May 5, 2015 | Corporate Management, Executive Compensation, Regulation
On April 29, 2015 the SEC released a Fact Sheet regarding “rules that would provide greater transparency and better inform shareholders.” http://www.sec.gov/news/pressrelease/2015-78.html. The proposed rules would require companies to disclose executive pay and stock...
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...
May 11, 2012 | Corporate Management, Valuation
1. Black box finance. In our latest letter, we described how financials led the market for the first quarter and yet, we reminded clients that we don’t own any depository financials. We wrote: “As we hinted in our first page introduction, we are not particularly...
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...
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...