Friday, March 3, 2023

'1,000% Windfall' investigation coming offline; A study of global outperformers; Warren Buffett owns a little-known stock portfolio worth nearly $6 billion; After Testing Four-Day Week, Companies Say They Don't Want to Stop; Invitation to three events March 13 to March 15; Four new slides in my Ukraine slide deck

By Whitney Tilson

1) You don't have much longer to watch our full investigation into what I've been calling the "1,000% Windfall"...

Just recently, I traveled to Sabine Pass, Texas – the potential epicenter of a major shift in the world economy. What I saw there was something very few Americans have ever seen up close and in person... something that will create a historic opportunity that could pay off 1,000% in the next 12 months.

This "1,000% Windfall" is so important that I hired a film crew to document all the details... but you only have until midnight on Monday, March 6 before our special investigation goes offline.

If you haven't seen it yet, don't delay – watch it here.

2) If you're looking for some weekend reading...

I had never heard of Dede Eyesan and his firm, Jenga Investment Partners, until a friend sent me a copy of his in-depth study on "Global Outperformers" – which you can download for free here. There's a lot of good stuff in it.

Here's what Eyesan posted about it:

290 pages later and I'm delighted to share Jenga Investment Partners' first self-published research book titled "Global Outperformers."

I spent some time earlier this year preparing what was initially meant to be an internal research paper exploring why certain companies outperform others.

I soon realized there were conventional finance theories worth questioning and decided to put my findings in Jenga's book.

Bringing a different perspective to investing is something I'm passionate about and we intentionally explored every industry from a case study lens.

I also reviewed outperformers from various economic regions in the world and profiled how social, technological, and economic shifts unlocked new opportunities for companies – from South Korea's K-pop industry to Greece's distressed equity opportunities in telecoms and wind energy.

Readers looking to see investment recommendations will be slightly disappointed. Our efforts in this book are solely focused on how information gained from the past and present can provide the tools for investing for the future, and we concluded by sharing ten key lessons on investing in global outperformers.

Our book will be available for free on our website for a limited time and you can request a copy via the link in comments.

We have also reserved physical copies for clients and professional investors, so feel free to e-mail us if you might want one!

As always, I'm excited to hear your feedback and comments!

3) Continuing my series this week on Berkshire Hathaway (BRK-B) and its CEO Warren Buffett, this is quite interesting – a stock portfolio within Berkshire that Buffett doesn't manage, but which is quite similar in content and style to the one he does: Warren Buffett owns a little-known stock portfolio worth nearly $6 billion. These are the portfolio's top 10 stock holdings. Excerpt:

Billionaire investor Warren Buffett's moves in the stock market are widely followed by investors as they try to replicate his success.

Through Berkshire Hathaway, Buffett and his lieutenants manage a portfolio of stocks worth nearly $300 billion as of September 30.

But Buffett also owns an under-the-radar stock portfolio worth $5.9 billion through Berkshire Hathaway. The portfolio is managed by New England Asset Management, which provides investment management services that are tailored to insurance companies.

New England Asset Management was acquired by General Re in 1995. Then, in 1998, Berkshire Hathaway acquired General Re for $22 billion, making New England Asset Management a wholly owned subsidiary of Buffett's conglomerate.

While Buffett has no influence over the $6 billion portfolio managed by New England Asset Management, the portfolio does have some striking similarities to Buffett's $300 billion stock portfolio.

For one, it's extremely concentrated, with its top 10 positions making up 92% of the portfolio. The top 10 holdings of Berkshire Hathaway's main stock portfolio make up 87% of its assets.

Additionally, New England Asset Management has a knack for owning some of its stocks for decades, and there's considerable overlap in the names of stocks owned by New England Asset Management and Buffett.

4) Here's yet another way the working world has fundamentally and permanently changed in the aftermath of the pandemic: After Testing Four-Day Week, Companies Say They Don't Want to Stop. Excerpt:

Want to try a four-day workweek? Put this on the boss's desk.

A large majority of U.K. companies participating in a test of a four-day workweek said they would stick with it after logging sharp drops in worker turnover and absenteeism while largely maintaining productivity during the six-month study.

In one of the largest trials of a four-day week to date, 61 British businesses ranging from banks to fast-food restaurants to marketing agencies gave their 2,900 workers a paid day off a week to see whether they could get just as much done while working less, but more effectively. More than 90% said they would continue testing the shorter week, while 18 planned to make it permanent, according to a new report from the study's organizers.

The idea of working less than the conventional 40 hours over five days a week has been discussed for decades. The concept has gained new momentum recently as employers and employees seek new and better ways to work. The COVID-19 era ushered in broader acceptance of remote and hybrid work arrangements. Now, some employers, as well as policy makers, are exploring whether a shorter workweek can improve employee well-being and loyalty.

5) As you know, I've been deeply involved with supporting Ukraine over the past year, raising more than $15 million for a variety of things...

To share the details of my latest mission, I'm hosting three events that are open to all – two in person in New York City and one on Zoom – on Monday, Tuesday, and Wednesday evenings, March 13, 14, and 15. Each will be identical: I'll give a presentation, followed by a Q&A and discussion.

Here are the details of each:

  • 6 p.m. Eastern time on Monday, March 13 at the apartment of Boykin Curry, 106 Central Park South, Apt. 27A.
  • 8 p.m. Eastern time on Tuesday, March 14 at the apartment of Paul Gardi, 56 Leonard St., PH54 (the penthouse of the "Jenga Building").
  • A Zoom call at 7 p.m. Eastern time on Wednesday, March 15. Here's the link to join.

No need to RSVP – just show up/dial in, and please bring friends. Boykin and Paul have huge, magnificent apartments, so I'd love to fill them!

I hope to see you there!

6) I updated my Ukraine slide deck – which you can access right here – with one new slide in the beginning about me, attempting to explain why I'm spending so much with this project... and three new slides near the end that help explain why I've been so successful raising money for this (nearly $5 million in less than three weeks) and why I'm more focused on my second goal of helping Ukraine win the war.

Here are screenshots of these new slides:

Best regards,


P.S. I welcome your feedback at [email protected].