The stock market is filled with individuals who know the price of everything, but the value of nothing
– Phil Fisher

Featured article

The Value of Not Being Sure
Some wise words from Seth Klarman during the financial crisis.
in the end, our uncertainty prods us to work harder and to be endlessly vigilant.”

Companies

Discontent Simmers Among McDonald’s Franchisees
Shrinking sales, rising costs, debt from restaurant upgrades all add up

Lumber Liquidators’ Home-Testing Methods Get EPA Scrutiny
While the EPA didn’t take a position on the specifics of Lumber Liquidators’ test program, the agency said on its website that home air testing “may not provide useful information due to the uncertainties” of the method.

Pure Gym buys rival LA Fitness
Leeds-based Pure Gym was founded in 2009 and is already the country’s biggest chain by membership.

MusclePharm Reports 2015 First Quarter Financial Results
Improved corporate governance best practices, announcing the intention to separate the role of Chairman of the Board, with Brad Pyatt remaining the CEO, and increase the number of directors on the Board to seven, with five independent directors.

Markets

The productivity puzzle
“The above provides further reason to be cautious on the outlook for the UK economy and further vindication for a long-term investment strategy based on attractively valued companies capable of delivering growth in a challenging world. This analysis would also suggest that UK interest rates may well remain at ultra-low levels for much longer than many investors currently anticipate.”

The Most Interesting Asset Class Over the Next Decade
Vanguard highlighted high-yield bonds to show how they typically perform worse than other types of bonds during a stock market drop.

My takeaways from a week in China
Capitalism is thriving and brutal in China in the areas the government wants it to.

Investing

The Value of Not Being Sure
Some wise words from Seth Klarman during the financial crisis.
in the end, our uncertainty prods us to work harder and to be endlessly vigilant.”

Does Contrarian Investing Make Money?
There is great value in observing rather than action. Your appraisal of other people matters less than how you comport yourself.

Long reads

The Story of How In-N-Out Made It Big Will Make You Love It Even More
“A customer in Las Vegas walked into an In-N-Out and literally ordered a 100×100. That means 100 beef patties and 100 slices of cheese. And they made it for him.”

Farming in the Sky
Why agriculture may someday take place in towers, not fields

Graph of the weeks

Greece: Timeline of a Debt Crisis

Source: finweek.com
Source: finweek.com
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