MOI Global members, scroll down for member news and updates.

Subscribe now

A new installment of The Great Rotation Playbook was published this week — Theme 3: The Industrial Renaissance.

11 Articles We Are Reading This Week

1. Lodestar - Aswath Damodaran

2. All weather - Ray Dalio

3. World models - Rohit Krishnan

4. Non-events bias - Scott Sumner

5. AI trust networks - Sakina Arsiwala

6. Disagreeing better - Annie Duke

7. Durable businesses - Todd Wenning

8. Global value spread - Brian Chingono

9. Bicycles for the mind - Rex Woodbury

10. Two paths for software - David George

11. Number of public companies - Mikhail Pevzner

Letters, Presentations, Writeups…

Industry Insights: banking | oil and gas | private credit | software | titanium

Letters: Exor | G&R | Goldman Sachs | J.P. Morgan | Merrill

Company Insights: Berkshire Hathaway | Carnival | Core Natural Resources | Ferrari | Golden Growers | Guardian Pharmacy | JD.com | Merlin Labs

Company Slides: Cemex | Core & Main | Exor | Hapag-Lloyd | KB Home | MillerKnoll | Paychex | Samsonite | Vallourec | Winnebago | Worthington

5 Videos We Are Watching This Week

1. Stripe - Dmitri Dolgov on Waymo’s quest for fully autonomous driving

2. Drew Cohen - Bill Nygren on his approach to investing and stock picks

3. Money of Mine - Django Davidson on capital cycles in mining equities

4. Whitney Tilson - Guy Spier’s ValueX presentation and audience Q&A

5. Graham Bensinger - Barry Diller on media, ambition, and his fortune

5 Podcasts We Are Listening to This Week

1. No Priors - Andrej Karpathy on making smarter AI agents and systems

2. Dwarkesh - Terence Tao on AI’s role in math and scientific discoveries

3. At the Money - Miller Value Fund's Bill Miller IV, conviction investing

4. Oaktree Insights - Howard Marks on Oaktree's 2026 conference ideas

5. Capital Allocators - GMO’s Jeremy Grantham on bubbles and the risks

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Hormuz - Ray Dalio

2. Ten-baggers - Django Davidson

3. Selling winners - Harvey Sawikin

4. Napkin portfolios - Bogumil Baranowski

5. Othello and Bayes - Massimo Fuggetta

6. Equity risk premium - Aswath Damodaran

7. Value premium eternal - Dan Rasmussen

8. Dividends vs. buybacks - James Emanuel

9. Vignettes from the takeoff - Rohit Krishnan

10. How optimizing kills winners - Todd Wenning

11. Using markets to evaluate policies - Scott Sumner

Letters, Presentations, Writeups…

Industry Insights: banking | electrical grid | offshore | oil and gas | software

Letters: Bumbershoot | Merrill Lynch | Stifel

Company Insights: Ashtead | Century Casinos | KVH | Pershing Sq. | SAP

Company Slides: Accenture | Couche-Tard | Darden | Dollar Tree | FedEx | General Mills | HelloFresh | Macy's | Micron | SAIC | Williams-Sonoma

5 Videos We Are Watching This Week

1. SXSW - Mohnish Pabrai on mental models, compounding, living well

2. Bloomberg - Howard Marks on importance of AI, unpredictability

3. Morgan Stanley - Jensen Huang on compute, tokens, new economy

4. Harvard Law School - Canyon Partners’ Josh Friedman on investing

5. Behind the Balance Sheet - Rory Sutherland on marketing, persuasion

5 Podcasts We Are Listening to This Week

1. All-In - Travis Kalanick and Michael Dell on AI and tech entrepreneurship

2. Acquirers - Tim Travis on private credit, the evolution of lending markets

3. How I Write - Macmillan’s Jon Yaged on how to get your book published

4. How Leaders Lead - Coach Roy Williams on a system for winning teams

5. Knowledge Project - Brookfield CEO Connor Teskey on AI infrastructure

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Iran - Jordan Schneider

2. Inflation - Nohshad Shah

3. Take the win - Andrew Walker

4. Greed is not good - Joachim Klement

5. Hallyu everywhere - Michael Fritzell

6. PE risks in insurance - Phil Bak

7. Prediction market risks - Harvey Sawikin

8. Sharp tools; sharp minds - Eric Markowitz

9. FactSet take-private rumors - Dede Eyesan

10. Science of personality change - David Epstein

11. Luddites and a public relations crisis - Rex Woodbury

Letters, Presentations, Writeups…

Industry Insights: artificial intelligence | autonomous vehicles | commodities | debt markets | semiconductors | serial acquirers | shipping | software

Geographic Insights: Canada | Europe | France | India | Iran | Middle East

Letters: GDS Investments | Giverny | Maestria | Merrill | Pender

Company Insights: CBIZ | Civeo | Floor & Decor | IG Design Group | London Stock Exchange Group | Marex Group | Nvidia | Revolut

Company Slides: America’s Car-Mart | Bumble | Costco | Greenlight RE | Henkel | HP Enterprise | IDT | Kohl’s | Petrobras | Stitch Fix | Volkwagen

5 Videos We Are Watching This Week

1. Prof G - Zeihan on Iran, the shifting global order, and energy markets

2. Dwarkesh - Dylan Patel on AI chip supply, compute costs, and scaling

3. Bloomberg - Apollo's Torsten Slok warns of a private markets shakeout

4. Michael Lewis - Bill Gurley on venture capital and long-term thinking

5. Forbright Bank - Steve Case on American enterprise and looking ahead

5 Podcasts We Are Listening to This Week

1. Norges - Swiss Re CEO Andreas Berger on how reinsurance adds value

2. Odd Lots - Blankfein on his career, risk-taking, and life after Goldman

3. Compound - Is the surge in private credit becoming the new subprime?

4. Master Investor - Ruchir Sharma on peak markets and what lies ahead

5. Masters in Business - Bill Gurley on venture capital and tech disruption

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Energy - Michael Cembalest

2. Disruption - Aswath Damodaran

3. Abel’s letter - Ravi Nagarajan

4. Bits in, bits out - Erik Hoel

5. AI hyperscalers - Steve Cooper

6. Board readiness - David Wells

7. Wiseass problem - Harvey Sawikin

8. Gulf oil chokepoint - Ed Conway

9. Anthropic’s alignment - Rohit Krishnan

10. American exceptionalism - Ryan Ballentine

11. Berkshire and geothermal - James Emanuel

Letters, Presentations, Writeups…

Industry Insights: biotech | energy | platforms | private equity | software

Geographic Insights: China | Iran | Ireland | Petrostates | UK

Letters: 1949 Value | Berkshire Hathaway | Merrill | Quercus | RGA | Voss

Company Insights: AST SpaceMobile | Credo | Fairfax India | Klarna | Kyoritsu Air Tech | Nvidia | Shift4 | Tile Shop | Trade Desk | Trinity Capital

Company Slides: Abercrombie | Adidas | American Eagle | AutoZone | Kroger | Limbach | OTC Markets | Sea | Stratasys | Victoria’s Secret | Wiley

5 Videos We Are Watching This Week

1. Norges - Zalando’s Gentz on Europe’s leading online fashion platform

2. Morgan Stanley - Stan Druckenmiller on macro and portfolio strategy

3. DoubleLine Capital - Jeffrey Gundlach on bonds, rates, and the outlook

4. Bloomberg Podcasts - Apollo's Marc Rowan on markets and investing

5. Bloomberg Television - Lloyd Blankfein on risk, leadership, and legacy

5 Podcasts We Are Listening to This Week

1. Acquired - Formula 1, celebrity team owners, and vertical B2B software

2. BakStack - Khe Hy on AI opportunity for asset managers and allocators

3. ChinaTalk - Iran military strikes and the Anthropic vs defense debate

4. Squawk Pod - Berkshire's new CEO Greg Abel on capital and culture

5. Invest Like the Best - John Arnold on energy, China, flawed US systems

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. AI ahead - Howard Marks

2. Ten charts - Rex Woodbury

3. Blind regulator - Carl Hendrick

4. Some like it hot - Scott Sumner

5. Pessimists’ edge - Joachim Klement

6. Intelligence crisis - Frank Flight

7. Good things are good - Scott Sumner

8. Chasing work you love - David Epstein

9. Dividends and buybacks - Aswath Damodaran

10. Investing in the big cycle - Ray Dalio

11. Engineering skill in investing - Mauricio Heck

Letters, Presentations, Writeups…

Industry Insights: artificial intelligence | gaming | platforms | software

Letters: Hayden | Lux | Markel | Merrill | Pender | Semper Augustus | Tactile

Company Insights: FactSet | Mercado Libre | Nvidia | Opendoor | Workday

Company Slides: Agilent | Dole | Dominion Energy | First Solar | Golar LNG | Hagerty | HP | Keysight | Nvidia | Salesforce | Workday | Zoom

5 Videos We Are Watching This Week

1. Brookfield - Bruce Flatt on AI, infrastructure, and investing globally

2. Goldman Sachs - Outlook for Japanese equities and the ongoing rally

3. Aswath Damodaran - On dividends and buybacks across global markets

4. Brookfield Perspectives - Howard Marks on AI, investing, and markets

5. Columbia Business School - Applied value investing stock pitch finals

5 Podcasts We Are Listening to This Week

1. ChinaTalk - Lawrence Freedman on strategy, geopolitics, and AI risk

2. Riskgaming - Bill Gurley and Josh Wolfe on career regret and venture

3. Talking Billions - Guy Spier on meaning, wealth, and what really counts

4. Yet Another Value - Dan Rasmussen on quantitative biotech investing

5. The Acquirers Podcast - Jonathan Tepper on monopolies and investing

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Disorder - Ray Dalio

2. Death markets - Byrne Hobart

3. Debt and taxes - Aswath Damodaran

4. Avoiding choking - David Epstein

5. Auditing ambition - David Wells

6. What happens next - Tom Morgan

7. Replacement anxiety - Scott Sumner

8. Generating good ideas - Eric Markowitz

9. Vertical software selloff - Nicolas Bustamante

10. Weaponized risk models - Daniel Rasmussen

11. Glass bottleneck beneath ai - Mauricio Heck

Letters, Presentations, Writeups…

Industry Insights: ai | gaming | housing | saas | semis | software | uranium

Geographic Insights: China | Japan | Korea | South Africa | United Kingdom

Letters: Greenlight | McIntyre | Merrill | Robotti | Smoak | Southeastern

Company Insights: Circle Group | Constellation Software | Global Dominion | Jardine Matheson | Riken Keiki | Saizeriya | Volaris | Vor Biopharma | Wix

Company Slides: Airbus | Bausch+Lomb | Booking | Borr | Deere | Garrett Motion | Louisiana-Pacific | Moody’s | Walmart | Wendy’s | Wyndham | Wynn

5 Videos We Are Watching This Week

1. Dwarkesh - Anthropic’s Dario Amodei on AI scaling and frontier labs

2. David Senra - 37signals CEO Jason Fried on building a sustainable firm

3. How I Write - Bill Browder on writing, books vs. articles, finding the truth

4. Knowledge Project - Nicolai Tangen on high-speed decision-making, AI

5. Behind the Balance Sheet - Jonathan Tepper on his investing approach

5 Podcasts We Are Listening to This Week

1. Norges - Givaudan’s Gilles Andrier on the science of scents and flavors

2. Odd Lots - Jared Sleeper on software firms and the saas-pocalypse

3. Acquirers - Juan Torres on emerging markets, China, Indonesia, Taiwan

4. Talking Billions - Guy Spier on what really counts in life beyond wealth

5. Modern Wisdom - Oliver Burkeman on stopping a productivity addiction

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Base rates - Michael Mauboussin

2. Super bowl ads - Owen Lamont

3. Two drawdowns - Todd Wenning

4. Solutions are shy - George Mack

5. We are not our tools - Eric Markowitz

6. Navigating disruptions - Dede Eyesan

7. Learning from art history - James Emanuel

8. Hedge funds vs. private equity - Dan Rasmussen

9. Embarrassingly parallel problem - Carl Hendrick

10. Investing under radical uncertainty - Jared Lim

11. Gap between capability and adoption - Rex Woodbury

Letters, Presentations, Writeups…

Industry Insights: autonomous vehicles | banking | construction | gaming | healthcare facilities | real estate | software | software as a service

Geographic Insights: Argentina/Brazil | China | India | Japan

Letters: Auxier | Black Bear | Emeth Value | GDS Investments | KMF | LVS Advisory | Merrill | Moerus | Pershing Square | Praesidium | Third Point

Company Insights: BRK | Constellation Software | Crocs | Docusign | Meta | Metlen | Nippon Carbon | Parker-Hannifin | PayPal | Texas Instruments

Company Slides: AstraZeneca | Barclays | Baxter | Crocs | Ferrari | Fiserv | Goodyear | Harley Davidson | Heineken | Kraft | Lyft | S&P | Tenet | Zillow

Special Invitation: Best Ideas Omaha 2026

Join us at Best Ideas Omaha 2026, hosted by MOI Global.

We are delighted to make available a handful of seats at this exclusive investor gathering to our Latticework subscribers. The event will be held on Friday, May 1st in the morning (incl. breakfast). The program will consist of idea sharing and informal conversations among like-minded investors.

Hurry, these seats won’t last long. Secure yours now.

5 Videos We Are Watching This Week

1. Stripe - Ben Thompson on media, AI ads, and the end of SaaS

2. Norges - CEO Mike Gitlin on Capital Group’s investment model

3. Sequoia - CEO Bill Anderson on leading the turnaround at Bayer

4. Goldman Sachs - Lone Pine’s David Craver on fundamental investing

5. Insightful Investor - Boston Partners’ Josh Jones on market anomalies

5 Podcasts We Are Listening to This Week

1. Dwarkesh - Anthropic’s Dario Amodei on the status and future of AI

2. Business Brew - Greystone’s Adam Wilk on his investment approach

3. How I Built This - Reed Hastings on the decisions that built Netflix

4. Capital Allocators - CIO Stephen Gilmore on CalPERS’ philosophy

5. Merryn Talks Money - Author Ed Conway on saving key industries

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Software crash - Phil Bak

2. Software survival - Ben Thompson

3. Fraud investigation - Patrick McKenzie

4. Risk and hurdle rates - Aswath Damodaran

5. Simplify, simplify, simplify - Scott Sumner

6. Adolescence of technology - Dario Amodei

7. How power changes people - Joachim Klement

8. Turbulence and magnificence - Amit Wadhwaney

9. Understanding market inefficiency - Michael Mauboussin

10. Thinking about quasi-binary events - Peter Mantas

11. Creating the world’s largest companies - Dom Cooke

Letters, Presentations, Writeups…

Industry Insights: ai | autonomous vehicles | biotech | copper | credit | energy transition | gaming | private capital | real estate | software | trucking

Geographical Insights: Dubai | Europe | Italy | Mexico | UK | US

Letters: Alluvial | Brookfield | Elena | Fairlight | Horizon | Legacy Ridge | Lyrical | Merrill | MSA | Sequoia | Silver Ring | Sohra Peak | Trigram | Warden

Company Insights: Allison Transmission | Brookfield Corporation | Celanese | CoStar | PayPal | Peloton | Shinko Shoji | Star Holdings | Under Armour

Company Slides: Alphabet | Arm | Crown Castle | Johnson Controls | Lilly | Maersk | Mondelez | Murphy Oil | Novartis | Novo Nordisk | PayPal | Vestas

Share

5 Videos We Are Watching This Week

1. a16z - Chat with a16z’s Ben Horowitz and Goldman’s David Solomon

2. CNBC - With Reliance’s Mukesh Ambani and Blackrock’s Larry Fink

3. Stanford - Interview with Alibaba co-founder and chairman Joe Tsai

4. Consello - Chevron’s Mike Wirth on discipline and long-cycle decisions

5. In the Money - Bill and Cole Smead on the “revenge of value investing”

5 Podcasts We Are Listening to This Week

1. YAVP - Rhizome’s Bill Chen discusses his thesis for Alexander’s (ALX)

2. Norges - UniCredit’s Andrea Orcel on technology’s impact on banking

3. Dwarkesh - Elon Musk on Grok, xAI, SpaceX, orbital data centers, etc.

4. ChinaTalk - Strategist Ed Luttwak on the military and the rise of China

5. David Senra - With Jimmy Iovine, a titan of the modern music industry

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Text is king - Adam Mastroianni

2. Trust deficit - Aswath Damodaran

3. Not one penny - Scott Sumner

4. Market valuation - John Huber

5. Way of excellence - David Epstein

6. Software’s funeral - Simon Handrahan

7. Research anything - Mauricio Heck

8. Oxygen monopolies - Rex Woodbury

9. Representing the deal - Harvey Sawikin

10. Re-materialized opportunities - Mauricio Heck

11. Breakdown of the existing order - Ray Dalio

Letters, Presentations, Writeups…

Industry Insights: ai | banking | biotech | commodities | crude oil | data centers | department stores | defense | gold | robotics | software

Geographic Insights: China | Japan

Letters: Brennan | Focus | Gate City | GoodHaven | Greenlight | Horizon | JEN | JPM | Maran | Moerus | OAM Asia | OAM Europe | Sorfis | Unison

Company Insights: Chemring | Constellation Energy | Games Workshop | Kingsway Financial | LVMH | Mitani | Neptune Insurance | Texas Instruments

Company Slides: Baker Hughes | Boeing | Caterpillar | Danaher | Intel | Lockheed Martin | Meta | Microsoft | Sands | Teva | UPS | United Rentals

Share

5 Videos We Are Watching This Week

1. Norges - Standard Chartered CEO on rebuilding an institution after crisis

2. Oxford Union - Norges CEO Nicolai Tangen on his path and philosophy

3. Infinite Loops - AQR’s Cliff Asness on quant investing, surviving bubbles

4. Insightful Investor - Franklin Templeton CEO on managing $1+ trillion

5. Pepperdine University - Howard Marks on investing, risk, market cycles

5 Podcasts We Are Listening to This Week

1. Acquired - Hosts Ben and David on the history and strategy of the NFL

2. Business Brew - Massif’s Will Thomson on value investing in real assets

3. Excess Returns - Verdad’s Dan Rasmussen on the private equity trap

4. Invest Like the Best - Tech operator Gokul Rajaram on the impact of AI

5. Masters in Business - ETF Architect CEO Wes Gray on building an ETF

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Slow singularity - Abdullah Al-Rezwan

2. AI and nuclear energy - James Emanuel

3. China’s arctic leverage - Lily Ottinger

4. Global underperformers - Dede Eyesan

5. Two-pronged inflation fight - Christopher Gannatti

6. In praise of artificial learning - Carl Hendrick

7. Economics of hidden markets - Annie Duke

8. Bridges of intellectual heritage - Bogumil Baranowski

9. Good business models gone bad - Dan Shuart

10. Robinhood and other circularities - Owen Lamont

11. Whatsapp as a core global technology - Sam Knight

Letters, Presentations, Writeups…

Industry Insights: ai | autonomous vehicles | banking | biotech | gaming | metals and mining | real estate | software: article, presentation | trucking

Letters: Arquitos | Blue Tower | Clayton Partners | Fundsmith | J.P. Morgan | Maat | Massif Capital | Nightview | Packer | Pine | Pernas | Plural | YorkTech

Company Insights: Hannon Armstrong | International Container Terminal | KBR Inc. | Nikkato | Saturn Oil & Gas | Stride | Taiwan Semiconductor

Company Slides: 3M | D.R. Horton | Fastenal | Freeport-McMoran | Intel | Johnson & Johnson | McCormick | Northern Trust | Prologis | U.S. Bancorp

Share

5 Videos We Are Watching This Week

1. Bloomberg - Jamie Dimon in conversation with David Rubenstein

2. Bloomberg - Jeremy Grantham on the AI bubble and his new book

3. David Senra - Tobi Lütke on Shopify, his entrepreneurial philosophy

4. CFA Institute - Alicia Vidler on how agentic AI will change trading

5. Knowledge Project - Morgan Housel on frameworks to build wealth

5 Videos from the WEF in Davos

1. WEF 2026 - Conversation between Satya Nadella and Larry Fink

2. WEF 2026 - Conversation with Demis Hassabis and Dario Amodei

3. WEF 2026 - Conversation between Jamie Dimon and Zanny Minton

4. WEF 2026 - Conversation between Elon Musk and Larry Fink

5. WEF 2026 - Panel featuring Ken Griffin, Larry Fink, and others

5 Podcasts We Are Listening to This Week

1. Acquirers - Andrew Summers on investing in healthcare and biotech

2. David Perell - Fareed Zakaria on his writing process, the impact of AI

3. Art of Quality - Patrick Boland on the qualities inherent in leadership

4. How I Built This - Joan Barnes on building Gymboree, losing control

5. Masters in Business - Richard Thaler & Alex Imas on investor biases

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Energy ideas - MOI Global

2. Beating the fade - Todd Wenning

3. Beating the market - James Emanuel

4. Cullman’s brilliance - Devin Lasarre

5. Surviving disruption - Harvey Sawikin

6. Push and pull of data - Aswath Damodaran

7. Rethinking fast and slow - Carl Hendrick

8. How to be a great mentor - Eric Markowitz

9. How monetary policy works - Scott Sumner

10. Net debt in enterprise value - Steve Cooper

11. Rules matter more than insight - Jared Lim

Letters, Presentations, Writeups…

Industry Insights: artificial intelligence | automotive | aviation finance | biotech | cybersecurity | gaming | life sciences | robots | software | travel

Geographic Insights: Azerbaijan | China | Europe | Russia | Venezuela

Letters: DoorDarshi | Far View | GDS | Greenhaven Road | Horizon | Massif Capital | Smead | Southeastern | St. James | SVN | Vision | Wedgewood

Company Insights: Amazon | Apple | Billington | Chipotle | Global Atomic | Innoviva | Intrepid Potash | JPM | Meta | Neogen | Subsea 7 | Tesla | TSMC

Company Slides: Aritzia | BofA | BNY | BlackRock | Citi | Concentrix | Goldman Sachs | JPM | Morgan Stanley | Novartis | TSMC | Wells Fargo

Share

5 Videos We Are Watching This Week

1. WSJ - AT&T CEO John Stankey on the giant’s cultural transformation

2. Barron’s - Phillips 66 CEO Mark Lashier on fuel demand, Venezuela

3. Uncapped - a16z co-founder Ben Horowitz on building a VC machine

4. DoubleLine - Jeffrey Gundlach on his outlook for bonds and equities

5. WealthTrack - Charles Ellis on his book, “Great American Investments”

5 Podcasts We Are Listening to This Week

1. Odd Lots - Cohen & Steers’ Tyler Rosenlicht on infrastructure investing

2. Founders - On Rick Rubin’s book, “The Creative Act: A Way of Being”

3. Capital Allocators - Ashby Monk explains the Total Portfolio Approach

4. Investing Unscripted - Brian Feroldi on using AI for equity research

5. Behind the Balance Sheet - Terry Smith on recent underperformance

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Recap - Ray Dalio

2. Outlook - Michael Cembalest

3. AI future - Dan Wang

4. Venezuela - Nick Corvino

5. Japan’s revival - Naoki Ito

6. Wisdom takes work - David Epstein

7. Shareholder primacy - James Emanuel

8. How to manufacture luck - Mauricio Heck

9. Television as a framework - Rex Woodbury

10. China’s rare earths chokehold - Farrell Gregory

11. How to tame a complex system - Jason Crawford

Letters, Presentations, Writeups…

Industry Insights: electricity | oil | payments | software | travel platforms

Geographic Insights: Japan | Southeast Asia | Venezuela

Letters: Alluvial | Carsten Mueller | Cornerstone Value | Gillen | Greenfield | Halvio | Merrill | Palm Valley | Parkway | Right Tail | Tsai Capital | Vltava

Company Insights: BRC | Cinemark | MegaStudyEdu | Shriro | TDS | ZD

Company Slides: Acuity Brands | Apogee | Franklin Covey | Helen of Troy | Hibiscus Petroleum | MSC Industrial | Murphy Oil | RPM | Saratoga

Share

5 Videos We Are Watching This Week

1. Aleph - Former Renaissance Technology executive on the AI bubble

2. Norges - Michael Bloomberg on building Bloomberg into a leader

3. David Senra - John Mackey on his journey and Whole Foods’ success

4. Johnathan Bi - Jim O’Shaughnessy on how to be a thinker and a doer

5. David Rubenstein - Ray Dalio on the risks facing the US economy

5 Podcasts We Are Listening to This Week

1. Odd Lots - Eurasia’s Gregory Brew on Maduro’s capture, oil markets

2. Network State - Dan Wang on the engineering vs. the lawyerly state

3. Talking Billions - Mathematician David Diranko on contrarianism

4. Capital Allocators - CEO Mike Gitlin on Capital Group’s philosophy

5. Invest Like the Best - Reed Hastings on nurturing talent and content

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Buffett - Roger Lowenstein

2. Abenomics - Scott Sumner

3. Retail trend - Mauricio Heck

4. Atomic habits - Peter Attia

5. Abel’s challenge - Ravi Nagarajan

6. Christmas reflections - Ray Dalio

7. Continuous overbuilding - Dan Shuart

8. Goal-setting for industrial policy - Chris Miller

9. Lessons from the industrial revolution - Andrew Singer

10. Consumer sentiment and consumption - Jared Bernstein

11. Wealth taxes and taxpayers as criminals - Harvey Sawikin

Letters, Presentations, Writeups…

Industry Insights: homebuilders | nickel | oil and gas | robotaxis | software

Letters: Brock Milton | Buyback Capital | Stone Ridge | The Value Firm

Company Insights: Ampco-Pittsburgh | Copart | Global Testing | Humm | JetBlue | Lululemon | TeamViewer

Share

5 Videos We Are Watching This Week

1. WSJ - Starbucks CEO Brian Niccol on his turnaround strategy

2. Norges - Arista Networks CEO Jayshree Ullal on AI networking

3. BigDeal - Ryan Holiday on building systems for self-discipline

4. Big Shot - Lloyd Blankfein on leadership and Goldman Sachs

5. Knowledge Project - James Clear on building strong habits

5 Podcasts We Are Listening to This Week

1. Founders - Lessons from “How to Make a Few MORE Billion Dollars”

2. Dwarkesh - Adam Marblestone on AI models vs. the human brain

3. Tech Strategy - Jeff Towson’s top tech predictions for the new year

4. Monetary Matters - Maria Vassalou on demographics and tech

5. Yet Another Value - Christian Olesen on value in UK homebuilders

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to MOI Global members and paid Latticework subscribers. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Path dependency - Logan Shearer

2. Art of the question - Jared Lim

3. Ecosystem advantage - Abdullah Al-Rezwan

4. Investing in multitudes - Todd Wenning

5. Overwhelmed by noise - Paul Dutz

6. How to be more productive - Mauricio Heck

7. Big bets and broken unicorns - Issie Lapowsky

8. Why most education apps fail - Carl Hendrick

9. From a three-bagger to a loss - Sebastian Krog

10. High performers are late bloomers - Henry Oliver

11. Why the jobs report is so important - Scott Sumner

Letters, Presentations, Writeups…

Industry Insights: advertising | banking | lithium | peptides | software

Letters: Goldman Sachs

Company Insights: Haw Par | HEICO | Trade Desk | Versant | Zett

Company Slides: Carnival | Conagra Brands | FedEx | KB Home | Lamb Weston | Paychex | Scholastic | Winnebago Industries

Share

5 Videos We Are Watching This Week

1. Grit - James Cadwallader on branding in the world of AI

2. Dwarkesh - Sarah Paine on why Russia lost the cold war

3. GoldRepublic - Marc Faber on survive a system collapse

4. Nikhil Kamath - Ray Dalio on investing to survive cycles

5. Edinburgh University - Howard Marks on thinking clearly

5 Podcasts We Are Listening to This Week

1. TWIII - Matt Peterson on option strategies for value investing

2. Odd Lots - Rikard Bandebo on credit scoring, the auto loan crisis

3. Talking Billions - Dave Sather on quality, integrity, the “2am test”

4. VI with Legends - Ricky Sandler on cycles and perception shifts

5. Monetary Matters - Jim Chanos on data centers, GPU merchants

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to paid Latticework subscribers and MOI Global members. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Buffett - Seth Klarman

2. Gold vs. oil - Goehring & Rozencwajg

3. Mental models - Mauricio Heck

4. Peer momentum - Lionel Smoler-Schatz

5. Governance matters - Joachim Klement

6. Bad ideas are still bad - Scott Sumner

7. Great railroad buildout - Doug O’Laughlin

8. Benevolent monopolists - Byrne Hobart

9. How long is the long run - Joachim Klement

10. Money in the agentic economy - Rohit Krishnan

11. Revolut’s progress and challenges - John Cronin

Letters, Presentations, Writeups…

Industry Insights: artificial intelligence | aviation leasing | banking | credit derivatives | energy | gaming | gift cards | gold | private credit | software

Letters: Acadian | Baumann | Meritech | Merrill | Oaktree | Std. Chartered

Company Insights: Cryoport | Fairfax | Gerresheimer | Guillemot | Lifeway | Lundin Mining | Merck KGaA | Metlen | Playstudios | Tianjin | TopGolf

Company Slides: ABM Industries | Accenture | CarMax | Costco | Darden | General Mills | Jabil | Micron | MillerKnoll | Mitek | Worthington Steel

Share

5 Videos We Are Watching This Week

1. Sequoia - David Solomon on leadership and decision-making

2. C-SPAN - David Rubenstein and Arthur Brooks on happiness

3. Stanford - Sergey Brin on Google’s path, AI, and education

4. Tim Ferriss - Bill Gurley on AI, visiting China, and life lessons

5. Richer Wiser Happier - Howard Marks on avoiding disaster

5 Podcasts We Are Listening to This Week

1. TWIII - Bill Chen on current trends and opportunities in REITs

2. Acquirers - Russell Napier on financial history, mistakes, value

3. Talking Billions - Ehsan Ehsani on the AI revolution in investing

4. Invest Like the Best - Henry Ellenbogen on his path in investing

5. Investing Unscripted - Bill Brewster on value investing and more

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to paid Latticework subscribers and MOI Global members. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Bubble - Howard Marks

2. Predictions - Rex Woodbury

3. Warner fight - Anh Hoang

4. Define smart - Eric Markowitz

5. Apple’s future - Harvey Sawikin

6. Exceptionalism - Louis-Vincent Gave

7. East-west or bust - James Emanuel

8. Tax-loss harvesting - Bogumil Baranowski

9. Self-esteem restored - Massimo Fuggetta

10. Hollywood end game - Ben Thompson

11. Discipline of dividends - Christopher Gannatti

Letters, Presentations, Writeups…

Industry Insights: artificial intelligence | automotive | banking | gaming | gold | hospitality | lithium | ride sharing | software

Geographic Insights: Chile | China | Las Vegas | Turkey

Letters: Acadian | Bronte | Crossroads Capital | Elena Partners | Pzena | RGA Investment Advisors | Silver Beech | Silver Ring

Company Insights: Enviri | Fairfax India | Judges Scientific | Kraft Heinz | Lassila & Tikanoja | Nerdy | NexGel | Ramaco | Sanara | Utz Brands | Veeva

Company Slides: America’s Car-Mart | Ashtead | Brown-Forman | Build-A-Bear | Campbell’s | Ferguson | Hormel | Kroger | TD Bank | Victoria’s Secret

Share

5 Videos We Are Watching This Week

1. Norges - David Rubenstein on what makes great investors

2. Acquired - Interviews with CEOs of Netflix, Perplexity, AWS

3. David Senra - James Dyson on entrepreneurship, life lessons

4. Reagan Forum - Jamie Dimon, Chris Calio on national defense

5. Knowledge Project - Rory Sutherland’s persuasion formula

5 Podcasts We Are Listening to This Week

1. Acquired - Andrew Ross Sorkin on his insance productivity

2. Business Brew - Jim Hayes on investing in emerging markets

3. Invest Like the Best - Gavin Baker on AI, Nvidia vs Google

4. Masters in Business - Paul Zummo on alternatives investing

5. Conversations with Tyler - Gaurav Kapadia on investing, art

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to paid Latticework subscribers and MOI Global members. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Tug of war - Massimo Fuggetta

2. Five books - Joachim Klement

3. Ellenbogen - Dom Cooke

4. Enron vibes - Owen Lamont

5. Systemic analysis - Scott Sumner

6. Investing in growth - Brian Chingono

7. Google strikes back - Ben Thompson

8. Power overwhelming - Kevin Zhang

9. Trillion dollar market caps - Aswath Damodaran

10. Discipline of stepping away - Jared Lim

11. Risk of cognitive convenience - David Epstein

Letters, Presentations, Writeups…

Industry Insights: ai | banking | crypto | gaming | healthcare technology | metals | petrochemicals | seimconductors | software | steel

Geographic Insights: India | Japan | Poland | UK

Letters: Atai | Desert Lion | Goehring & Rozencwajg | Hayden | Jackson Peak | J.P. Morgan | LRT Capital | Lux Capital | Merrill | Voss

Company Insights: Electronic Arts | Fiserv | Fluor | Furubayashi Shiko | Isamu Paint | Legacy Housing | RCI Hospitality

Company Slides: AEO | ARC Resources | Dollar Tree | Emcor | Hibiscus | Inditex | Macy’s | Marvell | Nomura | RBC | Stag Industrial | UNFI

Share

5 Videos We Are Watching This Week

1. Norges - Economist Ruchir Sharma on global market risks

2. Elad Gil - Henry Kravis on the impact of AI on private equity

3. Nikhil Kamath - Elon Musk on consciousness, AI, the future

4. Mathias Döpfner - Satya Nadella on the AI energy battle

5. Insightful Investor - Joe Davis on the tug-of-war economy

5 Podcasts We Are Listening to This Week

1. Joe Rogan - Jensen Huang on the future of artificial intelligence

2. Talking Billions - Jim and Abby Zimmerman on value investing

3. Capital Allocators - John Khoury on public real estate investing

4. Against the Rules - Michael Burry on betting against AI stocks

5. Conversations with Tyler - Dan Wang on China and America

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to paid Latticework subscribers and MOI Global members. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. AI and oil - Hawkins Entrekin

2. Network effects - Ben Slingsby

3. Dilution matters - Thomas Reiner

4. Bayesian antidote - Massimo Fuggetta

5. When AI takes jobs - Tomas Pueyo

6. Profitability ratio toolkit - James Emanuel

7. China’s lending portfolio - Alex Wooley

8. Why thinking feels so hard - Carl Hendrick

9. Epicycles all the way down - Rohit Krishnan

10. Brazil inflation and disinflation - John Cochrane

11. Victorians and self-improvement - Elena Mary

Letters, Presentations, Writeups…

Industry Insights: artificial intelligence | banking | exchange-traded funds | hospitality | luxury brands | software | superconductors

Letters: Acadian | Brookfield | Diamond Hill | GMO | Hudson Bay | Long Cast | Marathon | Merrill | Pender | Rhizome Partners | Richard Bernstein

Company Insights: Afya Limited | Alphabet | Aptiv/Cyprium spin-off | Delfi | Powermatic Data Systems | Vopak

Company Slides: Abercrombie | Alibaba | ACT | Autodesk | HP | John Deere | Keysight | Kohl’s | Lee | Safe Bulkers | Urban Outfitters | Zoom

Share

5 Videos We Are Watching This Week

1. Google - DeepMind documentary, “The Thinking Game“

2. Norges - Bridgewater’s Greg Jensen on global finance

3. Dwarkesh - Ilya Sutskever on the growing challenges of AI

4. Library of Mistakes - Tom Gayner on his path in investing

5. The Knowledge Project - Jim Murphy on elite performance

5 Podcasts We Are Listening to This Week

1. Acquired - The history and strategy of The Coca-Cola Co.

2. Founders - Lessons from Red Bull founder Dietrich Mateschitz

3. Talking Billions - Laurence Endersen on his quality philosophy

4. VI with Legends - Bob Robotti on his investment approach

5. Masters in Business - Morgan Housel on market psychology

Save the date: Latticework 2026 will be held at the University Club of Chicago. We will meet for two days on November 10-11, 2026. (Priority access granted to paid Latticework subscribers and MOI Global members. Stay tuned for your personal invitation.)

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Why pay more - Harvey Sawikin

2. Implicit conviction - Paul Dutz

3. Illusion of progress - Anthony Deden

4. Tech equity dilution - Thomas Reiner

5. Conduit debt financing - Les Barclays

6. Robotaxis and suburbia - Ben Thompson

7. Haunting profit margins - James Emanuel

8. Mercedes money machine - Stephen Clapham

9. Firms are the smart money - Owen Lamont

10. Big bubbles with big wealth gaps - Ray Dalio

11. How advisers and clients see things - Joachim Klement

Letters, Presentations, Writeups…

Industry Insights: artificial intelligence | banking | copper | data centers | mining | private equity | publishing | semis | seniors housing | software

Geographic Insights: China | Europe | India | NYC

Letters: GS | Hinde | JPM | Maestria | Merrill | Samuel Weber | Sohra Peak

Company Insights: Brookfield | Molina | Monday | RideNow | SoftwareOne

Company Slides: Allianz | Energizer | Euroseas | Freeport | Helmerich & Payne | Medtronic | Subsea 7 | Swiss Re | Walmart | Williams-Sonoma | ZIM

Share

5 Videos We Are Watching This Week

1. Ivey - Francisco García Paramés on long-term investing

2. Ivey - Mohnish Pabrai on the joys of being a “shameless cloner”

3. Stripe - Satya Nadella on AI, capex, and Microsoft’s strategy

4. Norges - Zak Brown on the McLaren’s remarkable turnaround

5. WealthTrack - François Rochon on the art of quality investing

5 Podcasts We Are Listening to This Week

1. TWIII - Bloomberg columnist Justin Fox on the AI spending boom

2. Odd Lots - Jeffrey Gundlach on broad-based asset overvaluation

3. David Perell - Atul Gawande on the process and art of writing

4. Business Brew - Mark Cooper on the global search for great ideas

5. Value Perspective - David Iben on select investment opportunities

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more

MOI Global members, scroll down for member news and updates.

Subscribe now

11 Articles We Are Reading This Week

1. Farewell - Warren Buffett

2. Allocation - Michael Mauboussin

3. AI tool battle - Michael Fritzell

4. Structural toxicity - James Emanuel

5. Value of your time - Harvey Sawikin

6. Pop-hereditarianism - Erik Hoel

7. Understand anything - Mauricio Heck

8. Freedom of constraints - David Epstein

9. Diversifying alternatives - Antti Ilmanen

10. Artificial general intelligence - Tomas Pueyo

11. Ambition and inner development - Eric Markowitz

Letters, Presentations, Writeups…

Industry Insights: ai | banking | chemicals | gaming | search | software

Letters: Brennan | East 72 | GDS | Greenhaven Road | JPM | Southeastern

Company Insights: Airbnb | Aixtron | AMD | Cogent | CYND | Dole | Golden Entertainment | Grupo Mateus | Mincon Group | Nexgel | OXY | SSP Group

Company Slides: ArcelorMittal | Bayer | Brookfield | ConocoPhillips | Dole | HHH | Pan American Silver | Sea | Tidewater | Topgolf | TransDigm | Wendy’s

Share

5 Videos We Are Watching This Week

1. Stripe - Dave Ricks of Eli Lilly on drug development

2. AJ Bell - Terry Smith on doing the hard but right thing

3. Norges - Ester Baiget explains the business of enzymes

4. Dwarkesh - Satya Nadella on how he thinks about AGI

5. Knowledge Project - Ron Shaich on business lessons

5 Podcasts We Are Listening to This Week

1. TWIII - Samir Patel on the use of AI in value investing

2. Odd Lots - Cliff Asness on how markets got dumber

3. Annie Duke - Paraag Marathe on informed decisions

4. Latticework - Richard Oldfield on intelligent investing

5. Capital Allocators - Jay Ripley on manager selection

Member Updates & Events

The following is a private section for MOI Global members. Membership is by invitation only. If you would like to become a member, be sure you are on the annual plan. It is the first step toward full membership.

Read more