In this digest, we curate the most insightful free online content. This substack aspires to be a platform for your growth, whether you’re on the hunt for ideas, looking to learn from great investors, or building a great investment firm.
A brief request before this week’s selections. Lucas Miller of UC Berkeley, a longtime MOI member and keynote speaker at Latticework 2026 in Chicago, is studying how investors are bringing AI into their process in ways that sharpen judgment rather than erode it. Please take this brief survey, which should take only a minute or so. Two respondents, drawn at random, will receive a special prize. The raffle closes on Friday, October 9. Lucas will share the results at the Latticework summit on November 10.
Check out the agenda for Latticework 2026 (Chicago, November 10-11). The summit features fireside chats, panel discussions, idea pitches, and a group dinner. Seating is limited. Register now.
A quick summary of this week’s selections:
11 Articles We Are Reading This Week
Repeal the laws - Howard Marks
AI lab economics - Rohit Krishnan
Opinions about risk - Scott Sumner
Drifting in uncertainty - Devin LaSarre
Nobody will slow down - Mauricio Heck
Reserves, not the dollar - Brad Setser
Streamlining the engine - Brian Potter
Japan’s value-up all-stars - Naoki Ito
Forward deployed engineers - Byrne Hobart
Agents buying your sneakers - Andrew Walker
Wealth taxes and founder control - Christian Angelopoulos
Letters, Presentations, Writeups…
Industry Insights: banking | gaming | optics | real estate | software | travel
Geographic Insights: China | Europe | India | Japan | Kyrgyzstan
Letters: GoodHaven | KMF | Roshan Padamadan | Star Magnolia
Company Insights: Bellway | BOSS Zhipin | Corteva | Exor | Liberty Media | Meta | Oxford Biomedica | Sabre | Shift4 | SoftBank | Wavestone
Company Slides: AutoZone | Darden | Exor | General Mills | H.B. Fuller | H&M | KB Home | McDonald’s | MillerKnoll | Novo | Paychex | Thor
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.” —Charles Mackay
5 Videos We Are Watching This Week
Bloomberg - Howard Marks on optimism, AI, and the case for caution
All-In Podcast - Bill Gurley on the hunt for the next Richard Feynman
Goldman Sachs - Rich Friedman on private markets and AI investing
Graham Bensinger - Mike Macdonald on his climb to the Super Bowl
Alt Goes Mainstream - KKR’s Pete Stavros on a culture of ownership
5 Podcasts We Are Listening to This Week
Founders - David Senra on how Sam Walton worked to build Walmart
David Senra - Peter Rahal on the path from RXBAR to David Protein
Arthur Brooks - Simon Sinek on the four practical secrets to optimism
Capital Allocators - André Perold on investing through rapid changes
In Good Company - Alexander Stubb on defence and the world order
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