And pretty interesting.
The talk with Mr. Headley was fascinating. The off-the-record part of our conversation suggests that he saw the recent difficulties coming, tried to prevent them and soon found himself on the outside. That might be an especially good sign for someone back on the inside now.
Aegis Value continues to impress. It's hard to imagine two niches - microcap and value - more consistently out of favor (which, I guess, also means "mispriced"), and yet the fund racks up really solid (double-digit, top 1%) returns again and again. The current bet-the-ranch stake on small Canadian energy firms, which he clearly defended in his interview with Devesh, stands out.
And Scandinavia was fascinating. Most people think about the exceptional stuff - statues, museums, fjords, mountains - they encounter. I'm equally fascinated by the quotidian, the chance to sample another culture at work. And, gosh, it is strikingly different. English is effectively universal. Obesity is almost non-existent, but smoking seems more common. Sugar is rare, no donut shops but lots of bakeries with rolls and buns that emphasize spices (cardamon, cinnamon) rather than sugar. Proportions are smaller and industrial ingredients were rare. Speaking of rare: cars. I spent time in two national capitals with less traffic than Davenport. Greater mass transit - buses, trams, subways, trains - with huge ridership. If I were to read that 80% of cars in those cities are electric or hybrids, I'd nod. Advertising is almost non-existent and groceries are sold in small markets scattered through almost all the neighbors. Heck, even the Ikea in Oslo was tiny. Much to think about.
Hope the issue strikes good thoughts,
David
Comments
I especially appreciated Lynn Bolin's "Protecting Against Tariff-Induced Inflation."
Cavett”s show was before my time but really enjoy these interviews, especially one with David Bowie, Raquel Welsh, and Janis Joplin. Heard Cavett a few times on Imus radio show 2010s.