Capital Allocation: The Financials of a New England Textile Mill

Capital Allocation: The Financials of a New England Textile Mill

On a spring day in 1964, Warren Buffett received a letter from Seabury Stanton offering to purchase the Buffett Partnership’s stake in Berkshire Hathaway. Buffett and Stanton had agreed to a price of $11.50 but Stanton’s letter offered only $11.375. This annoyed the thirty-three year old Buffett and he started buying more shares starting his long journey of transforming Berkshire Hathaway into what it is today.

Lighthouse: Women Leading the Way in Finance

Lighthouse:  Women Leading the Way in Finance

Maya Peterson wrote Lighthouse to inspire and empower women to study “female lighthouses in the world of finance.” While these women have navigated different paths, what they have in common is the shared experience of being women in a male-dominated field and how they found ways to overcome challenges. Although young women embarking on their careers will find the stories highly relevant, all readers should be able to draw lessons from the book.

Buffett’s SEC Filing Implies Repurchases

On July 8, Warren Buffett submitted a regulatory filing to document his annual contributions of Berkshire Hathaway stock to several charitable foundations. The filing included the total number of shares Buffett held as of July 8 along with the percentage of economic interest of Berkshire he controlled as of that date. Sharp-eyed investors and journalists noted that the disclosure implied that Berkshire has been repurchasing shares.

The Irrational Tax Trap

As an investor, are you making rational decisions when it comes to taxes?

Everyone obviously likes to think that they are rational, but it is quite likely that tax considerations have hurt your results over time. However, hindsight bias and a human tendency to remember triumphs while relegating errors to the deep recesses of memory makes it likely that we have forgotten cases where tax considerations hurt us.

The Buffalo News: From Butler to Buffett

The Buffalo News:  From Butler to Buffett

From Butler to Buffett provides a great example of the evolution of newspapers from the late nineteenth century up through the consolidation of the industry that was largely complete a hundred years later. Murray Light provides a fascinating account of how the paper transformed from a scrappy startup founded in 1873 into the only surviving newspaper in the city 110 years later following Buffett’s acquisition of the paper.

The Power Broker: Robert Moses and the Fall of New York

The Power Broker: Robert Moses and the Fall of New York

Robert Moses came of age at the dawn of the twentieth century and shaped the New York metropolitan region in ways that continue to have profound impacts on the lives of its inhabitants to this day. As his biographer points out, it is impossible to say that New York would have evolved into a better city if Robert Moses never lived. But it is possible to say that New York would be a very different city.

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