Morning Brew ☕️
"how are you liking the new job? what's your title again?" https://t.co/4t7Oe4mqBF
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andy
Interesting shift in ease of entrance into wallboard industry - coal plant byproduct could be feedstock, but that supply now limited/decreasing.

Limited public ways to play, all within larger diversified businesses now https://t.co/BZLOkd2M3v
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Morning Brew ☕️
Salman Rushdie is “on the road to recovery.” One day after being stabbed, the acclaimed author was taken off of a ventilator and was able to speak, his agent said.

The man accused of stabbing him, a 24-year-old from New Jersey, has been charged with attempted murder and assault.
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andy
$avnt get 10x EBITDA headline for the distribution business, but really 8x with tax leakage.

$750m for $93m of US generated capital light EBITDA ($1m capex 2021)...selling this thing for 11x earnings.

Buying another biz with more capex for 12x ebitda and intl risk https://t.co/fgNkXW7MFf
Cap allocation at Avient $AVNT is pretty disappointing. CEO textbook agency cost empire builder who has built up large shareholding (~$50m) solely through grants.

Buying Dyneema at 12x EBITDA w/few synergies - excluding Clariant he has a poor track record of acquisitions
1/n https://t.co/Fw28JuRyOf - andy
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FXHedge
U.S. AUGUST NAHB HOUSING MARKET INDEX 49 VERSUS 55 IN JULY
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Morning Brew ☕️
RT @LearningBrew: Do you want to learn about your options to advance your career, even through the looming recession?

We're in the running to talk about alternatives to traditional education at SXSW, but we need your help. Vote below to get @eduversequeen to Austin!

https://t.co/v06J6D3V8I
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Morning Brew ☕️
Just two weeks after Nancy Pelosi's visit, a delegation of lawmakers led by Sen. Ed Markey has touched down in Taiwan.

The group is there to further demonstrate support - but it's certain to irritate China again, which launched military drills following Pelosi's trip. https://t.co/vuyuriLsNu
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Meb Faber
Headed back to the farm today to hang with @KevinVanTrump!

📈 Early career as a trader
🌽 Ag commodities
🛢️ Energy markets
💰 Impact of the dollar on commodities

https://t.co/IUgHzgBZpK https://t.co/SqVEkanrp9
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Compounding Capital
Interesting old and current write ups of Egerton funds.

https://t.co/S26lwBJOsq

https://t.co/GSzmZp2jGA https://t.co/YBOB7MsRW1
Egerton Capital is privately owned $19B large cap equity L/S and LO manager.

Bottoms-up, highly concentrated, quality focused.

"Target quality companies at attractive valuations with significant upside potential"

Top 5 companies are 45% of portfolio: $CP $MSFT $CNI $GOOG $V https://t.co/n0PQoojaUM - Compounding Capital
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Steven Kiel
RT @shermancbfunds: ENDI Corp. (OTC: ENDI), announced the closing of the business combination of CrossingBridge Advisors, LLC.

see link to press release:
https://t.co/rBoRpPzuur
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Compounding Capital
Great thread on Egerton founder John Armitage. https://t.co/thwdUcRXMJ
Thread on John Armitage, founder of Everton Capital (1/n):

30% hurdle rate https://t.co/N1MEgtO4eF - Cundill Capital
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Special Situations 🌐 Research Newsletter (Jay)
One thing we screen for is co's w/ high % of net cash to mkt cap. Metric doesn't tell entire story (cash burn, other liabilities), but can be interesting place to start! Co's w/ low liquidity & high leverage underperform in bear mkts! Avoid leverage and cash burning companies!
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Morning Brew ☕️
A 1300-lb walrus named Freya was euthanized in Oslo, Norway by authorities "based on an overall assessment of the continued threat to human safety."

The walrus had drawn crowds of spectators in recent weeks as she hopped up on boats and sunbathed on the piers of the Oslo Fjord. https://t.co/qgLFx988Zk
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Paras Chopra
RT @paraschopra: Life advice tweet starter pack:

1. Know yourself

2. Follow your heart to find what you want to do

3. Critically think to chart a path to those goals

4. Journey matters, not destination
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