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"In investing you get what you don't pay for."
                                                                                                           - John Bogle
VALUE LINKS
CARLOS BRITO: CEO of Anheuser-Busch InBev speaks at the Darden School about how to build a great company
"It's only when you take people out of their comfort zone that we all evolve."  YouTube - November 17, 2014
CARL ICAHN: Expects a correction in the next three to five years "I am still concerned that one day you'll see a break like you had a few weeks ago, but it won't come back." Reuters Global Investment Outlook Summit - November 17, 2014
3G CAPITAL: Raising a new fund and there is speculation 3G will go after Coca-Cola "As global capitalism is full of big brand companies, but not always well-managed, speculation about possible targets for acquisition of 3G became a hobby in the financial market.The list goes from the mother of all acquisitions (Coca-Cola) to smaller companies but with established brands such as Cheerios maker Kellogg."  Veja (via Google Translate) - November 13, 2014
JIM CHANOS: Art market is 'frothy', shorting Sotheby's
"I am not here to bury the art market, I am an art collector myself. But I do think that there are inherent risks in this sort of cyclical business." Ira Sohn London (via Reuters) - November 19, 2014
HUGH HENDRY: Wide-ranging, macro-focused interview with interesting reflection on recent mistakes
"What it is with me is, I'm weird." MoneyWeek - November 19, 2014
JEREMY GRANTHAM: Q3 letter
"My personal fond hope and expectation is still for a market that runs deep into bubble territory (which starts, as mentioned earlier, at 2250 on the S&P 500 on our data) before crashing as it always does." GMO - November 17, 2014
DARDEN INVESTMENT MANAGEMENT CONFERENCE: Summary of Kyle Bass' presentation
"But in actuality, [Argentina] is....fiscally solid.Upcoming elections should improve the country's leadership and settling the lawsuits will allow access to money markets...You want to invest right now when things look so bad it couldn't get worse."  Newswise - November 18, 2014
LAWRENCE CUNNINGHAM: Deal tips from Buffett and Berkshire's other managers
"Managers would do well to heed lessons from a group with a proven track record: the dozens of chief executives of Berkshire Hathaway's subsidiaries."  New York Times - November 18, 2014
BRUCE FLATT: Summary of Brookfield Asset Management's Q3 conference call "All indications in our businesses have been, and still are, that the U.S. economy is growing faster than otherwise believed. With gasoline prices down this should accelerate retail sales in the fourth quarter, which is not factored into most expectations. Motley Fool - November 19, 2014
HOWARD MARKS: Dare to be Great (II)
"If riskier assets could be counted on to produce higher returns, then they wouldn't be riskier." CFA Institute - November 20, 2014
FEEDBACK FROM THE SANTANGEL'S INVESTOR FORUM

"Thank you so much for inviting me. The conference was truly fantastic. You managed to put together something unique and extremely value additive for everyone who attended."
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"What an excellent conference! Any time you show up and immediately spot five people who you think are among the best investors in the world, you know you are in the right place."
EVENTS
December 8, 2014 (Zurich)
LESSONS FROM THE AUSTRIAN SCHOOL
January 30, 2015 (NYC)
2015 CSIMA CONFERENCE
(DAN LOEB AND OTHERS)

THIS MESSAGE IS BEING PROVIDED STRICTLY FOR INFORMATIONAL PURPOSES, IS NOT A RESEARCH REPORT AND CONTAINS INSUFFICIENT INFORMATION TO MAKE AN INVESTMENT DECISION. NO INVESTMENT ADVICE IS BEING PROVIDED.


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