“An investment in knowledge always pays the best interest.”
 – Ben Franklin

Companies

Revisiting Icahn’s Apple Call After the Correction
If Apple never came out with another successful product, its current portfolio alone would make it attractive as a value stock. At these valuations, there isn’t exactly a lot of optimism built into the share price.”

Rolls-Royce cutting 400 more jobs from marine division
The firm expects the cuts will generate full year savings of £40m. Investment into research and development will be stepped up.”

Glencore shares up on talk of sale of agriculture business
Shares were up 19.6 per cent in late afternoon trading after shooting 72 per cent higher at one point.”

Markets

Lord Adonis to resign Labour whip and chair George Osborne’s infrastructure body
the appointment of Adonis was designed to take the politics out of infrastructure projects as the government seeks to create a permanent and wide-ranging body

A Tax to Curb Excessive Trading Could Be a Boon to Returns
There are all sorts of ways that this tax may cost many investors money in the long run. But considering its potential virtues, it is a useful exercise because it’s akin to a sin tax. Trading too much hurts returns and is extremely hazardous to our wealth, and the less we do of it, the better off most of us will be.

Investing

A Dozen Things I’ve Learned from Charlie Munger about Capital Allocation
There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested — there’s never any cash. It reminds me of the guy who looks at all of his equipment and says, ‘There’s all of my profit.’ We hate that kind of business.”

Unique Insights From Dinner With An $8 Billion Investor
“…the appetite, the dedication, the discipline and the motivation.”

Long reads

Norway’s Doctors Still Use Floppy Disks, And They’re More Secure Than the Alternative

Words used in tweets can offer insight into how much money you make
Lower-income users or those of a lower socioeconomic status use Twitter more as a communication means among themselves,” Preoţiuc-Pietro said in a statement. “High-income people use it more to disseminate news, and they use it more professionally than personally.”

Basically, It’s Over: A Parable About How One Nation Came To Financial Ruin
An excellent parable by Charlie Munger on how one nation came to financial ruin.”

Graph of the week

Population without health insurance coverage by state: 2013 and 2014

Source: US census
Source: US census
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