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
Click the image to download a PDF version. This is always the worst time of year to write about “Strategy” because of the cacophony of
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
Excerpt taken from Graham & Dodd Annual Breakfast 2022 Guest Speaker: Todd Combs, Moderator: Michael Mauboussin Summary: The event’s guest speaker was Todd Combs and
Excerpt from Musings on Markets: META Lesson 1: Corporate Governance “After five decades of research in corporate governance, my sense is that we have lost
You don’t have to be a poet to understand that today’s world continues to rhyme with thousands of years of our past because we just
“Poorly comprised regulation is often just a gift to overcapitalized and over-lawyered people with a large PR budget.” And this isn’t even “real” regulation, which
Yes, it would be hard to use a Yogi Berra quote while wearing a Dodger uniform, so we will fall onto the Fitzgerald sword that
We Sadly Have NOT Met a Lot of CEOs Like This. And Another 70% Drawdown and We Might Buy the Stock. Q. We look at
Graphs from “Visualizing Countries Grouped by Their Largest Trading Partner (1960-2020)” Read the full article here.
From the Financial Times: “Bernanke, who led the Fed for two terms from 2006 to 2014, was criticized in some quarters for failing to foresee
Take a gander at the takeaways from this “thought piece.” One can make fun of the history of UN fecklessness, but this line of thinking
I am only half kidding with the title above. This article adds some historical perspective to the Small vs. Large debate. Throw in the Value
Our guest on the show this week was Craig Packer, the CEO of Owl Rock Capital Corp (Ticker: ORCC), a $5.4 billion market cap business
Our guest on the show this week was Brian Lane, the President and CEO of Comfort Systems, a $3.6 billion market cap company that provides
There are lots of spooky things in the world, but what kind of financial institution do you want to own where 6x plus leverage ratios
