1/2 We are thrilled to announce that Ensemble Capital has been acquired. Due to our acquisition, we are retiring both the Intrinsic Investing blog and our Twitter presence.

Here's the replay of our Q1 client webinar. In addition to discussing the economy and financial markets, we profiled our investments in Ferrari $RACE, IDEX $IEX and Perimeter Solutions $PRM. ensemblecapital.com/event/fi…

Join us today at 1:30pm pacific time for our quarter market and economic update. We'll be profiling our investments in Ferrari $RACE, IDEX $IEX and Perimeter Solutions $PRM. intrinsicinvesting.com/2024/…

Join us on Monday for our quarterly client webinar. We'll be discussing markets and the economy, as well as our portfolio holdings Ferrari $RACE, IDEX $IEX, and Perimeter Solutions $PRM. intrinsicinvesting.com/2024/…

Join us on Monday, 4/8 at 1:30pm pacific time for our quarterly client webinar. We'll be reviewing financial markets and the economy, and discussing our investments in Ferrari $RACE and IDEX $IEX. ensemblecapital.zoom.us/webi…

I keep seeing data that shows mid/small cap businesses are trading at significant discounts to large caps and I get interested. Then I go look at actual mid/small cap businesses and I often get less excited. Most are not great businesses. Any recommendations for quality businesses to study in this space trading at lower valuations than “large caps?”

Short and sweet summary of the "Google won't be disrupted" thesis.

Great l/s fund on the west coast is looking for an analyst (0-3y experience). Preferably some experience on short side but all good if not. DM if interested and I will connect

In December we began the Gemini Era, and we’ve continued to make relentless progress since. Today we’re thrilled to introduce the next generation: Gemini 1.5 - hugely enhanced performance, highly efficient architecture & long-context length breakthrough blog.google/technology/ai/go…

Of interest to $WSO longs (or shorts if there are any).

Important paper showing the gains to mothers and society from WFH. A 10% increase in WFH is shown to increase mothers employment by 1%. This is particularly true in professions which are more family unfriendly, like finance and marketing. Two implications: 1) WFH is driving faster economic growth by increasing the labor-supply of mothers. This is a huge benefit to society, and likely one reason for the post-pandemic surge in US economic growth. 2) WFH supports children's development by allowing parents to spend more time with them. This provides individual family benefits, and also wider social and economic benefits. So the big-name CEOs and Politicians claiming WFH is damaging growth have got it 100% wrong. WFH is likely powering the current economic boom by increasing labor supply and productivity, while also improving personal and family time. Paper: drive.google.com/file/d/1Z1J…

Ethan is really one of the very best people to follow on AI. His non-technical discussions are ideal for investors.

Thoughtful thread on the big drop in $GOOGL on their as expected earnings report.

IDEA GENERATION (8/N): INVESTOR LETTERS In addition to regulatory filings like 13Fs, some money managers opt to share their investor letters—also known by a whole lot of different names: shareholder letters, hedge fund letters, letters to investors, letters to shareholders, letters to (limited) partners, or letters to unitholders. On the contrary, there are instances of fund managers taking legal action against those that disclose these letters, as highlighted in this II (@iimag) article: institutionalinvestor.com/ar…. Within these letters, managers often include stock pitches or provide updates on portfolio holdings. This information can be particularly valuable for sourcing investment ideas, especially for international money managers who aren’t required to file with the SEC. To stay updated on new letters, the r/SecurityAnalysis subreddit serves as an excellent resource. Other options include FinChat, SumZero, Seeking Alpha, Hedge Fund Alpha, Insider Monkey, and FinMasters. Furthermore, I’d argue that reviewing past investor letters of top performing money managers, such as those at Nomad and Fundsmith, is of equal importance to reading the classics. Besides the archives of the aforementioned resources, the Investment Masters Class has a rich library of past investor letters. In addition to letters, some money managers regularly share their insights in separate publications, like Turtle Creek’s “The Tao of the Turtle” or Howard Marks’ memos. Blogs such as Ensemble Capital’s and case studies like Alta Fox Capital’s “The Makings of a Multibagger” offer an abundance of valuable information as well. TL;DR, below are all the resources mentioned to track new investor letters: • r/SecurityAnalysis: reddit.com/r/SecurityAnalysi… • FinChat (formerly Stratosphere) (@finchat_io): finchat.io/fund-letters/ • SumZero (@SumZero): sumzero.com/public/fund_lett… • Hedge Fund Alpha (formerly ValueWalk Premium) (@valuewalk): hedgefundalpha.com/q4-2023-h… • Seeking Alpha (@SeekingAlpha): seekingalpha.com/author/fund… • Insider Monkey (@insidermonkey): insidermonkey.com/blog/hedge… • FinMasters (@FinMastersCom): finmasters.com/hedge-fund-le… Additionally, the following are the rest of the aforementioned resources: • Investment Masters Class (@mastersinvest): mastersinvest.com/new-page-1 • Turtle Creek’s “The Tao of the Turtle”: turtlecreek.ca/the-tao-of-th… • Howard Marks’s memos (@HowardMarksBook): oaktreecapital.com/insights • Ensemble Capital’s blog (@IntrinsicInv): intrinsicinvesting.com • Alta Fox Capital’s “The Makings of a Multibagger“ (@AltaFoxCapital): static1.squarespace.com/stat…

Here is Google SGE's response to one of the questions in @kevinroose's article about Perplexity. How is Perplexity better than this? It's basically the same thing, right?

For fans of Perplexity, what are the key features/advantages it provides that Google Search with SGE does not?

This is the big shift to understand. For much of 2022-23 good growth data just triggered inflation worries. Now we’ve flipped back to “normal.” Powell said strong growth and employment wouldn’t prevent Fed from cutting. They are laser focused on inflation.