It’s not about earnings, it’s about wealth creation and levered cash-flow growth. Tell them you don’t care about earnings…
– John Malone

Companies

The fried-chicken wars: Inside KFC’s weird new fight to dethrone Chick-fil-A
Question is – how many young folk remember/relate to the Colonel? Chick-fil-A is not a healthy alternative to KFC by any means, so its interesting to see one thrive while the other doesn’t.
To market these changes, KFC tapped Saturday Night Live alum Darrell Hammond to resurrect a live-action version of Colonel Sanders.

Airbus Reckons Superjumbo Just the Ticket for Budget Carriers
a likely market for used A380 jets is airlines looking to fly lots of passengers in a low-cost setup, principally in the Asia-Pacific region where budget airlines are flying smaller A330 widebody jets.

Leucadia Annual Meeting Notes 2015

Market

The Value of Surplus Cash
An interesting summary of research into the question – what is the incremental value to market cap of $1 of cash on the balance sheet? Hint: it’s not $1.

Who Will Be Hurt Most When The Tech Bubble Bursts? Not VCs
A speculative bubble requires a “who’s the greater fool” syndrome to fuel it. Timing of the burst is what determines who in the market ecosystem would have a harder fall. Right now, cross-hair is clearly on the employees and founders. Not the VCs, for sure.

On the money: Is a flutter on a Premium Bond a savings winner or loser?
I think of them as fun money for those with quite a bit of wealth,

John Nash’s Game Theory and Greece
The problem, in game theory terms, is that a game that needs to be played cooperatively to achieve the desired outcome continues to be played uncooperatively — repeatedly.

Investing

Jannie Mouton: 20 lessons from building PSG, my R44bn business
Some wise words form one of the greatest capital allocators in South Africa.
In August, it will be two decades since the team at stockbrokers Senekal, Mouton & Kitshoff gave managing partner Jannie Mouton the biggest gift of his life. By firing him a few months short of his 50th birthday, they forced the lad from dusty Carnarvon to re-assess his life. The result was the birth of what is today the R44bn PSG Group whose success has fulfilled the wildest dreams of now fabulously wealthy Mouton.

RECM’s Piet Viljoen: Making mistakes, current performance and how to be judged
An interesting interview with another respected capital allocator, and well-known South African value investor.

Long reads

How FIFA’s Structure Lends Itself To Corruption
This isn’t only a theoretical problem of inequity. Soccer power in smaller nations concentrates itself in fewer officials and stakeholders. That makes the nations’ votes — votes that occur in secret FIFA ballots — more vulnerable to corruption from bribery.

These Stunning Photos of New Zealand’s Largest Gang Will Give You Sleepless Nights

Surprise! Our Attention Spans Aren’t Dead!
An interesting analysis of how people are using the Pocket app.
In the Top 500 most-saved articles from the first half of 2015, we found that the average article length is 3,190 words, which would take over 15 minutes to read.

Graph of the week

This is EXACTLY why you always do your own research

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