Poor Charlie’s Almanack
Thoughts on the new edition with a focus on inconsistency avoidance, one of the psychological tendencies that can cause human misjudgment ...
Berkshire Hathaway’s 2024 Proxy Statement
Commentary on Berkshire Hathaway's latest proxy statement focusing on skin in the game, repurchase activity, and stock based compensation ...
Real Estate Adventures
Buying real estate can be intimidating and complicated. This article describes two experiences with realtors, one positive and one negative ...
Berkshire Hathaway Energy’s Uncertain Future
Warren Buffett's concerns about the regulatory climate for utilities have negative implications for PacifiCorp and BHE's other subsidiaries ...
Burlington Northern Santa Fe — 2023 Results
Warren Buffett is concerned about the performance of BNSF which continues to lag behind the performance of other Class 1 railroads ...
The Digest #192
Unpopular large companies, Dopamine culture, Buffett's cheapest stock, Investing in vertical SaaS, The bear case for China, Chris Davis, Michael Mauboussin ...
Progressive vs. GEICO: 2023 Results
Both companies posted underwriting profits last year but Progressive grew rapidly while GEICO lost market share ...
The Digest #191
The dopamine loop, Berkshire Hathaway's annual report recap, Tom Gayner's letter to Markel shareholders, Investing lessons from Earnest Shackleton, Google's Gemini AI goes off the rails ...
Berkshire Hathaway’s 2023 Results — MSR
The manufacturing, service, and retailing group is a consistent source of earnings power in all economic environments, providing ballast in troubled times ...
Too Clever by Half!
The temptation to trade can be overwhelming, especially when prices are moving quickly. It's useful to ask, "What would Charlie Munger say?" ...
Berkshire Hathaway’s 2023 Results — Overview
This article provides a 30,000 foot overview of Berkshire Hathaway's results for 2023 with a focus on the components net operating earnings ...
Warren Buffett’s 2023 Letter to Shareholders
Warren Buffett pays tribute to Charlie Munger as "The Architect of Berkshire Hathaway" in his 2023 annual letter to shareholders ...
Will Berkshire Hathaway Pay a Dividend?
Shareholders have been well served by Warren Buffett's reluctance to send out dividend checks, but how much longer will this policy last? ...
The Digest #190
Berkshire Hathaway's Annual Report, Liberty SiriusXM, Catastrophic risk, Tesla's lead designer, Ben Graham's summer on a farm, Income taxes, Interviews of Bruce Berkowitz and Howard Marks, and more ...
Berkshire Hathaway at $600,000
A look at Berkshire's recent stock price advance in the context of repurchase activity and commonly used valuation metrics ...
The Berkshire Hathaway Playbook
Competition tends to eliminate high profits resulting from successful business models. Will Berkshire's playbook continue to perform well in the future? ...
The Digest #188
Manufacturing time, Apple Vision Pro, Access journalism, Henry Ford's $5/hr wage, Sharing investment ideas, Insurance brokerages, Katalin Karikó’s autobiography, John Randolph of Roanoke ...
The Digest #187
Damage repair, Claude Shannon, Elon Musk's pay, Intellectual obesity, Apple Vision Pro, Ignoring the market, Damodaran data updates, Apple packaging, Samsung, Big Pharma ...
The Digest #185
Capital Allocation, Progressive's strategy, Reading plans, Damodaran's free courses, Looking back at Alibaba's IPO, Chris Davis, Outsider CEOs, Shareholder activists, Oprah ...
Concentrated Investments
Many Berkshire Hathaway shareholders have a very large percentage of their net worth invested in the company. What are the risks of concentrated investments in general and Berkshire in particular? ...