lower rates. The way we would break it down would be by tracking it by credit rating, IG vs. HY overtime, and focus on BBBs which have become a huge part of the IG market and a risk in a downturn because many of them could be downgraded to HY and that migration could have some technical implications in the market (forced selling from insurance companies/pensions/MF etc). And the way you weight it would be by notional outstanding, so bigger issues get more representation (not by market cap which only looks at the equity) Unfortunately I lost access to this data but if you have any specific questions happy to take a stab at them.
  11. I know this is "meaningless" now but I see that P/B is somewhere around 1.29X, I know historically this area has been a pretty good entry point for BRK and if anything now more than ever given that P/B and Intrinsic Value per share have been diverging as underlying operating business value grows w/o being reflected in the balance sheet
  12. A podcast summarizing the book on Singleton (which is very hard to get) "A Distant Force" (with transcript) https://moiglobal.com/henry-singleton-lessons/
  13. A podcast summarizing the book on Singleton (which is very hard to get) "A Distant Force" (with transcript) https://moiglobal.com/henry-singleton-lessons/
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