No. 213 Jan 19, 2024
Hi All!
Below is your weekly dose of a list of things I’m reading, watching, listening to, or thinking about. If this message was forwarded to you, sign up for this newsletter using this link.
Book I Read
Charlie Munger: The Complete Investor by Tren Griffin may be the best book I read all year, and we’re in early January. I highlighted text on nearly every page of this book that covers his investing strategy by using Berkshire Hathaway’s shareholder’s letters, interviews with Munger, and commentary from other fund managers. What I appreciate most about Munger is how clear his mental models are for anyone to use. Munger and his partner Warren Buffett developed their investing philosophy around Ben Graham’s value-investing approach. This book distills Munger’s investing style for your portfolio. He’s able to convey timeless wisdom for you and me to use.
Video I Posted
I’m working on a new blog post explaining why spark spread is a key metric in electricity markets. As part of my research, I created a video on understanding spark spread. In short, spark spread equals the wholesale electricity price minus the product of the natural gas price and the heat rate of the natural gas power plant.
New Podcast I Listened To
There’s so much to learn from the Invest Like the Best podcast with Brad Jacobs – Think Big and Move Fast. Jacobs explains what he learned from his acquisitions, defining what makes an ideal business, outlining how to conduct an “electric meeting,” deciding when to step away from a business, and philosophies for leading a fulfilling life. I had never heard of Jacobs before this interview but will be following his work from here on out.
Article I Read
Inside The Manufacture Going Where Few Have Gone Before – Inside All Four Rolex Manufacturing Facilities was an article I read after listening to the Rolex: Timeless Excellence podcast. Rolex is a fascinating company, made even more interesting by listening to this podcast and reading this article. I love how secretive this non-profit, yes non-profit, is. One takeaway from this fun article was how the name Rolex was created. “The Rolex watch (Wilsdorf adopted the “Rolex” name in 1908 because it was short, easy to pronounce in any language, memorable, and possible to inscribe elegantly on both the dial and movement of the watch) performed exceptionally well when tested, and was award the “A” certificate by Kew.”
King Cake of the Week
Dough Nguyener’s Bakery is fairly new in Grenta pumping out incredible baked goods. Friends of ours purchased and shared with us Nguyener’s traditional and Vietnamese-style king cakes, both of which were delicious. I’m not ready to put their king cakes up there with Manny and Nona Randazzo or Dong Phuong’s but Nguyener’s are damn good.
