The Digest #166 September 27, 2023
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 September 26, 2023
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 September 23, 2023
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 September 21, 2023
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 September 19, 2023
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 September 18, 2023
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 September 14, 2023
Writing down the rationale for investment decisions is a prerequisite for success. This articles explores lessons I learned dating back to 2009.
The Digest #164 September 13, 2023
Howard Marks on intelligent risks, Li Lu's amazing life story, Damodaran on streaming, Thompson on Charter vs. Disney, Taleb's favorite literary works, Buffett's Japanese investments, and more ...
The Sad Irons September 12, 2023
During the depths of the Great Depression, Lyndon Johnson was determined to electrify the Texas Hill Country. Success was integral to his path to greater power.
Negative Lollapalooza Effects September 10, 2023
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 Digest #163 September 7, 2023
Corporate taxes, Berkshire's clean energy investments, Isaacson's biography of Elon Musk, ESPN's future, Nvidia, AI, Interpreting medical studies, Why Doomberg left Twitter, Jimmy Buffett, and more...
Dollar General: Value or Value Trap? September 4, 2023
I spent Labor Day weekend reading about this beaten down retailer. This article provides some initial thoughts about the company as well as the overall retail landscape.
The Digest #162 August 31, 2023
Volcker on inflation, Parametric insurance, The futility of guidance, Corporate governance reform, Keeping a notebook, Singleton and Teledyne, The pros and cons of cancer screening
Warren Buffett’s Canvas August 30, 2023
Berkshire Hathaway continues to evolve as Warren Buffett celebrates his 93rd birthday with no signs of putting down his paintbrush anytime soon.
The Digest #161 August 25, 2023
Feynman on knowledge, TransDigm's controversial business model, Costco's history, The Ozempic/Wegovy band-aid; Plus insights from Todd Combs, Michael Burry, Joel Tillinghast, and Lee Ainslie.