From industry rag FundFire: Janus Henderson CEO Ali Dibadj is making no secret of his goal to buy private credit capabilities, saying in an earnings
I will categorically deny that I have ever hired anyone for the simple reason that I did not want take a turn at voting CSC
There are some events that prove you entirely wrong, regardless of how “off spreadsheet” they are. Was this one of them?
From time to time, there are some decent questions raised about investing that emanate from the academic world of investment research. You should always dig
As the designated proxy analyst this spring, I had the recent pleasure of pouring over nearly 100 proxies – between both companies we do and
Clipped from a recent and almost always good The Diff/Bryne Hobart blog: First, there are some traits good investors need that are fairly stable over
This “may” be a version of me admitting in 2023 that cat videos exist and are very cute, but since it is a long essay
You can run your PA as you see fit. We would suggest this is your second largest position as is ours. This recent presentation does
Yes, that is the Principal at the far end as the moderator for an investment panel at the Markel Annual Meeting (Yes – please come
There is a relatively new top 5 Position. What is the value of the privately held portfolio? We paid for zero. The future remains uncertain
Verdad Research puts forth these boxes. It sums up to old school CFA stuff: you tend to get paid well in statistically cheap and you
This is from an X shareholder in CNX Resources we mentioned in a previous blog. “I was recently reading or listening to something – I
Get sucked into this “crazy” mentality which works for every industry but oil and gas. Own assets near the largest “users” of natural gas in
WB is running around Japan meeting his “Big 5” Japanese investments and raising nearly free capital to fund it, which is another neat way of
We were not remotely involved in this as an FYI. But if we were simply repaid for every dollar lost in a situation where it
Said another way – bank blow-ups are garden variety stupid. The collective “we” rarely change. Said at least one other way, Man is a deterministic
…if you are thinking about spending literally trillions of dollars on a new policy imperative. A Recent conference clip from Seifollah Ghasemi, Chairman, President &
Our experience says no. This is math behind it.
We don’t “do” a lot of macro – see last Berkshire annual for the 11,000th repetition why. But we like contrary thinking. And this remains
Ted and Todd and the Berkshire Annual 2023 (Source: 2021 Annual Shareholder Meeting)
We hate A/B stocks. The amount of people who are “entitled” to a Dictatorship of a public company is depressingly less than the reality of
TYB is not a crime and we are in favor of it as much as the next person with a full position. But rarely do
Many institutional clients judge us on relative results vs the Russell 2000 Value. 25% of the index is in Financials which are mostly banks. Reason
Mean Reversion. Valuation Matters. Behavioral Finance- people take a long time to see, admit and react to change. Dot-Com Redux How to invest after valuation
We don’t know either of the parties. We don’t own the stock. But we certainly agree with X premise: social media has enabled any breathing
One of the most common questions you hear when professional investors are being interviewed is “what do you think is interesting in the current market
Security Analysis was probably the investment book most quoted, and least actually read of its time. Howard Marks could be the most-read investment writer of
Press Release from FederalReserve.gov December 02, 2022 Statement by Governor Waller on principles for climate-related financial risk management for large financial institutions “I cannot support
