Yes, there are some people who think it is fun to read the 1977 to 1997 Berkshire Hathaway shareholder letters on the Beach. It is
This is a speech given in 1998 by Arthur Levitt, the SEC Commissioner. He obviously had a sense of the nature of man and money,
While the “Institute” was ripping up a Graham-esque curriculum to focus on climate change and DEI initiatives, this dude was having a field day with
In a nutshell, valuations matter. Good past performance tends to attract and avalanche of money which raises the valuation of said investment bucket which steals
From CNBC as Noted in Grants: “In finance, when you’re playing defense, you’re almost certainly losing,” [Ken] Griffin said to Citadel’s new class of summer
“It is difficult to get a man to understand something when his salary depends on his not understanding it.” The former wrote the attached piece,
Charlie Munger, the former vice chairman at Berkshire Hathaway, has a take on drawdowns worth quoting in detail: “I think it’s in the nature of long-term
Anyone who uses electrical components is a giant importer. This is a good look at what is happening on the border now. Not pretty. To
Read this: Now pull up the chart of Constellation Software. Operators are standing by.
Rarely has a man been so quoted and so rarely followed, except maybe Christ and Mohammed. “Dude, I was at Berkshire with my buddies…are you
Yes, it’s corporate governance season and I have spent two awful periods of time recently: watching the LA Kings and the stupendous waste of time
The company is Global Indemnity(GBLI). We own it where we can, and I own it personally. We have written about it before, here. Cheap, weird,
The trend is the idea that a Board of Directors should effectively pay greenmail to a departing Director in order for him/her to shut their mouths and go away.
And I don’t mean 124 word Tweets. Annual Reports, 10-K’s and Proxies are “basic” and one would think everyone reads them so where is the
From Research Affiliates: Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks By Que Nguyen, Xi Liu, and Mario Albuquerque In today’s market, the historically wide
I will admit to a man-crush on Fernando. This is on the money if I feel like expressing an opinion on the last week. Spoiler
While we think “client communications” are for clients – this is a clip in the absence of spouting any well-articulated nonsense on the topic of
First off, subscription to the Free Press is mandatory. And I simply second the motion. A sovereign wealth fund for a country that is 30
DOGE is fun, but it is unlikely to make a real dent in Fed spending. Cutting 25 per cent of federal employees would save only
Despite the usual breathless fawning, let’s face it, Buffett’s latest letter reads as if it’s the last one and he duly notes it. And it’s
One can correctly argue that what comes out of a politician’s mouth is some combination of what someone told him to say, the last thing
Charles Skorina is an interesting “old hand” – CharlesSkorina.com – who runs an executive search firm for the endowment world. And I like his letter.
A few hundred years ago, shortly after beginning Phase II of life as Cove Street Capital, I was “summoned” to a very large allocator organization, after 10 years of annual treks and pitches to zero avail.
I like writing about investing. I wrote a quarterly investment letter for the fund when semi-annual was all that was required. But the nonsense that
The Federal Reserve’s decision to cut short-term interest rates by 50 basis points in September 2024. The management of the LA Fires in 2025. Arguably
Statement from David B. Burritt, U. S. Steel President and CEO, on Today’s Order by President Biden January 3, 2025 – President Biden’s action today
