In this digest, we bring you the most insightful free online content, curated by the team at MOI Global. This substack aspires to be a platform for your growth, whether you are on the hunt for great ideas, looking to learn from great investors, or building a great investment firm.
MOI Global members, scroll down for member news and updates.
A new installment of The Great Rotation Playbook was published this week — Theme 3: The Industrial Renaissance.
11 Articles We Are Reading This Week
Lodestar - Aswath Damodaran
All weather - Ray Dalio
World models - Rohit Krishnan
Non-events bias - Scott Sumner
AI trust networks - Sakina Arsiwala
Disagreeing better - Annie Duke
Durable businesses - Todd Wenning
Global value spread - Brian Chingono
Bicycles for the mind - Rex Woodbury
Two paths for software - David George
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
“All intelligent investing is value investing — acquiring more than you are paying for. You must value the business in order to value the stock.” —Charlie Munger
5 Videos We Are Watching This Week
Stripe - Dmitri Dolgov on Waymo’s quest for fully autonomous driving
Drew Cohen - Bill Nygren on his approach to investing and stock picks
Money of Mine - Django Davidson on capital cycles in mining equities
Whitney Tilson - Guy Spier’s ValueX presentation and audience Q&A
Graham Bensinger - Barry Diller on media, ambition, and his fortune
5 Podcasts We Are Listening to This Week
No Priors - Andrej Karpathy on making smarter AI agents and systems
Dwarkesh - Terence Tao on AI’s role in math and scientific discoveries
At the Money - Miller Value Fund's Bill Miller IV, conviction investing
Oaktree Insights - Howard Marks on Oaktree's 2026 conference ideas
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
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