The good folks at Verdad do quantitative work that exceeds our personal time commitment to the quantitative. So they are part of our read widely
Rigorous investment analysis involves the consideration of all “known” variables as well as a wide swathe of qualitative considerations of unknown unknowns to the best
“Generally speaking, it pays to stay away from declining businesses. It’s very hard. You’d be amazed at some of the offers of businesses we get
The calendar third quarter of 2023 was a messy one for financial markets at large, and we were not immune to its lack of charms.
The International Energy Agency has forecasted that demand for fossil fuels will peak before 2030. “I don’t think they’re remotely right . . . You can build scenarios, but
Somewhat obvious relevance to what we do here from a New Yorker profile of Lionel Messi: The legendary striker can often be found off the
And it deserves widespread distribution. SEC Charges Newell Brands and Former CEO for Misleading Investors About Sales Performance FOR IMMEDIATE RELEASE 2023-210 Washington D.C., Sept.
By Dawn Lim, Layan Odeh and Linly Lin (Bloomberg Businessweek) — In its heyday, Fenway Partners snapped up a fleet of companies from outposts overlooking
I would think the general institutional investor that is in Private Equity funds understands that they are buying into a pool of investments, each of
The world turns. New people are born and eventually move off the couch and into something resembling employment. And thus new generations of nonsense about
From Bloomberg article Rogers Wins as Court Blasts ‘Unreasonable’ Antitrust Czar August 30th, 2023 (Bloomberg) — A court ordered Canada’s competition body to pay millions
It is no secret that a cadre of mega cap tech stocks have had a spectacular run so far in 2023. And while the “Magnificent
From Berkshire Annual Meeting 2023: What gives you opportunities is other people doing dumb things. And it’s — and I would say that — well,
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
Less stocks, less trimming, less taxes. Less indexation? Not really, as one of these mega-winners finds you rather than vice versa. The other practical issue
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
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
