We feature a forgotten memo from a Baltimore-based deep-value shop, a transcript of a dinner with a UK-based "slow growth" compounder, and a sharp critique of the private credit bubble.
The market is a device for transferring money from the impatient to the patient. I have been patient. I have been watching you. outstanding investor digest
Back then, Elias was the only one who took Vance’s letters seriously. While the senior partners laughed at the "crank mail," Elias read the dense, column-wide paragraphs that analyzed the "intrinsic value" of companies everyone else had left for dead. Vance had predicted the crash of '87, the rise of the internet before the browser existed, and the hubris of the housing market. He was the original outstanding investor, digesting the world’s chaos into pure, profitable clarity. We feature a forgotten memo from a Baltimore-based