We hosted Latticework summits in New York City and London last month, bringing together MOI Global members to learn and share with each other and with some of the foremost investors of our time, including Howard Marks, Francisco García Paramés, Tom Russo, Murray Stahl, Will Thorndike, Ed Wachenheim, and others.

I am pleased to include selected impressions and takeaways in this edition of The Manual of Ideas. As you’ll deduce from the numerous member contributions, the process of learning is particularly enjoyable when it takes place among like-minded individuals who are genuinely curious about the world, about bettering themselves, and about helping others do the same. We are fortunate to have such people in the MOI Global membership community.

I’d like to highlight a few voices (edited for space) that speak to the kind of community we are building:

“I’m a relatively new member to MOI Global, joining last year. Latticework New York was my first event. The list of speakers was outstanding – two of them (Howard Marks and Ed Wachenheim) have written books I’ve read and another (William Thorndike) has a book I’ll be reading next. The conference itself was a real treat. Even better was the chance to meet like-minded, thoughtful investors from all over the world. At my table, we had a guy from India, another from Italy, and another from my hometown of Chicago. I’m already exchanging emails and talking about investments with some of the investors I met. I used to subscribe to the Groucho Marx school of thought, ‘I’d never join any organization that would have me as a member.’ MOI Global is the one clear exception.” — Paul Johnson

“I was able to meet new folks and catch up with friends. The group of speakers came with thought provoking ideas. Specifically, Felix Narhi, Dave Sather, and Sean Stannard-Stockton – the “growth guys” – forced me to expand my thinking about defining value and business models. This paralleled my takeaway from last year, when Palihapitiya from Social Capital forced me to think harder about Amazon and what it might mean for the companies in my universe. Thorndike’s comments and insights on management characteristics were terrific.” —Curtis Jensen

“Instead of the usual praise of the event, I’d like to share a detail I really appreciated. I noticed the name tags had no title or employment information, but just the first and last name. I don’t know if you chose this on purpose, but I had a long, meaningful conversation with a gentleman sitting next to me throughout the day. We talked about our shared interest in commodities and a private company investment where I might be able to facilitate an introduction related to expansion in China. I later discovered the person is president of a multi-billion fund. Had the name tag indicated his and my positions and employment, I might have been too intimidated to go as deep or freely in the conversation. I loved this little detail, and I’d like to believe the other person benefited as well, since I was able to communicate my thoughts in an authentic way without an attached agenda.” —Kai He

“A participant and I discussed what he is experiencing at his hotel business in Albany, NY: wage inflation and lower-quality employees. We wondered, what will be the breaking point? I appreciated his mindset regarding the use of debt and opportunistic buying of hotels at fire-sale prices. Separately, I fell into conversation with a participant regarding Charter and how cheap it was. We bonded over the question, ‘What might we be missing?’ It’s healthy to ask that question. We also found a shared affinity for John Malone. I also spoke with a participant who has done well with TripAdvisor (our clients own TRIP via Liberty TripAdvisor). We discussed what we’re dealing with as the price has gotten closer to fair value, and how the fundamentals could dictate a higher valuation in the future. Another participant and I discussed topics ranging from the Middle East to cryptocurrency to cannabis branding. He was also kind enough to share the inner workings of his newly-created fund. Fascinating conversations.” —Nathaniel Leach

Replay most of the sessions. We look forward to sharing full transcripts in a forthcoming issue.

I thank Jeffrey Hamm and Shai Dardashti for being such warm hosts of Latticework NYC. The event could not have happened without them. I also thank Shai for so ably leading the sessions with Will Thorndike and Murray Stahl and the panel discussion with Felix Narhi, Dave Sather, and Sean Stannard-Stockton. I also thank Ethan Berg, Saurabh Madaan, and Robert Hagstrom for leading the sessions with Howard Marks, Ed Wachenheim, and Tom Russo, respectively.

We are gearing up for the seventh annual edition of our online conference, European Investing Summit, to be held from October 11-13. We look forward to featuring the favorite European investment ideas of more than two dozen highly regarded instructors from the MOI Global community. Access to this conference is exclusive and fully complimentary to members.

Tune into the sessions at European Investing Summit 2018. You’ll enjoy LIVE access on the conference dates, followed by unlimited replay access.

I am deeply grateful to our members for helping to shape MOI Global into a truly special kind of community. The culture of the organization and the tenor of our events reflect your willingness to engage with fellow members in a respectful, welcoming, and authentic way.

Warm regards,

Chairman, MOI Global

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