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First Republic Bank’s Proxy StatementMarch 25, 2023
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.
Enlightenment or Dystopia?March 21, 2023
We carry supercomputers in our pockets providing access to all of the wisdom of human history, so why has public discourse deteriorated in the twenty-first century?
The China QuestionMarch 20, 2023
Geopolitical tensions are rising, calling into question longstanding deep economic ties between the United States and China.
Berkshire Hathaway’s 2023 Proxy StatementMarch 18, 2023
This article is an analysis of Berkshire's proxy with a focus on repurchases, compensation, ownership, risk disclosures, and board diversity.
The Role of Deposit InsuranceMarch 17, 2023
The current banking crisis has led to calls for the government to insure all bank deposits, but doing so has significant long term implications.
Berkshire Hathaway’s Fixed Maturity PortfolioMarch 16, 2023
Recent bank failures raise questions about how Berkshire Hathaway and other insurers account for fixed maturity investments.
The Risks of Investing in BondsMarch 15, 2023
Many market observers seem to lack an understanding of the effect of rising interest rates on fixed maturity securities. This article explains the basic principles of bond investing.
Barney Frank’s Signature Bank CompensationMarch 13, 2023
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.
Yet Another BailoutMarch 13, 2023
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.
Fragile CapitalistsMarch 12, 2023
Silicon Valley Bank's shareholders and creditors cannot be bailed out without introducing massive moral hazard antithetical to capitalism.
The Fall of Silicon Valley BankMarch 11, 2023
A classic run on the bank exposes harsh realities hiding in plain sight. How will regulators and policymakers react to fears of contagion?
Berkshire Resumes Occidental PurchasesMarch 8, 2023
After a five month hiatus, Warren Buffett spent $354.5 million over the past week to bring Berkshire's ownership interest in Occidental Petroleum to 22.2%.
Political Risks for RailroadsMarch 3, 2023
A recent high profile derailment has negative implications for the railroad industry. Berkshire Hathaway's ownership of BNSF could represent a political advantage.
Warren Buffett’s 2022 Letter to ShareholdersFebruary 26, 2023
Warren Buffett comes out swinging at economic illiterates and demagogues who insist on mischaracterizing stock repurchases.
Falling in Love With InvestmentsFebruary 23, 2023
It makes no sense to engage in short term relationships with investments, but it is also hazardous to fall in love with a company or its management.