- What I’ve Been Reading
This post is a list of books that I read in the third quarter of 2023, most notably Dominion by Tom Holland and The Path Between the Seas by David McCullough.
- Three Lessons
A few life lessons based on observations over a half century.
- 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.
- Warren Buffett on Inflation — Part 2
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
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
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
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
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
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
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
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
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?
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
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