ValueLetters

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Welcome to ValueLetters, an AI-narrated journey through the greatest investment writings ever created. Each episode brings to life the timeless insights of legendary investors such as Warren Buffett, Seth Klarman, Peter Lynch, and Terry Smith. From letters and articles to written interviews and essays, we uncover the wisdom, context, and principles that have guided decades of success. Beyond these classic writings, I also share my own reflections and analyses, inspired by the same masters whose ideas continue to shape the world of value investing. Join me as we rediscover the art of thoughtful investing, one piece of writing at a time.

  1. 2025. 12. 26.

    US Alternative Asset Managers Growth Moats and Industry Outlook 2025: Video Edition

    This video is based on a Morningstar research report authored by Morningstar analysts and published as part of the Alternative Asset Manager Observer series in 2025. The audio provides a deeper and more detailed walkthrough of the structural forces shaping the US alternative asset management industry.The research describes the current environment as a golden era of growth for alternative managers, sharply contrasting with the challenges facing traditional active asset management. It focuses on elite firms such as Blackstone Apollo KKR and Brookfield, explaining how their economic moats are built on high switching costs specialized investment expertise and long duration capital commitments.A central theme of the report is the powerful demand tailwind coming from high net worth individuals and the potential expansion of private market strategies into retirement accounts. These trends could significantly broaden the capital base for alternative assets over the next decade and reinforce the dominance of scaled global platforms.Blackstone is highlighted as the leading industry pick due to its unmatched fundraising scale broad product diversification and ability to consistently launch new investment strategies across private equity credit real assets and insurance solutions. While the industry faces some fee compression and short term market volatility the emphasis on illiquid strategies and perpetual capital structures provides a more stable and resilient earnings profile than traditional retail focused funds.The report ultimately concludes that size diversification and platform depth will be decisive competitive advantages as investors increasingly seek non correlated returns and long term capital solutions.📈 Topics Covered• Why alternative asset managers are outperforming traditional firms• Economic moats built on switching costs and specialized expertise• Growth driven by high net worth investors and retirement capital• Competitive advantages of Blackstone Apollo KKR and Brookfield• Fee pressure versus earnings stability from perpetual capital• Why large diversified platforms are positioned to dominate long termSource reportMorningstar Alternative Asset Manager ObserverAuthors Morningstar Research AnalystsPublication date 2025https://www.morningstar.com/business/insights/research/alternative-asset-manager-observer?utm_source=link&utm_medium=referral&utm_campaign=linkshareExplore all ValueLetters playlistshttps://www.youtube.com/@ValueLetters/playlists🔔 Subscribe to ValueLettersWatch research driven videos based on leading investment papers market structure analysis and long term valuation thinking across public and private markets.#AlternativeAssets #AssetManagement #PrivateMarkets #Blackstone #Apollo #KKR #Brookfield #Morningstar #InvestmentResearch #CapitalAllocation #ValueLetters

    6분

  2. 2025. 12. 26.

    US Alternative Asset Managers Growth Moats and Industry Outlook 2025

    This extended audio edition is based on a Morningstar research report authored by Morningstar analysts and published as part of the Alternative Asset Manager Observer series in 2025. The audio provides a deeper and more detailed walkthrough of the structural forces shaping the US alternative asset management industry.The research describes the current environment as a golden era of growth for alternative managers, sharply contrasting with the challenges facing traditional active asset management. It focuses on elite firms such as Blackstone Apollo KKR and Brookfield, explaining how their economic moats are built on high switching costs specialized investment expertise and long duration capital commitments.A central theme of the report is the powerful demand tailwind coming from high net worth individuals and the potential expansion of private market strategies into retirement accounts. These trends could significantly broaden the capital base for alternative assets over the next decade and reinforce the dominance of scaled global platforms.Blackstone is highlighted as the leading industry pick due to its unmatched fundraising scale broad product diversification and ability to consistently launch new investment strategies across private equity credit real assets and insurance solutions. While the industry faces some fee compression and short term market volatility the emphasis on illiquid strategies and perpetual capital structures provides a more stable and resilient earnings profile than traditional retail focused funds.The report ultimately concludes that size diversification and platform depth will be decisive competitive advantages as investors increasingly seek non correlated returns and long term capital solutions.📈 Topics Covered• Why alternative asset managers are outperforming traditional firms• Economic moats built on switching costs and specialized expertise• Growth driven by high net worth investors and retirement capital• Competitive advantages of Blackstone Apollo KKR and Brookfield• Fee pressure versus earnings stability from perpetual capital• Why large diversified platforms are positioned to dominate long termSource reportMorningstar Alternative Asset Manager ObserverAuthors Morningstar Research AnalystsPublication date 2025https://www.morningstar.com/business/insights/research/alternative-asset-manager-observer?utm_source=link&utm_medium=referral&utm_campaign=linkshareExplore all ValueLetters playlistshttps://www.youtube.com/@ValueLetters/playlists🔔 Subscribe to ValueLettersWatch research driven videos based on leading investment papers market structure analysis and long term valuation thinking across public and private markets.#AlternativeAssets #AssetManagement #PrivateMarkets #Blackstone #Apollo #KKR #Brookfield #Morningstar #InvestmentResearch #CapitalAllocation #ValueLetters

    45분

  3. 2025. 12. 23.

    Quantum Computing Market Outlook Technology Challenges & Investment Risks

    This extended audio edition is based on a December 2025 research report by a Technology Observer at Morningstar, providing an in depth analysis of the emerging quantum computing market and its long term investment implications.The report estimates that quantum computing could ultimately represent a 200 billion dollar annual market at maturity. However, it emphasizes that commercialization remains in its infancy and that meaningful adoption will likely unfold over decades rather than years. Investors are cautioned to maintain a long term perspective and to separate technological promise from near term financial reality.A major focus of the analysis is the significant technical challenge of reducing error rates and scaling qubits reliably. The report highlights how large cloud and platform providers such as IBM, Microsoft, and Alphabet are strategically positioned to lead the industry through a platform based model that integrates quantum computing as a service. This approach allows customers to experiment with quantum capabilities without owning hardware, reinforcing the dominance of existing cloud ecosystems.Early commercial applications are examined, particularly in chemistry and pharmaceutical research, where quantum simulations could meaningfully improve molecular modeling. At the same time, the report warns that publicly traded quantum pure play companies often exhibit extreme valuations, limited revenues, and fragile financial structures, making them highly speculative investments at this stage.The audio also introduces the foundational concepts of quantum mechanics that underpin the technology, including superposition and entanglement, helping listeners understand both the power and the complexity of quantum computing.📈 Topics Covered• The long term market potential of quantum computing• Why commercialization remains early and uncertain• Technical challenges in error reduction and qubit scaling• Platform strategies of IBM, Microsoft, and Alphabet• Early use cases in chemistry and pharmaceuticals• Valuation risks of quantum pure play companies• Core quantum concepts including superposition and entanglementSource reportMorningstar Technology Observerhttps://www.morningstar.com/business/insights/research/quantum-computing-observer?utm_medium=referral&utm_campaign=linkshare&utm_source=linkExplore all ValueLetters playlistshttps://www.youtube.com/@ValueLetters/playlists🔔 Subscribe to ValueLettersListen to extended audio editions based on leading investment research, business analysis, and long term thinking across technology, markets, and capital allocation.#QuantumComputing #Morningstar #TechnologyInvesting #FutureOfTechnology #LongTermInvesting #CloudComputing #IBM #Microsoft #Alphabet #AIandQuantum #ValueLetters

    29분

  4. 2025. 12. 23.

    Competitive Advantage Period CAP Michael J. Mauboussin 1997

    This extended audio edition explores key insights from a foundational research paper on the Competitive Advantage Period CAP, a critical yet frequently overlooked driver of long term corporate valuation and shareholder returns.The research challenges the traditional reliance on accounting metrics and short term financial ratios, arguing that they fail to explain why certain companies generate exceptional value over time. Instead, CAP focuses on the duration for which a company can sustain returns on invested capital above its cost of capital, identifying the length of excess returns as the true economic engine behind valuation.By shifting attention from near term earnings growth to long term competitive durability, the CAP framework explains the X factor embedded in stock prices. Companies that can protect their economic advantages over extended periods can command substantially higher valuations even when headline growth appears modest.The audio illustrates these ideas through well known examples such as Microsoft and Intel, showing how extending assumptions about competitive dominance significantly increases intrinsic value and market capitalization. These cases demonstrate that valuation depends not only on how much a company earns, but on how long it can continue earning more than its cost of capital.The episode also explains how investors can assess CAP in practice by examining industry structure, barriers to entry, competitive dynamics, and strategic positioning. This approach provides a more economically grounded framework for long term valuation, capital allocation, and investment decision making.📈 Topics Covered• What the Competitive Advantage Period CAP represents• Why accounting metrics miss long term value creation• Excess returns versus earnings growth• How CAP drives intrinsic value and market capitalization• Microsoft and Intel as valuation case studies• Industry barriers and competitive positioning• Applying CAP to long term investment analysisSource reportCompetitive Advantage Period CAP[https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/cap.pdf](https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/cap.pdf)Explore all ValueLetters playlists[https://www.youtube.com/@ValueLetters/playlists](https://www.youtube.com/@ValueLetters/playlists)🔔 Subscribe to ValueLettersListen to extended audio editions based on valuation frameworks, academic research, and long term investment thinking drawn from leading investors and financial scholars.#CompetitiveAdvantagePeriod #CAP #CorporateValuation #ValueInvesting #EquityResearch #ROIC #CostOfCapital #LongTermInvesting #EconomicMoat #InvestmentAnalysis #FinancialEducation #ValueLetters #Mauboussin

    35분

  5. 2025. 12. 17.

    Warren Buffett 1961 Semi Annual Partnership Letter Structure Growth and Discipline

    This audio edition features Warren Buffett’s July 1961 Semi Annual Letter to the partners of Buffett Partnership Ltd, offering a clear view into the operational evolution and investment discipline behind his growing partnerships. Buffett opens by explaining his decision to communicate with partners twice a year, reinforcing transparency and alignment. He reports that during the first half of 1961 the Dow Jones Industrial Average rose about 13 percent, while the partnership delivered slightly better results. Despite this, Buffett cautions against overemphasizing short term comparisons and reiterates that a conservative investment style may lag during speculative market advances. A central theme of the letter is the planned consolidation of all existing partnerships into a single entity at year end. Buffett details how this merger will introduce a revised profit sharing structure, permit monthly withdrawals, and ensure that the new partnership fully represents his personal investment in marketable securities. The letter concludes with practical operational updates, including a 25,000 dollar minimum investment for new partners and estimated total assets of approximately 4 million dollars. Together, these details illustrate the increasing scale, professionalism, and long term orientation of Buffett’s early investment operation. 📈 Topics Covered • Buffett’s partnership performance in early 1961 • The introduction of semi annual reporting • Consolidation of multiple partnerships into one • Profit allocation and withdrawal policies • Conservative investing during rising markets Explore all ValueLetters playlists https://www.youtube.com/@ValueLetters/playlists 🔔 Subscribe to ValueLetters Listen to AI narrated readings of Warren Buffett’s partnership letters and discover timeless lessons in value investing, discipline, and capital management 📚✨ #WarrenBuffett #BuffettLetters #ValueInvesting #InvestmentPhilosophy #FinancialHistory #BuffettPartnership #StockMarketHistory #LongTermInvesting #ValueLetters

    28분

  6. 2025. 12. 16.

    Probabilities and Payoffs: Michael Mauboussin and Dan Callahan

    This extended audio edition presents a detailed exploration of the February 2025 article by Michael J. Mauboussin and Dan Callahan, CFA, focusing on the central role of expected value in investment decision making. The episode explains why understanding both probabilities and payoffs is essential for long term success, highlighting the distinction between the observable price of a security and its far more complex underlying value.Key concepts include the Babe Ruth effect, which illustrates how the magnitude of gains can outweigh the frequency of losses; the impact of behavioral challenges such as loss aversion, overprecision, and confirmation bias; and the importance of using base rates and quantified expectations to improve forecasting accuracy. The audio also compares how different asset classes such as public equities and venture capital exhibit distinct return distributions, shaping their risk reward profiles. Principles like the Kelly criterion and margin of safety are discussed as tools to guide portfolio sizing and decision making in non ergodic environments where outcomes do not naturally average out over time.Explore more episodes and playlists from ValueLettershttps://www.youtube.com/@ValueLetters/playlistsSource:https://www.morganstanley.com/im/publication/insights/articles/article_probabilitiesandpayoffs.pdf#MichaelMauboussin #DanCallahan #ExpectedValue #ProbabilitiesAndPayoffs #BehavioralFinance #InvestmentThinking #KellyCriterion #MarginOfSafety #ValueInvesting #DecisionMaking #RiskManagement #ReturnDistributions

    40분

  7. 2025. 12. 16.

    Michael Mauboussin Insights on Investment Strategy and Market Behavior

    This extended audio edition explores selected excerpts from Legg Mason Capital Management, featuring interviews and research papers by Michael Mauboussin. The material offers a deep examination of investment strategy, market behavior, and decision making, emphasizing the importance of a disciplined process in probabilistic environments where short term outcomes can be misleading.The episode expands on core ideas such as expectations investing, which identifies mispriced opportunities by comparing a company’s fundamentals with the market’s implied expectations. It also covers the long established phenomenon of mean reversion in corporate performance and investor returns, along with Mauboussin’s work on decision making quality, behavioral biases including the inside view, and the role of diversity in generating superior solutions. The discussion concludes with insights from complex adaptive systems theory, explaining how markets evolve, self organize, and incorporate information over time.📈 Topics Covered• Expectations investing and identifying mispriced opportunities• Why a strong process matters more than short term outcomes• Mean reversion in fundamentals and returns• Behavioral biases and the inside view• Diversity and improved decision making• Market efficiency through complex adaptive systemsExplore more episodes in the ValueLetters playlistshttps://www.youtube.com/@ValueLetters/playlists #MichaelMauboussin #InvestmentStrategy #ExpectationsInvesting #MeanReversion #BehavioralFinance #DecisionMaking #ComplexAdaptiveSystems #MarketEfficiency #ValueInvesting #CapitalAllocation #ValueLetters

    28분

  8. 2025. 12. 16.

    Warren Buffett 1960 Partnership Letter Unlocking Value Through Sanborn Map

    This extended audio edition explores Warren Buffett’s 1960 Partnership Letter, offering a deeper and more detailed examination of his performance philosophy and evolving investment approach during the early years of his partnerships. Buffett reiterates his long term objective of outperforming the Dow Jones Industrial Average through discipline rather than speculation. The year 1960 stands out as a defining success, with the partnerships gaining 22.8 percent while the Dow declined by 6.3 percent. This contrast reinforces Buffett’s conviction that intelligent security selection and patience matter more than market trends. A central focus of the letter is the landmark control investment in Sanborn Map Co. Buffett explains how acquiring a significant ownership stake allowed the partnership to unlock value hidden on the balance sheet. By separating Sanborn’s declining map business from its substantial investment portfolio, Buffett demonstrated a practical blueprint for realizing intrinsic value through decisive action and ownership influence. The episode also covers administrative and structural developments within the partnerships, including their growth, the possibility of future consolidation, and updated policies related to advance payments. Together, these insights reveal how Buffett combined investment discipline with operational clarity even at an early stage of his career. 📈 Topics Covered• Buffett’s 1960 partnership performance versus the Dow Jones• The Sanborn Map Co. control investment explained in detail• Unlocking hidden value through balance sheet analysis• Early examples of Buffett’s control and activism strategy• Partnership structure and forward looking plans• Core lessons in disciplined long term value investing Explore all ValueLetters playlistshttps://www.youtube.com/@ValueLetters/playlists 🔔 Subscribe to ValueLettersListen to extended AI narrated readings of the greatest investment letters ever written. Discover timeless insights from Warren Buffett and other legendary investors and learn how rational thinking and patience compound over time 📚✨ #WarrenBuffett #BuffettLetters #ValueInvesting #SanbornMap #InvestmentPhilosophy #StockMarketHistory #FinancialHistory #EarlyBuffett #LongTermInvesting #ValueLetters

    37분
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Welcome to ValueLetters, an AI-narrated journey through the greatest investment writings ever created. Each episode brings to life the timeless insights of legendary investors such as Warren Buffett, Seth Klarman, Peter Lynch, and Terry Smith. From letters and articles to written interviews and essays, we uncover the wisdom, context, and principles that have guided decades of success. Beyond these classic writings, I also share my own reflections and analyses, inspired by the same masters whose ideas continue to shape the world of value investing. Join me as we rediscover the art of thoughtful investing, one piece of writing at a time.

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    Maisam
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    2025년
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    17
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    ValueLetters