Yet Another Value Podcast: Jeff Bronchick and Andrew Leaf talk $ECVT Ecovyst+ $VSAT Update
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
Click the image to download a PDF version. We return after a slightly longer than usual gap between writings as…we were busy. Yes, it is
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
When poor governance and shareholder idiocy happens and we do or say nothing, isn’t that lying down in front of a misattribution of Sir Edmund
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
We have written numerous times about the degradation of what constitutes “earnings.” We are talking decades. But excluding compensation issued via stock vs cash is
…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
Sitting in the seat and collecting equity grants is highly discounted “ownership.” “As for the future, Berkshire will always hold a boatload of cash and
Ted and Todd and the Berkshire Annual 2023 (Source: 2021 Annual Shareholder Meeting)
Our beloved Logo springs to life like an Ivy League Pinocchio. The following is an in-depth interview conducted during lunch hours at CSC Global Headquarters.
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
By Andrew Leaf and Austin Farris As Covid forced us to figure out how to do our jobs with an Acer monitor and kitchen table
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
We have not made a lot of money in the last..4 years?….in Viasat. Maybe a little vig from buying a LOT at 30 and letting
