Argo

Investment Manager - Real Assets. (still think I'm a nice guy though)

[Pjotr Sauer @PjotrSauer]

This is awful and should get more attention

[Dimitry Nakhla | Babylon Capital® @DimitryNakhla]

Christopher Begg teaches Ben Graham’s Security Analysis course at Columbia, the same class Graham taught Warren Buffett in 1951. He also runs East Coast Asset Management, and is invested in Tesla. To a lot of people those two things do not belong in the same sentence.

In a conversation with @WilliamGreen72, he used Tesla to explain what he and others have started to call Value 3.0 — a way of looking at a business that would leave a traditional value investor in disbelief.

1️⃣ Value 1.0, Graham: a collection of assets worth a dollar, bought at 50 cents. The question is the floor. How do I lose?

2️⃣ Value 2.0, Buffett and Munger: a great business at a reasonable price. Maybe 10 or 12 times earnings, owned for a long time, so you do not have to sell and reinvest. The cheapness is still optically there.

3️⃣ Value 3.0 is the step many investors will not take. Nick Sleep was already doing it with Amazon in the Nomad letters. Optically Amazon did not look cheap. You had to add back the investments it was making and underwrite the margin potential before the earnings were staring you in the face. In hindsight it was one of the cheapest companies of the period, compounding at about 47% from that point.

That is the part people have trouble with. A company gets labeled overvalued because today’s earnings do not show the value, and the work stops there. Investing is often more than what is optically in front of you.

The same lens Sleep used on Amazon is the one Begg says Google and Meta later required, and the one he now applies to Tesla: not a coin flip, but an underwriting of what the business can earn once the investments and the platform are understood. Asymmetry still has to be there. The floor still matters.

The difference is that the cheapness is not always visible in the multiple.

$TSLA $SPCX
___

🎙️ The Investor’s Podcast | How to Find Hidden Investment Treasures w/ Christopher Begg (07/25/2026)

[Argo @bcbankier]

@NicoInberg Strijkijzer kapot? 😉

[Rugby Tuesday @TuesdayRugby]

Zizou et Barthez de retour de Turquie.
#TURFRA

[Eddy Elfenbein @EddyElfenbein]

25 years ago, NFPT was going for 25 cents. Now it's at $300. They make specialized foam, plastic, and composite components for medical devices. Followed by four analysts despite a market cap of $2 billion.

[vladuah @vladuah]

This is the earliest known video of Warren Buffett.

He’s 31.
Unknown.
Sitting on a local Omaha station in 1962.

No hype. No predictions. No guru act.Just a young man explaining how markets actually work - before the world decided to listen.Rare footage.

Watch it once.

[Eelco Bosch van Rosenthal @eelcobvr]

Dit is echt een schitterend verhaal

[Drew Cohen @DrewCohenMoney]

This one line explains why $ADBE picked who they did for CEO.

"Overall, across the industry, I do believe that every SaaS company will be going through the transformation to agentic software just like the software companies went from on-prem to SaaS many years ago and Adobe executed very successfully."

More to come in my update out later @Speedwell_LLC

[Everybody Loves Raymond @Raymond_Quotes]

“New York was my home, is my home.” - Ray Romano ❤️ Ray Romano shares an incredible story of what it was like being in New York on 9/11. On this day, we #NeverForget
#EverybodyLovesRaymond #RaymondQuotes

[ESPN @espn]

Welles Crowther, a former Boston College lacrosse player who had a trademark red bandana, was working in New York on Sept. 11, 2001.

This is the story of how he led people to safety after terrorists struck the World Trade Center.

[Lima @limalemonnn]

https://t.co/Fag8fBfBWv

[bodila @51bodila]

Paul Singer told Jamie Dimon to his face that JPMorgan is "overleveraged and opaque - even my 150 analysts couldn’t figure you out"

- Dimon replied: "Paul, with all due respect, hedge funds are pretty opaque too"

This is their face-to-face confrontation over who nearly destroyed the financial system, why Singer says banks are still hiding enormous risks, and Dimon’s brutal question: "So why do you still trade with us?"

Singer: "When I ask about a firm holding $1 or $2 billion of our money, after weeks of analysis and discussion, my team comes in and shrugs"

Dimon: "You probably haven’t read our 10-K, which is 400 pages long. Businesses can be opaque because they’re complex. You don’t know how aircraft engines work either"

Singer: "No hedge funds supplied any systemic risk during the 2008 crisis. Many financial institutions didn’t understand their own risks. Neither did their regulators"

Dimon: "Paul, you trade with us quite a bit, very happily. Why? Research, execution, capital and price"

bookmark & watch the full conversation ↓

[🍁☘️Canadian Fletchy 🇨🇦 @Darth_Pingu]

Canada has redesigned the American flag. Enjoy!

[Frank Curzio @FrankCurzio]

1. $BE - Bloom Energy

Fuel cell manufacturer. Think of a box that sits next to a building and generates its own electricity from gas.

We recommended it at $21, sold north of $250 - a 1,099% gain for our subscribers.

Nancy Pelosi also just bought up to $12M in stock...

[Drew Cohen @DrewCohenMoney]

I stopped reading that many investing books a couple years ago because I wasn’t getting much out of them any more.

However, I knew I had to make an exception for @chriswmayer’s latest book given how much I enjoyed his prior writings.

Really excited for this!

[Ed Finley–Richardson @ed_fin]

Suezmax newbuild, delivered in July, reported chartered out for 12 months to an oil major for $80,000/day.

[Commentary Xavier @pakaluxavierog]

Issued in public interest