1) Don’t sell anything you wouldn’t buy yourself;
2) Don’t work for anyone you don’t respect and admire; and
3) Work only with people you enjoy.
– Charlie Munger

Companies

Narrative Resets: Revisiting a Tech Trio (Apple, Facebook and Twitter)
Interesting updates to Damodaran’s valuations.

Kinder Morgan is On Sale Again With a 6% Dividend
Even at today’s depressed priced, KMI generated enough distributable cash flow in the first half of the year to cover its dividend with $226 million to spare.

Valeant: A Detailed Look Inside a Dangerous Story Well Told – PARTS I, II & III
So next time someone shows you a table like this that is obviously directing your attention towards an aggregate growth number, always remember that you can quickly test it for reasonableness by going up the list and mentally testing the big numbers against the growth number you’re given.

Bed Bath & Beyond Bought Indie Marketplace Of a Kind
A relatively small acquisition considering the single-digit millions the site make in revenue.

Private Equity Said to Lead Bids for Airbus Defense Assets
Buyout firms are dominating the bidding for defense assets that Airbus Group SE is seeking to sell, with only a handful of specialist industrial players in the running, according to people familiar with the talks.

Markets

The real reason American public transportation is such a disaster
Nowadays, many local politicians don’t see transit as a vital transportation function — instead, they think of it as a government aid program to help poor people who lack cars.

Why China’s currency has two names
Both names are perfectly good, but in slightly different ways.

Why the Demand-Driven Recession Isn’t Coming
So that’s the scenario I’m looking for over the next few years. Higher wages, borrowing, and demand for/from households. Higher labor costs, interest rates/expenses, capex, and taxes paid by corporations. Less borrowing and fewer buybacks by corporations.

Investing

When Jon Stewart Took Down CNBC’s Jim Cramer
In all the criticism of the role of the press in the financial crisis, nobody has ever put it better. Nobody ever will.

Stock Buybacks Draw Scrutiny From Politicians
Ultimately, the pressure for companies to invest in their operations and new jobs is only going to come when managements see a real business opportunity — and shareholders demand it.”

Beyond value traps: The value graveyard
“Suddenly this incredible deal my friend got on his boat wasn’t such a great deal. He put so much money into the boat that if you added it all up it’s likely he overpaid.”

Long reads

The owner of the Miami Dolphins just made drone racing a million-dollar sport
Seems like something that could benefit from/contribute to the update of VR.
It’s got speed (drones can travel upwards of 70 mph), it’s got crashes, and it’s got the video feeds live from the drones itself…

The container ship tourism industry
there is whole (albeit small) industry around freighter travel, complete with freight travel agents.

No it’s not your opinion. You’re just wrong. 
Many, many, many of your opinions will turn out to be uninformed or just flat out wrong. No, the fact that you believed it doesn’t make it any more valid or worthwhile, and nobody owes your viewpoint any respect simply because it is yours.

Graph of the week

How to validate a credit card

Source: mint.com/blog
Source: mint.com/blog
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