Bristlemouth: A Value Investing Blog
May 16, 2008

Your weekend reading list

Your weekend reading list

Sorry folks, it’s been a busy week and I’ve neglected you. What’s more, I don’t even have something special to make up for it. To tide you over 'til Monday, here’s a list of interesting stuff doing the rounds of The Intelligent Investor over the past week.

The Economist published a great briefing on energy efficiency, an interesting piece on electric cars and a scathing comment on Yahoo! and Microsoft’s inability to get together.

Gurufocus has published detailed notes from the recent Wesco annual meeting featuring Berkshire Hathaway’s Charlie Munger. We couldn’t make it over to California this year so were thrilled to lay our hands on Munger’s insightful comments. Speaking of Munger, Gareth Brown is spending his nights wading through Poor Charlie’s Almanac – it’s a difficult one to get your hands around, literally, but the back half has some of the best investing advice you can get.

Finally, you shouldn’t go through the week without reading what FT.com has to offer. Check out Martin Wolf’s article on the realities driving a high oil price, John Kay’s guide to the emotional cycles of a credit bust and some back and forth between Lawrence Summers, trying to protect the US from the forces of globalisation, and Devesh Kapur, Pratap Mehta and Arvind Subramanian sticking up for the developing world.

Enjoy your weekend and I promise something Monday ... maybe a piece on the Dutch Disease damaging our economy.

Comments

Stephen Johnston
May 21, 2008

I'm very surprise no person has made a comment on Charlie Munger latest update on the credit situation.
It was refreshing to hear someone tell it like it is.
Viktor Frankl his responsibility and the freedom to choose your own response in a bad situation has gone out the window.
Now when mad gamblers make a mistake government taxpayer money is used to bail out fail bank and Australian will go the same way.
We need people to take free responsibility and clean out the system no bail outs.
Free responsiblity saves taxpayers money and makes every asset cheaper.
It's intersting that George Soros and Warren Buffett agree with Bear sterns bail out.
Old solid liberal values of conservative investment are not respected anymore.
Stephen Johnston

May 24, 2008

Hi - I just started my journey into the stock market recently and I see that I tend to lean towards the concept of value investing. I have so much to learn, but a friend told me the best way to "eat an elephant" and I am going to use that same approach when it comes to learning about investments. I started following the Microsoft/Yahoo headlines in the news but, still trying to understand the ramifications on what is currently happening on both stocks. Great blog and keep up the great work. Stop by and visit me on my journey.

Helen Mahar
May 24, 2008

Hi Steve
I read the article on Charlie Mungo a few days ago, and was struck, as usual, with his plain speaking This time about current financial shennanigans and lack of accountability. Doesnt pull many punches.

However, for me, (quote page 4 of 10) stands out.
"The only duty of corporate executive is to widen the moat. ... to be the steward of the competitive advantage that came to you". Now that's focus. Could be worth an article.

Charlie's plain speaking sure beats the business lingo used by many of the organisations that have been caught in the current mess.

Generally, when I strike such language, I start suspecting that if I cannot understand it, then perhaps I am not meant to. Onya Charlie!

Sam
May 25, 2008

The energy efficiency article would be more interesting if it compared economies rather than using a per-capita rating.

July 11, 2008

I bought a copy of "Poor Charlie" and I've managed to get about half way into it.

Its very difficult to read, not because of the style but because it weighs about 15 kg !

As Helen writes above, when you less than plain speaking from anybody in any management anywhere, the bullshit detector should start ringing loud and clear.

Which reminds me...

These days I vote every proxy form I can to vote against executive option plans and so on. The other day I got a letter from Servcorp asking why I'd done so. I find it curious that they should need to ask, and they have gone down about 3 notches in my estimation as a consequence!

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