“Value” has a number of different components all tied at the hip. Internally, we simplify by mentally handicapping companies as either “Buffets or Grahams” based
Stuart Miller, Executive Chairman, Lennar Corp.March 19th Conference Call “But as you all consider framing your questions, please remember that the national landscape continues to
This is the basic version of a letter we are sending to Classic Value Small Cap clients this quarter. These thoughts are applicable across all our
New York Governor Andrew Cuomo was asked at a press conference on March 31st about the risks of purchasing redundant medical equipment: “We are broke.
Call us crazy, but the thought occurred us in the last few weeks that there might be stocks that have gotten crushed in the last
From the 2020 Berkshire Hathaway Annual Letter to Shareholders: Board of Directors In recent years, both the composition of corporate boards and their purpose
Our favorite new acronym (within an industry that has far too many) is “TINA”. TINA is not the name of a person or object. It
Negative Interest Rates and Assorted Fixed Income Weirdness One Claudio Borio, head of the monetary and economic department at the BIS, recently remarked of $14.8
While I will cop to a mildly obnoxious habit of introducing references that almost always require an internet search, I also will start this year
Female CEOs are not correlated any differently with success than their gender counterparts. CFOs However? Interesting. S&P Global Quantamental Research
Thank you FT for this little reference. Pulling from the recent Softbank investor presentation, we present two of their charts referencing some “problems” at WeWork.
In a prolonged anti-value momentum-driven rally, it’s easy and natural to forget the long-term value proposition of a rebalancing discipline. The evidence and intuition underlying
Under the heading of things that just can’t last, today’s topic is venture capital firms continuing to invest in technology companies that consistently lose an
Selloff in Complex Investments Flashes Warning for Junk Bonds
It may surprise you to hear that we sincerely believe there are aspects of the investment management industry that are truly unique. Before you start
Political Cycles and Stock Returns – Lubos Pastor and Pietro Veronesi
You Can’t Be a Wimp — Make the Tough Calls — Harvard Business Review
Source: The Wall Street Journal
Three American business school professors decided to find out. In a first-of-its-kind study, they analyzed more than 26,000 earnings calls from more than 2,100 public
In Michael Lewis’ interesting podcast, Against the Rules, he relays the biblical story of King Solomon adjudicating a dispute between two women who claimed they
Swensen likes to talk about how he looks for money managers who have “a screw loose.” In terms of self-interest, the rational thing to do
How CEOs Can Forge a New Kind of Shareholder Value – Alfred Rappaport (Bloomberg Opinion) The Business Roundtable, the organization for chief executive officers of
Today my colleagues propose to roll back the requirement that auditors attest to the adequacy of certain companies’ internal controls. The proposal’s analysis of the
“In a free society…there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase
I certainly have no interest in trying to call the top of any market cycle. No one has the ability to do that consistently. And
If we told you a very high ranking finance minister wrote and went public with this, could you guess the country? “In this administration, decisions
We read and listen to a lot of stupid things written by people who work at places who should know better. Sadly, they are often
One of “our” many behavioral flaws is best described as Recency – as in we either can’t remember a damn thing and thus we extrapolate
Non-GAAP earnings are increasingly being used for management compensation. A large difference between GAAP and non-GAAP earnings is a lead indicator for poor future stock
