First Republic Bank’s Proxy Statement March 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 Question March 20, 2023 Geopolitical tensions are rising, calling into question longstanding deep economic ties between the United States and China.
Berkshire Hathaway’s 2023 Proxy Statement March 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 Insurance March 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 Portfolio March 16, 2023 Recent bank failures raise questions about how Berkshire Hathaway and other insurers account for fixed maturity investments.
The Risks of Investing in Bonds March 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 Compensation March 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 Bailout March 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 Capitalists March 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 Bank March 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 Purchases March 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 Railroads March 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 Shareholders February 26, 2023 Warren Buffett comes out swinging at economic illiterates and demagogues who insist on mischaracterizing stock repurchases.
Falling in Love With Investments February 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.
With the holiday season upon us, now is the perfect time to select meaningful gifts for friends, family, and colleagues. Rather than buying gifts which are destined to gather dust or end up “re-gifted” to others, consider purchasing a great book matching the interests of the recipient. In this first annual gift guide for value investors, ten books have been selected which are certain to captivate the attention of anyone interested in the field of investing. Some choices will be familiar while others may be unexpected. Happy Holidays!