The Digest #178
Berkshire countersues Pilot's founders, Meta targeting teens, Title Insurance, Moats & capital allocation, CAVA's origin, VISA's history, Business lessons from Tom Murphy ...
Buffett Accelerates Gifts to Family Foundations
For the second year in a row, Warren Buffett has made gifts to four family foundations in excess of the annual commitments pledged in 2006 ...
Superinvestor Portfolio Changes — Q3 2023
A few observations based on recent 13F filings, with a focus on Berkshire Hathaway, Dollar General, Markel, and Semper Augustus ...
The Digest #174
Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle's international ambitions, The AI Gold Rush, 100th anniversary of Hitler's beer hall putsch, The Federalist Papers ...
Berkshire Hathaway’s Q3 2023 Results — Manufacturing, Service, and Retailing
A review of Berkshire's large collection of non-insurance operating businesses, with a focus on results in Q3 2023 as well as a longer term view ...
GEICO Prioritizes Profits Over Market Share
Berkshire Hathaway's auto insurer has returned to consistent profitability in 2023 but at the price of ceding market share that will be costly to regain in the future ...
Buffett Continues to Avoid Long-Term Bonds
Berkshire's longstanding aversion to fixed-maturity investments has not changed in response to higher interest rates ...
Berkshire Hathaway’s Q3 2023 Results — Overview
This article presents a high level overview of Berkshire Hathaway's third quarter results with a highlight on year-to-date repurchase activity ...
The Digest #172
Pilot's Founders vs. Berkshire, I Bonds, Ted Weschler interview transcript, Expanding circles of competence, Damodaran on Tesla, Thompson on AI, Charlie Munger, Chris Davis ...
Pilot’s Founders vs. Berkshire Hathaway
Warren Buffett's reputation as a straight shooter is called into question by the Haslam family in a dispute over the valuation of their remaining 20% interest ...
Buffett Resumes Occidental Purchases
Berkshire spent $246.4 million to acquire 3.9 million OXY shares between October 23 and October 25 ...
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 #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 ...
The Digest #164
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 ...
Negative Lollapalooza Effects
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 ...
Warren Buffett’s Canvas
Berkshire Hathaway continues to evolve as Warren Buffett celebrates his 93rd birthday with no signs of putting down his paintbrush anytime soon ...
The Berkshire Hathaway MBA
Studying Warren Buffett, Charlie Munger, and Berkshire Hathaway's history can provide a level of fluency in business and investing rivaling a costly MBA degree ...
A Very Strange Public Offering
The story of the initial offering of Berkshire Hathaway's Class B stock is an excellent example of Warren Buffett's unconventional approach toward his business partners ...
The Digest #159
Montaigne on Lying, Berkshire's Q2 results, Equity risk premiums, Taking useful notes, Abandoning books, How Threads was built, BYD challenges Tesla, Katalin Karikó's inspiring life ...