In the short run, the market is a voting machine but in the long run, it is a weighing machine.”
— Benjamin Graham

Companies

Of would-be $1B fees, trips to Omaha and hardball negotiating: Behind the scenes of the Precision-Berkshire deal

Innovation is Alive and Well at Apple
Apple’s breakthrough innovation was financial — its new iPhone Upgrade Program, which is ingenious on many levels… Here’s why: The program turns Apple into an iPaaS (iPhone as a Service) company.”

Exclusive: Wal-Mart presses suppliers to share benefits of cheaper yuan
The company is telling suppliers that they should pass on the savings from the yuan devaluation so Wal-Mart can achieve EDLC, or “everyday low cost,” its term for the tight cost controls needed to keep prices low for consumers

Markets

From Ferraris to Cement, Europe’s Rich Families Turn Dealmakers
Last year, deals by European family offices reached the highest level since before the financial crisis in 2007, according to data compiled by research firm PitchBook. The 13 transactions in 2014 compare to a record 18 in 2007 and 8 so far this year, the data show.”

Investing

Understanding Bond Market Duration & Volatility
You absolutely have to set the right expectations...”

Fundamentals are only half the story
A few months ago people saw down moves as an opportunity to start adding. Now, as soon as they see a down move they sell and sell hard

The Next Tycoon
Alan Leventhal, who is 51, doesn’t even remotely look the part of real estate “tycoon” or “gorilla,” as the Boston Herald and Boston Globe, respectively, have called him.”

Long reads

The Hidden Bolts that Drive Manhattan’s Infrastructure Nerds Nuts
The discovery itself isn’t much to see. It’s merely a bolt — a long, jagged piece of metal that was battered into the ground some 200 years ago.”

A Brief History of the Corporation: 1600 to 2100
In its 400+ year history, the corporation has achieved extraordinary things, cutting around-the-world travel time from years to less than a day, putting a computer on every desk, a toilet in every home (nearly) and a cellphone within reach of every human.  It even put a man on the Moon and kinda-sorta cured AIDS.”

Graph of the week

How Countries Spend Their Money

Source: Eurostat.com
Source: Eurostat.com
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