My end-of-week morning
train WFH reads:
• Seth Klarman on What Makes a Value Investor and Committing ‘Sacrilege’ in New Edition of ‘Security Analysis.’ Klarman edited the classic to remind investors of basic principles — but he questions “how much of this will be read by institutional investors who may think they know it all.” (Institutional Investor)
• Flying Cars Are Nearly Here—and They’re Electric: Companies like Joby and Archer are about to begin production of electric vertical takeoff and landing aircraft. For investors, the upside could be in the billions. (Barron’s) see also Bring On the E-Boats! The most exciting electric vehicles in the world are for sailors only. (Slate).
• Move fast and beat Musk: The inside story of how Meta built Threads: A company in crisis went back to basics to deliver a viral hit. But can Adam Mosseri’s bare-bones Twitter clone reinvigorate an aging tech giant? (Washington Post)
• Hamptons Partygoers Cast a Worried Eye on New York’s Future: Paulson, Catsimatidis among those at Southampton Hospital gala Party’s theme tied to Palm Beach, now home to many attending. (Bloomberg)
• From Pepperoni Math to Nepo Babies, Summer Is for Interns: Your first experience at work is not often forgotten. (Businessweek)
• The First Big Antitrust Trial of the Century Is About to Start: Google’s monopoly is going on trial starting September 12. This is the big one. Or rather, it’s the start of a series of big ones. (BIG by Matt Stoller)
• Aristotle’s 10 Rules for a Good Life: An ancient Greek recipe for happiness: Aristotle proposed these happiness virtues more than two millennia ago, but I believe they provide a handy checklist today for living well. Here’s an abbreviated list you might just want to put up on your fridge. (The Atlantic)
• The Jerk Aficionados: Playing a sleazy, blustering buffoon the audience loves takes skill—just ask Adam Scott, Ben Stiller, or Julia Louis-Dreyfus. (The Ringer)
• What the Webb Space Telescope Will Show Us Next: The astrophysicist Jane Rigby talks about the beauty of space, the possibility of life on other planets, and how the Webb sees hidden parts of the universe. (New Yorker)
• 50 Years Later, Everything Is Hip-Hop: Rappers didn’t just change the sound of music—they changed the business of it too. ‘The only rule was to be successful.’ (Wall Street Journal)
Be sure to check out our Masters in Business interview this weekend with Ted Seides, founder of Capital Allocators, an advisory platform to managers and allocators. Previously, he worked under David Swensen at the Yale Investments Office, where he invested directly with three of Yale’s managers. We discuss his famous bet with Warren Buffett about whether a selection of hedge funds could beat the S&P 500 over a decade. (Buffett won).
The rental market slowdown in finally reflected in inflation numbers
Source: Apartment List