The tragic story of J. Robert Oppenheimer encompasses far more than science and politics. It is a cautionary tale of human nature that holds timeless lessons.
American Prometheus
The Digest #170
The Precautionary Principle, GEICO Layoffs, Superlinear Returns, TIPS for Retirement, Rockefeller’s advice to his son, Impact of GLP-1 agonists, Tesla’s IPO, Conference call transcripts
The Digest #169
Apple Watch, Musical Chairs at Dollar General, IPOs, Impact Investing, Buffett in 1988, Mapping the human brain, Interviews of Nassim Taleb, Jensen Huang, John and Patrick Collison, and more …
Musical Chairs at Dollar General
Investors were euphoric when Dollar General brought back its former CEO less than a year after his retirement. A sober look at the situation reveals significant concerns.
Initial Public Offerings
A company that is in the process of selling shares to the public for the first time must navigate a minefield of competing interests.
Thoughts on Israel’s 9/11
On October 7, 2023, Israel suffered a terrorist attack that took an estimated 1,200 lives, the vast majority of whom were civilians.
The Digest #168
Charles F. Feeney’s philanthropy, Howard Marks makes the case for credit, Spin-offs, Birkenstock’s IPO, Costco’s clothing, Todd Combs interview, Equifax, and more …
Costco’s Director Compensation
Charlie Munger’s service on Costco’s board makes the retailer’s director compensation approach a potential model for Berkshire Hathaway in the future.
The Digest #167
TIPS for Retirement, BYD vs. Tesla, Katalin Karikó’s vindication, Teledyne, Helzberg Diamonds, Interviews of Marc Andreessen and Shane Parrish, David Senra’s review of Jimmy Buffett’s autobiography
What I’ve Been Reading
This post is a list of books that I read in the third quarter of 2023, most notably Dominion by Tom Holland and The Path Between the Seas by David McCullough.
Three Lessons
A few life lessons based on observations over a half century.
The Digest #166
The media landscape, Dollar General’s meltdown, The written word, Damodaran on Instacart, The human condition, Herb Kelleher, Merger arbitrage, and more.
Warren Buffett on Inflation — Part 3
During periods of high inflation, capital-light businesses have important advantages. See’s Candies during the Great Inflation of the 1970s and early 1980s is a perfect case study.
Warren Buffett on Inflation — Part 2
Inflation took the auto insurance industry by surprise in the 1970s, impacting Berkshire’s auto insurance business as well as nearly bankrupting GEICO.
There’s Always a Reason
Enduring business models in competitive industries exist for good reasons. Dollar stores provide an important option for customers chronically short on cash.
The Digest #165
Buffett on Inflation, Dollar General, Due Diligence, Personal Libraries, The role of AI in drug discovery, Small-cap opportunities, and interviews of Peter Brown, Bill Gross, Chris Bloomstran.
Warren Buffett on Inflation — Part 1
This article presents lessons learned regarding investing in bonds based on Warren Buffett’s commentary in his final partnership letters written in 1969 and 1970.
The Power of Investment Journals
Writing down the rationale for investment decisions is a prerequisite for success. This articles explores lessons I learned dating back to 2009.