May 1, 2015 | Corporate Management, Economics, Investment Idea, Investment Process, Portfolio Management
Tomorrow, Saturday May 2nd, 2015, Warren Buffett and Charlie Munger will hold court over a crowd of 40k+. As they do every year, they will spend several hours answering questions about the current and future workings of Berkshire Hathaway. Three journalists and three...
Aug 8, 2011 | Inflation/Deflation, Investment Process, Portfolio Management, Valuation
The S&P 500 peaked this year on May 2nd at 1371 (intraday). The current selloff began on July 7th just slightly lower at 1356 (again, intraday). From the close on July 7th through today’s close (August 8th), the S&P 500 (as measured by the SPDR S&P...
Jun 8, 2011 | Capital Allocation, Corporate Management, Investment Idea, Investment Process, Valuation
Microsoft (MSFT) is as out of favor as out of favor can get. Apple adds “i” to the word “Cloud,” talks about it at a developer conference, and Steve Jobs is on the front page of the Financial Times. Microsoft releases the fastest selling operating system of all time...
Oct 1, 2010 | Diversification, Investment Process, Macro Investing, Portfolio Management, Valuation
A recent Wall Street Journal article highlights the macro-driven nature of today’s stock market. In it, long-time value investors lament the current environment where stocks appear to trade in unison based on unemployment data or European bank stress test results. ...
Mar 5, 2010 | Corporate Management, Economics, Investment Process, Portfolio Management
This past Saturday, Warren Buffett released Berkshire Hathaway’s 2009 annual report and his annual letter to Berkshire shareholders.* The last Friday in February has become like Christmas Eve for value investors the world over. A night of tossing and turning is...
Nov 17, 2009 | Behavioral Finance, Economics, Investment Process
In September, (seemingly perma) bear Jim Grant announced his bullish turn in the Wall Street Journal. He summarized the core of his argument by quoting Michael T. Darda, chief economist of MKM Partners. We repeat the quote here: “The most important...