"Good investment thesis/argument" - where can one find these?

bb_monkey2018's picture
Rank: Gorilla | 708

Hi guys!

Stupid question, but I think one of the best ways to improve one's investment ability is probably to read high-quality investment thesis/arguments. Where can one find those? Are there any forums that you'd recommend? (I'm excluding things that are formally from work since presumably, one can't find memos written by other funds).

Thanks!

Comments (16)

Feb 2, 2020

Decks from activist hedge funds. Lots publicly available. For example:

https://www.docdroid.net/RgwdtRL/the-d-e-shaw-grou...

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Feb 2, 2020
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Most Helpful
Feb 2, 2020

^ These two are spot on. Here are some other solid sources for research publications/decks/other materials outlining the thought processes from various firms in their own words:

http://minesafetydisclosures.com -absurd collection of buyside investor letters; solid reading list and 13f screening tool

https://www.insidermonkey.com -similar to MSD, eg, lots of letters; also has tons of analyses straight from buyside firms

https://ftalphaville.ft.com/longroom/home -this one is great, but kind of a pain in the dick in that you have to subscribe to FT and request access (their way of ensuring internal use only docs that end getting leaked don't wind up creating unnecessary liability if some retail dumbfuck takes the advice, loses tons of money, and sues) it's essentially an institutional publication aggregator where you can request anything you'd like, and if other people have them they can upload them there; a truly insane volume of really solid research from every possible angle [incl. IB, HF, MC, SS Research-Only shops (eg Gavekal) and so on];
TLDR: worth the $ and time, just a pain in the ass in the interim while waiting

https://www8.gsb.columbia.edu/valueinvesting/resou... -solid site that publishes quarterly a la the Ben Graham/David Dodd "Intelligent Investor" value-investing school of thought

https://www.marketfolly.com
http://www.distressed-debt-investing.com
https://www.valuewalk.com
http://csinvesting.org
These occasionally post really solid interviews with top investors who use strategies which run the gamut of pretty much anything you could think of, but don't have a lot of "pure-play" research in the same vein as the above:

https://www.realclearmarkets.com
https://ritholtz.com

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Feb 5, 2020

You really took care of everything else I would have added. Value Investors Club can also be a helpful resource.

Personally, I am a huge fan of FT's Long Room. I was very happy to see it mentioned in your comment.

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Feb 7, 2020

The Long Room really is a hidden gem, FT gets a lot of shit right, but that's one area where they straight up excel compared to all the other financial press.

Feb 2, 2020

Bookmarking them

Feb 2, 2020

Saving this

Feb 4, 2020
Feb 4, 2020

I use to have a subscription to microcapclub.com

A lot of really smart investors on that site that run their own micro-cap funds and they rank each poster on a yearly basis and give points depending on how their thesis does. I think the cost was $500/year but the ideas they give pay for itself. I will probably re-up my subscription this weekend when I get some free time.

Feb 4, 2020

This is a great thread. Are there similar publications targeted specifically at venture? I've always wondered how similar/different the IC memos are for early stage vs. PE investments.

Feb 4, 2020

$TSLAQ on twitter

Oh wait you said high quality

Feb 4, 2020

Reading...and reps. Lots of both.

Feb 4, 2020

trian partners publishes some of their position papers

graham & doddsville (google it)

buffett's annual letters

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Feb 8, 2020

Excellent contributions. For this stuff I keep visiting this site. SBs to the ones sharing their trove.
OP: not so stupid your question, at all!

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  • Analyst 3+ in CorpDev
Feb 17, 2020

If i ever have the time......

Feb 24, 2020
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