Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t, pays it.”
– Albert Einstein

Companies

The Gym Group shares flex their muscle after IPO
The Gym Group has seen its shares rise in early conditional dealings on Monday, after its initial public offering was priced below some expectations.”

Is the Dreamliner a Kind of Flying iPhone?
In short, the charts show difference kinds of outsourcing at different stages of industrial development. The Chinese aerospace firms are assembling outside components because they have to. They can’t (yet) make them on their own. Boeing has been assembling some outside components because it chose to. It is now reassessing the consequences of that choice.”

Markets

Dorms for Grownups: A Solution for Lonely Millennials?
In a new model of living, residents will have their own “microunits” built around a shared living space for cooking, eating and hanging out.”

Diamonds Aren’t Forever for Botswana as Mining Boom Fades
Diamonds Aren’t Forever for Botswana as Mining Boom Fades.”

Investing

How you, the amateur investor, can beat the pros
Time: Being able to think long term and have patience is a luxury the professionals do not enjoy.”

Seth Klarman on EBITDA
It is not clear why investors suddenly came to accept EBITDA as a measure of corporate cash flow. EBIT did not accurately measure the cash flow from a company’s ongoing income stream. Adding back 100% of depreciation and amortization to arrive at EBITDA rendered it even less meaningful.”

Long reads

Homejoy at the Unicorn Glue Factory
One of its biggest problems was the crippling cost of customer acquisition.”

Graph of the week

The Increasingly Crowded Unicorn Club

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