Capital Allocators Monthly Newsletter - July 2023

The Seven Virtues of Great Investors, Jason Zweig.  Jason summarizes his series of essential attributes shared by all great investors.

ESG searching for ESG 2.0. My thesis in last year’s WTT, What’s in a Name: The Problem with ESG, appears to be taking hold. Larry Fink is backing off the first iteration of sustainable investing nomenclature.

Once upon a time, there were stocks. With the buzz around alternatives and bond yields, discussion about public equities has fallen out of the limelight, except for the magnificent 7. One big pension fund is shifting away from U.S. stocks, and Matt Levine describes NASDAQ’s rebalancing.

Read FT Article

Thinking in First Principles, Randall Stutman. First principles was a common refrain of David Swensen and a core tenet of Seth Klarman’s brilliant investing mind. Randall offers a Field Note on how to apply the important concept that can lead to the elusive ideal of being different and correct.

Art as an Asset Class. I struggle to invest in assets with no potential cash flow, but for others, art has had long legs and is coming to the public market (WSJ article). To better understand the implications, Matt Levine offers his take (scroll down to the second block in his piece).

Read Matt Levine’s Take

BONUS:  Is the changing of the guard in tennis upon us?  Check out this ridiculous point from Carlos Alcaraz and Jacob Sinner from earlier this year to see what the excitement is all about.