Weekly Inspiration
Wisdom, Insights, and Ideas for Intelligent Investors
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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