The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation.
– Ben Graham

Companies

Subscription iPhones
The really golden conversion is someone who was buying a new phone every two years (and probably not selling the old one).

Brait to raise £350m in five year convertible bonds, yield is under 3% pa
The Company intends to use the net proceeds from the offering for general corporate purposes with a primary focus on funding strategic acquisitions…

No marketing? No plan? How Handelsbanken hit 200 branches in the UK
…despite Handelsbanken spending next to nothing on marketing; it does not even have a central marketing department.

Poundland’s green light proves the value of talking to shoppers
Competition watchdog belatedly realised it was a good idea to understand the modern high street before ruling on takeover of 99p Stores

Markets

A Market Update for Real Investors
Long-term investors finished Monday one day closer to their goals.

Let’s Talk About Investing in Oil Stocks
They have extraordinarily long cycles of identifying, sourcing, extracting, refining, producing, distributing, and selling their products and services, sometimes stretching for 30 to 50 years or longer.

Some Thoughts on Coal Companies and Railroads
I’m not sure, but it’s a business that has some qualities that are attractive such as high operating margins, pricing power, and significant barriers to entry. It would be virtually impossible to replicate the rail network that Union Pacific or BNSF have cobbled together over the past century.

Investing

The 1975 Buffett memo that saved WaPo’s pension
A letter to Katharine Graham offers an early window into how Warren Buffett thinks about investing.

Mauboussin: Total Addressable Market – Methods to Estimate a Company’s Potential Sales
… a framework for estimating TAM through the process of triangulation using three methods.

Long reads

Why Walking Helps Us Think
When we stroll, the pace of our feet naturally vacillates with our moods and the cadence of our inner speech; at the same time, we can actively change the pace of our thoughts by deliberately walking more briskly or by slowing down.

A remarkable, 14-year photo project documents the world’s oldest trees
Choosing trees for their unique size, age, folklore, or simply their mysterious beauty, Moon captured and compiled images of trees from across Asia, North America, Africa, and Europe into a book, Ancient Trees, Portrait of Time.

Graph of the week

The World’s Largest Defense Budgets
america-as-superpower

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