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Brandon Beylo Profile picture
@marketplunger1
Jan 17, 2023 • 12 tweets • 7 min read • Read on X
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Bruce Greenwald is one of the most prolific Value Investing teachers out there.

His superpower is simplifying complex subjects like valuation and competitive analysis to help investors beat Mr. Market.

Here's a thread on my favorite Bruce Greenwald knowledge resources ... 🧵
1/ YouTube Lecture Series

This is my favorite YouTube resource.

You can watch 13 2HR+ lectures from Greenwald's Columbia Business School classes.

Why pay thousands when you can pay $0 for world-class education?
2/ Podcasts (Part 1)

Greenwald has appeared in a few podcasts. Here are my favorites:

• Staying on the Right Side of the Trade: podcasts.apple.com/gy/podcast/bru…

• Value Investing & Specialization:

• Are Corporate Profits Sustainable:
3/ Podcasts (Part 2)

• A Deep Dive Into Value Investing: open.spotify.com/episode/0OWLxQ…

• Value Investors Must Adapt or Face Failure: podcasts.apple.com/ke/podcast/val…
4a/ Binge-worthy PDFs: "Basic Structure of Investment Process and Valuation"

43 slides containing info on competitive advantage, barriers to entry and earnings power value.

Link: csinvesting.org/wp-content/upl…
4b/ Binge-worthy PDFs: "Introduction to a Value Investing Process"

This is 62 pages of notes from Bruce Greenwald's various lectures.

The power in this document is learning via repetition. Ingraining in your brain Greenwald's lessons.

Link: csinvesting.org/wp-content/upl…
4c/ Binge-worthy PDFs: "The Greenwald Method"

Mats Larsson deconstructs Greenwald's investing process from first principles.

It's 18 pages of gold.

Link: static1.squarespace.com/static/5325c4b…
4d/ Binge-worthy PDFs: "Three slices of value"

CapitalIdeasOnline breaks down Greenwald's process into three key elements:

• The value of assets (tangible + intangible)

• Earnings Power Value

• Value of Growth

Link: capitalideasonline.com/wordpress/thre…
4e/ Binge-worthy PDFs: "The Future of Value-Oriented Investing"

Transcript of Greenwald's interview with @MOIGlobal

Key topics:

• Future of value investing

• Bruce's latest book

• Why value investing needs to change

Link: moiglobal.com/bruce-greenwal…
4f/ Binge-worthy PDFs: "Bruce Greenwald Guest Lecture"

This one is super cool.

It features more macro thoughts from Bruce, as well as corporate governance commentary.

File this under "Deep Tracks."

Link: millstein.law.columbia.edu/sites/default/…
5/ Twitter Threads

Daniel (@MnkeDaniel) has the best thread on Greenwald I've seen on Twitter.

He dissects Bruce Greenwald's class notes and derives his most important insights.

Check it out here:
6/ Conclusion

I hope you enjoyed this thread and found some great weekend reading/listening material.

If you want an easier to read version of the above, check out my post below.

Also, if you liked this thread, please RT and share w/ friends!
macro-ops.com/my-favorite-br…

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More from @marketplunger1

Brandon Beylo Profile picture
Feb 13
Peter Cundill is one of the most consistent value investors ever.

His Value Fund generated a 15% CAGR over 33 years. Turning $100 into $10,000.

He followed in Ben Graham's footsteps but carved his own path.

Here are six of Cundill's most important investing lessons ... 🧵 Image
Lesson 1: Be A Global Investor

Cundill was Canadian but invested globally.

He believed, like Peter Lynch, that whomever turns over the most rocks will win the game.

The wider you cast your net, the greater the odds of finding extreme value.

That is very true today.
Lesson 2: Buy Hidden Asset Plays

Cundill demanded a strong balance sheet with high asset values.

He also loved hidden assets.

For example, he bought Tiffany's in '74 because it held its diamonds and real estate at historical cost. Which vastly understated its current value.Image
Read 8 tweets
Brandon Beylo Profile picture
Jan 19
Allan Mecham is one of the best value investors out there.

He's generated a ~37% CAGR since 2008 while operating as a one-man shop above a taco store.

I read all his shareholder letters to find the Five Key Lessons from Mecham's philosophy.

Enjoy 👇
macro-ops.com/five-invaluabl…
Lesson 1: Less (Not More) Information is Better

Edge is found in clear thinking/uncluttered mind.

Our brains only have so much decision making power capacity each day.

The less information you consume the more time you have to ponder the few critical bits that really matter.Image
Lesson 2: Selling Great Biz Is Almost Always A Mistake

It's tough to find a great business.

It's even more difficult to not sell that great business once you find it.

Mecham found Autozone $AZO & made it 18% of his fund. Yet he still sold it.

Lesson? It was a mistake.Image
Read 7 tweets
Brandon Beylo Profile picture
Sep 14, 2023
One of the best ways to learn about the Copper Industry is by studying the Top 10 Global Producers.

I read each of the Top 10 #Copper Producer Q2 2023 reports so you don't have to.

Here's a thread on the most important data and themes from the world's largest players ... 🧵 Image
1/ Codelco $CODELCO

• Copper Production DOWN 12.6% to 685kt

• Cash Costs UP 42% to $2.13/lb

• Reasons for Product Decline: Weather, lower grades, reduced mineral processing

• Reasons for High Cash Costs: Lower production, higher opex (labor + energy) Image
2/ Freeport-McMoran $FCX

• Copper Production DOWN 5% to 1,029Mlbs

• Cash Costs UP 4% to $1.47

• Reasons for Product Decline: Lower grades/production, weather

• Reasons for High Cash Costs: Lower production, increase in operating costs (labor, fuel, etc.) Image
Read 14 tweets
Brandon Beylo Profile picture
Aug 17, 2023
Goehring & Rozencwajg Investor Letters are a MUST-READ for any Natural Resource Investor.

They cover everything from oil to natural gas, base and precious metals, and agriculture.

Here's a thread on the most important insights from their Q2 2023 Investor Letter ... 🧵 Image
1/ Upcoming Gold Bull Market: How High Will It Go?

G&R believe gold is radically undervalued today.

"Gold, relative to the size of the Fed’s balance sheet, is more undervalued today than in the
late 1960s or 1990s."

How high could gold go?

G&R see $14,000-$32,000/oz!
Image
Image
2/ The Uranium Bull: Defying Trends & Redefining Energy Markets

Over the past 12M, every energy commodity has declined EXCEPT for Uranium.

"Our models suggest Uranium's strong performance has just started."

G&R explain why Uranium is entering its fifth "Bull Period." Cont... Image
Read 15 tweets
Brandon Beylo Profile picture
Jul 11, 2023
The IEA just released its Critical Mineral Market Review 2023.

The report provides valuable insights into the large and rapidly growing Critical Minerals Market.

A MUST-READ for metals investors.

Here's a thread on the most important things I learned from the report ... 🧵
1/ Why You Should Care About Critical Minerals

• Green energy tech is propelling demand growth of critical minerals

• Critical Minerals market size has doubled over past 5yrs to $320B

• Success of green movement hinges on critical mineral supply

• Geopolitical importance
2/ Clean Energy Driving Demand Growth

Renewable energy technologies like Solar PV, Wind, and EVs are driving Critical Mineral Demand.

Check out the YoY demand growth expectations:

• Solar PV: +30%

• Wind: +70%

• EVs: +30%
Read 21 tweets
Brandon Beylo Profile picture
Jul 5, 2023
The Value Hive Podcast Energy / Oil Thread

I've spent most of this year studying Energy and Oil.

Part of that process was interviewing some of the smartest people in the industry to pick their brains.

Here's a thread on every Energy & Oil Value Hive Podcast this year ... 👇 https://t.co/7H1fhofmPYtwitter.com/i/web/status/1…
January 27: Oil & Gas Crash Course w/ @Rory_Johnston

We discussed:

• Oil's volatile history

• Shale oil history

• Oilfied services

• Inventories, supply curves, and futures curves

Listen here: podcasts.apple.com/us/podcast/ror…
February 17: Busting ESG Myths w/ @BrianGitt

Brian was a fantastic guest. He busted myths of ESG investing and energy practices.

We also discussed:

• Why we shouldn't demonize fossil fuels

• Energy and national security

• Uranium

Listen here: podcasts.apple.com/us/podcast/bri…
Read 13 tweets

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