Guard your time, Tributes to Charlie Munger, Social media traps, The margin of illusion, AI colonoscopies, Advice on tipping, Alcohol and cardiovascular risks, Nicomachean ethics
The Digest #179
Soldier On
In 1955, Charlie Munger’s nine year old son died of leukemia, a disease with a nearly 100% death rate at the time. How did he overcome his grief and endure in life?
The Digest #178
Berkshire countersues Pilot’s founders, Meta targeting teens, Title Insurance, Moats & capital allocation, CAVA’s origin, VISA’s history, Business lessons from Tom Murphy
The Digest #177
Remembering Charlie Munger
Charlie Munger (1924 – 2023)
A life well lived
Buffett Accelerates Gifts to Family Foundations
For the second year in a row, Warren Buffett has made gifts to four family foundations in excess of the annual commitments pledged in 2006.
The Digest #176
Found Money, OpenAI drama, GLP-1 drug studies, Estée Lauder, Heart valve technology, Edwin Land, John Oliver skewers dollar stores, Apple regrets, The Great Books Journal
The Digest #175
Pseudonyms on social media, Superinvestor portfolios, Apple Vision Pro, Gates on AI, 40% discount rates, Evolving moats, Jay Gould, Garry Tan, Milton Friedman, Ayn Rand, Steve Ells
Superinvestor Portfolio Changes — Q3 2023
A few observations based on recent 13F filings, with a focus on Berkshire Hathaway, Dollar General, Markel, and Semper Augustus.
Finding Your Life’s Work
The majority of people never find their “life’s work”, yet the premise of paying hundreds of thousands of dollars for a college degree assumes that they will.
The Digest #174
Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle’s international ambitions, The AI Gold Rush, 100th anniversary of Hitler’s beer hall putsch, The Federalist Papers
Berkshire Hathaway’s Q3 2023 Results — Manufacturing, Service, and Retailing
A review of Berkshire’s large collection of non-insurance operating businesses, with a focus on results in Q3 2023 as well as a longer term view.
The Digest #173
Berkshire’s Q3 earnings, Munger on retailing, SBF’s strange philosophy, Rob Henderson on reading, Howard Marks on a full return world, Morgan Housel on writing that sells, Cities on Mars
GEICO Prioritizes Profits Over Market Share
Berkshire Hathaway’s auto insurer has returned to consistent profitability in 2023 but at the price of ceding market share that will be costly to regain in the future.
Buffett Continues to Avoid Long-Term Bonds
Berkshire’s longstanding aversion to fixed-maturity investments has not changed in response to higher interest rates.
Berkshire Hathaway’s Q3 2023 Results — Overview
A high level overview of third quarter results and year-to-date repurchase activity.
The Digest #172
Pilot’s Founders vs. Berkshire, I Bonds, Ted Weschler interview transcript, Expanding circles of competence, Damodaran on Tesla, Thompson on AI, Charlie Munger, Chris Davis
Pilot’s Founders vs. Berkshire Hathaway
Warren Buffett’s reputation as a straight shooter is called into question by the Haslam family in a dispute over the valuation of their remaining 20% interest.