Morning Brew ☕️
What do three leaders of our favorite @SlackHQ workspaces DM themselves during the work day?

Paid partnership with Slack. Watch our full feature on some of the best hybrid teams in the world: https://t.co/e2i1XAdJxz https://t.co/q6spenjYxy
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Frederik Gieschen
Buffett ('95): "We believe in managers knowing that money costs money."

"We want our managers to understand how highly we value capital. Nothing creates a better understanding than to charge them for it. https://t.co/CCRzL84FjN
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Paul Graham
I finally got some Allbirds shoes. That means they are now officially out of fashion. Good news though: hoodies and skinny jeans will never be out of fashion by this test.
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Paul Graham
"History’s big lesson is that things change. But it is hard to imagine how dire living conditions once were and that makes it difficult to grasp just how much the world has changed."

https://t.co/UTP24oejOf
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FXHedge
FORD PLANS TO CUT AS MANY AS 8,000 JOBS IN THE COMING WEEKS
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Morning Brew ☕️
doesn't quite have the same ring to it...

(via: @NPR) https://t.co/eexyNZbEuk
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Oddball Stocks Newsletter
RT @SagaPartners: Now that mkt valuations come down, particularly in tech, I thought it would be interesting to update the list of the best performing stocks over the past 15 yrs from today's prices

These companies survived the GFC & COVID & provided the best returns in all US/Canada stocks https://t.co/NXJDHa9Fvg https://t.co/BhcxCqYNQH
There are ~50 U.S. companies publicly traded today that provided a 15 yr IRR > 20% vs. the S&P's 8% IRR.

A couple interesting things to note: https://t.co/6UtWk2jPhL - Joe Frankenfield
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Compounding Capital
Mauboussin's basic point is that rise of intangibles and corresponding investments like R&D, which show up as opex, mean GAAP P&L losses can mask accretive investment.

This contrasts with capex intensive companies capitalizing assets on bal. sheet and investing thru CF statement https://t.co/MfIZsrAb6X https://t.co/1QxXU4jdl0
"negative free cash flow is not only fine, but desirable, in cases when the return on investment comfortably exceeds the cost of capital and the company has access to capital."

New post from @mjmauboussin and Callahan!

https://t.co/ND5VV9POGt - Mostly Borrowed Ideas
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Morning Brew ☕️
trying to reach your coworkers in the month of July

https://t.co/FspTFToKWA
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Special Situations 🌐 Research Newsletter (Jay)
We are doing 2 deep dives for next week; a European aerospace duopoly with 75% market share, growing earnings at 20%/year, and $HLLY, a higher quality U.S. specialty parts designer/manufacturer, and one of the few decent De-SPACs. Free for subscribers!
https://t.co/r7f3PlxC5V
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Special Situations 🌐 Research Newsletter (Jay)
Next week we are going to share another "boring" CEF muni fund trading at a large discount to Net Asset Value for arbitrage subs with a 30% potential total return.

Also running through our short screens for ideas before the Fed meeting next week!
https://t.co/r7f3PlxC5V
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