If you think in terms of a year, plant a seed.
If in terms of ten years, plant trees.
If in terms of 100 years, teach the people.
– Confucius


Warren Buffett to Pay $37 Billion for Precision Castparts in His Largest Deal Yet
…eclipsing the purchase of Burlington Northern railroad as the Oracle of Omaha’s largest deal to date.

UK Mail warns on profits after influx of oversized parcels overwhelms new hub
Parcels were either too big or the wrong size or shape,” a spokesman explained. “Around 20pc of the group’s parcel volumes are incompatible for the new machinery, but we were expecting these volumes to be spread across the network – we were only expecting to handle 5pc at the Coventry hub, when in fact, a much larger proportion of volumes coming in have been what they call ‘incompatible freight’.

Apple Music hooks 11 million trial members, App Store has record July
July also brought a fiscal high-water mark for the company’s App Store, which did a record $1.7 billion in transactions, “with particular momentum in China,” says Cue.

Mondelez International (MDLZ)
At it’s current price, someone like 3G would be able to ‘create’ an investment with some real growth potential at 12-14x P/E.

ValueAct Said to Amass AmEx Stake as Activist Seeks Targets
…as the activist fund considers pursuing shareholder-friendly changes at the credit-card issuer.


House approves 2016 vote on $2.85B bond plan
Taking advantage of low interest rates.
After agreeing to push back a referendum until next year, the state House on Thursday gave final approval to a plan to put a $2.85 billion bond referendum before North Carolina voters.

OPEC is Effectively Dissolved
If the oil futures market is correct, Saudi Arabia will start running into trouble within two years. It will be in existential crisis by the end of the decade.” If.


The Positive Feedback Loop is Broken
I buy stocks, they go up. I buy stocks they go up. I buy stocks they…wait a minute, what gives? This thing isn’t working right anymore.

Meet Patrick Walsh, The Do-It-Yourself Hedge Fund Activist You’ve Never Heard Of

An Introduction to Mental Models
mental models = investor’s toolkit.

Sorting Through Online Investment Noise
Like so much else in the world, the overwhelming majority of investment-related online opinion is junk. Intelligent investors understand that. They know that other people have agendas, biases and cognitive issues that make their perspective less valuable or relevant. Those who must learn this the hard way will find that education to be very expensive indeed.

Long reads

Can we reverse the ageing process by putting young blood into older people?
Old mice that received young blood experienced a burst of brain cell growth in the hippocampus. They had three to four times as many newborn neurons as their counterparts. But that was not all: old blood had the opposite effect on the brains of young mice, stalling the birth of new neurons and leaving them looking old before their time.

What You Miss When You Take Notes on Your Laptop
…though the laptop note takers recorded a larger amount of notes, the longhand note takers performed better on conceptual, and this time factual, questions.

Graph of the week

Source: nationalgeographic.com
Source: nationalgeographic.com

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