Monday morning links
Magellan Financial Group, December 2022 portfolio review, China's border reopening
East 72’s 4Q2022 letter discussing the implosion in the share price of Australian fund manager Magellan Financial Group (🇦🇺 MFG AU－ US$1.1 billion)
(estimated reading time) ($ = behind paywall)
My December 2022 portfolio update (21 mins) ($)
I wrote a post on China’s border reopening (11 mins) ($)
GlobalStockPicking’s 2022 performance review (7 mins)
Searching 4 Value blog’s 2022 performance review (18 mins)
Alpha Vulture’s 2022 performance review (3 mins)
A Twitter thread by Dede Eyesan discussing global outperformers (68 tweets)
Konichi-Value discussing Japan’s 1980s boom and subsequent bust (14 mins)
Everyone is obsessing about Zoltan Pozsar’s war-related research pieces:
War and Peace (11 mins)
War and Interest Rates (26 mins)
War and Industrial Policy (24 mins)
War and Commodity Encumbrance (23 mins)
War and Currency Statecraft (17 mins)
Scott Grannis: Inflation continues to recede (4 mins)
David Hay providing his thoughts on what’s coming in 2023 (17 mins)
JP Morgan’s 1Q2023 Guide to the Markets (71 pages)
Bill Bishop on China’s reopening, Xi’s credibility, TikTok and more (1:00 hour)
Arjun Murti’s predictions for energy markets in 2023 (40 mins)
OSV giant Tidewater discussing trends in offshore oil & gas (1:05 hours)
Herald van der Linde providing his predictions for Asia in 2023 (17 mins)
Thank you for reading 🙏
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Thanks Michael — always enjoy your great weekly links and circumspect thoughts.
I’ll throw in my two cents re the hype. Zoltan Pozsar is the lazy man’s analyst: marshalling a series of facts into a superficially impressive argument that serves as a substitute for wisdom.
I remain astounded that the barely coherent musings of a frantic autodidact have gained such notoriety. Verbose salesmen ought to always be treated with suspicion, in my opinion.