It’s Back… The DeLorean
The 1980’s sports car featured in the Back to the Future Movie franchise is making a come back. “The company, whose largest shareholder is the DeLorean Motor Company that sells parts for and restores original DeLoreans, is set to reveal its new-age take on John Z. DeLorean's classic coupe at the Pebble Beach Concours d'Elegance in August.” Click the link below for more details!
DeLorean, Reborn as the EVolve, Reveals Its Rear End
Top 50 Microcap Investor List: Dan Roller
For this week’s Top-50 feature we present Dan Roller, Founder and Chief Investment Officer of Maran Capital Management. Maran runs a concentrated fund focused on small-cap stocks and special situations located in Denver, CO. They operate under the belief that “these are the most inefficient corners of the market.”
The Drive to Learn
“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time—none. Zero. You’d be amazed at how much Warren reads—and how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.” —Charlie Munger
When Benjamin Franklin was 10 years old, he left school and went to work in his father’s candle shop. Some may (rightfully) view this lack of formal education a major disadvantage for a child of that age. But in the new Ken Burns documentary on Franklin, author H.W. Brands describes how this lack of education may have actually helped Franklin:
“I think it was crucial to Franklin’s success that he had very little formal education. When people go through formal schools, they learn what you’re supposed to know. They also learn what you don’t have to know. With Franklin, he never knew what he didn’t have to know, so he assumed he had to know everything.”
His curiosity and desire to learn drove Franklin to a relentless pursuit of self-study. He spent many nights up late reading borrowed books that he had to return the next day. That curiosity drove him his entire life. And someone who left school when he was 10 years old ended up being a prolific inventor, scientist, statesman, and helped found several educational institutions, including the Academy and College of Philadelphia, which later became the University of Pennsylvania.
That curiosity to learn is present in many fields, including investing. Warren Buffett, for example, has said that by the time he was 10 years old himself, he’d probably read every book at the Omaha Public Library at least once. He didn’t know what was useful and what wasn’t, so he read everything.
As we wrote in a previous newsletter, we humans are born naturally curious, but not everyone keeps that curiosity through life. Those that do are often the ones that continually find the paths to the unconventional thinking that is usually required to invent, create, and achieve superior investment returns over a long period of time.
“Much of what I stumbled into by following my curiosity and intuition turned out to be priceless later on.” —Steve Jobs
The Rocky Mountain Microcap Conference IX, will be held May 25th, 2022 at TopGolf in the Denver Tech. Center - Centennial, Colorado.
See the presenting companies and learn more here!
In Case You Missed It…
Jamie Dimon’s Annual Letter to Shareholders
Real Estate as Inflation Hedge - by Chris Mayer
The everything store - The pessimists sounded smart ... while the optimists made the money
The Investor’s Podcast: Berkshire Hathaway Masterclass w/ Chris Bloomstran
The Value Perspective Podcast: Meb Faber
Value Hive Podcast: Aaron Edelheit: Crash Course on Cannabis Investing
Going Long Podcast: Seth Alexander, MIT Investment Management Company
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