Links – 009 (Sunday)

1. The number of 15-year-old male students in Sweden who don’t speak the mother tongue jumped from 5.7% in 2016 to 11.1% in 2019. (Article in Swedish, but Google translate does a good enough job)

2. BART’s sharp turn in Oakland was built to avoid a hardware store.

3. Duck feet!

4. Decoupling, US-China edition.

5. Outsiders, on the top 8 CEOs of the 20th century by value returned to shareholders.

…a very select group of men and women who understood, among other things, that:

  • Capital allocation is a CEO’s most important job.
  • What counts in the long run is the increase in per share value, not overall growth or size.
  • Cash flow, not reported earnings, is what determines longterm value
  • Decentralized organizations release entrepreneurial energy and keep both costs and “rancor” down.
  • Independent thinking is essential to long-term success, and interactions with outside advisers (Wall Street, the press, etc.) can be distracting and time-consuming.
  • Sometimes, the best investment opportunity is your own stock.
  • With acquisitions, patience is a virtue… as is occasional boldness.

If you’re skeptical:

…on average they outperformed the S&P by over twenty times and their peers by over seven times