"This is the publication I recommend
when people ask me what I read"

— Norbert Lou

Pandora’s (Strategic) Box

A few years ago, if I remember correctly, Netflix and Pandora occupied roughly similar places in Wall Street’s imagination, each in its respective industry. Pandora was the public play on the bright future of music streaming, and Netflix was the public play on the bright future of video streaming. Fast forward to 2015 and Netflix [...]

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Economies of Scale on the Ground

A few days ago the WSJ had an interesting article about how beer giant AB InBev is … voluntarily incentivizing its distributors* to carry more of its products and less of its competitors’. John D. Rockefeller would be proud. One of my pet self-education projects is to trace the history of how the world’s great [...]

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YouTube seeks to license new content

In the near future I hope to do a PIB case study on the media industry, which is always interesting but is particularly interesting today. So articles like this one, about YouTube looking to license streaming content from Hollywood, are catching my eye. If you know of an investment manager with expertise in media, or [...]

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“Alpha” in Real Estate

I have a mentor, a retired European investor with whom I correspond from time to time. He has kindly permitted me to reproduce below a recent letter:   I’ve met many rich men in my long life, and I must confess that the category of rich man that most annoys me is the real estate [...]

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