A company that is in the process of selling shares to the public for the first time must navigate a minefield of competing interests ...
Enduring business models in competitive industries exist for good reasons. Dollar stores provide an important option for customers chronically short on cash ...
Writing down the rationale for investment decisions is a prerequisite for success. This articles explores lessons I learned dating back to 2009 ...
Sharing ideas can have benefits but there are also psychological risks. This article applies lessons from Charlie Munger's psychology of human misjudgment to investing ...
The ability to accurately estimate loss reserves is a core competency for any well-run insurance company. Progressive provides a useful case study in loss reserving practices ...
Sometimes an investing approach that is not necessarily "rational" from an economic perspective can produce superior results when one accounts for human nature ...
Apple's entry into the augmented reality market continues the company's longtime obsession with melding liberal arts and technology ...
Inflation is like kryptonite for bond investors. This article describes two fixed income investments that provide some inflation protection ...
The ocean of debt needed to fund the federal government is likely to be monetized by the Federal Reserve resulting in a high structural level of inflation for decades to come ...
Many investors are occasionally tempted to speculate. It is important to avoid confusing speculation with investment operations ...
The FDIC is taking an estimated $13 billion hit after seizing First Republic and selling most of the bank to JPMorgan ...
Large related party transactions reported by the Wall Street Journal were disclosed in the company's 145 page proxy statement, available for all to see for nearly a year ...
The current banking crisis has led to calls for the government to insure all bank deposits, but doing so has significant long term implications ...
Apologists for crony capitalism are telling the American people that shareholders and executives of failed banks will be wiped out. The reality is more complex ...
The FDIC will provide unlimited deposit insurance for Silicon Valley Bank and Signature Bank and the Fed will accept depreciated securities at par value from banks seeking emergency funding ...
Silicon Valley Bank's shareholders and creditors cannot be bailed out without introducing massive moral hazard antithetical to capitalism ...
A classic run on the bank exposes harsh realities hiding in plain sight. How will regulators and policymakers react to fears of contagion? ...
A recent high profile derailment has negative implications for the railroad industry. Berkshire Hathaway's ownership of BNSF could represent a political advantage ...
13F filings can be a minefield. It is tempting to emulate investors who we admire but it is unwise to blindly follow any investor into a stock ...
Daily Journal Corporation’s 2023 annual meeting of shareholders will take place on February 15. I submitted three questions to Becky Quick for consideration ...