Ferg's Finds

This is a short weekly email that covers a few things I’ve found interesting during the week.

Articles

Well, it’s a collection of book summaries, but never the less is hugely valuable (I’ve been reading his summaries of parenting books lately).

Regarding investing, these three are a must (even if to re-read for reinforcement).

Thinking in Bets - by Annie Duke

Fooled by Randomness - by Nassim Nicholas Taleb

Antifragile - by Nassim Nicholas Taleb

Podcast

Worth a listen: MacroVoices #370 Adam Rozencwajg: Energy, Gold, Copper & Uranium

Quote

“Behavioral advantages are the most interesting because they are the most durable. The best part is that such results are likely to  be systematically exploitable and not able to be arbitraged away as they  become more widely known.”

- Bill Miller 

Tweet

I find this Tweet interesting as the narrative always follows price. A part of why energy is so hated is it has done nothing but lose investors money from 2014 up until recently.

Has society overlooked many negative aspects of social media since the companies themselves were doing great in their portfolios? If these companies underperform for the next decade, I expect narratives like the below tweet to continue gaining traction.

Charts

Reality is struggling to keep up with the narrative.

Something I'm Pondering

What it it going to take for this to increase?

Or is it destined to be a drawn out version of the below chart?

FCF continuing to climb with investment ratio continuing to decline for years to come?

I hope you’re all having a great week.

Cheers,

Ferg 

P.S. I enjoy these "ask me anything videos" as I get to see what everyone's interested in and clarify my thoughts on positions and investment strategies.

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