Charlie Munger and The Cattle Rancher

  One of the audience questions from the Berkshire meeting this past weekend was from a young man whose family owns a cattle ranch.  Below is the dialogue of the Q&A: Rancher: My family runs […]

2015 Annual Letter

A good marketing pitch book for an investment fund will have a clearly defined investment strategy.  Some sort of track record illustrating how this specific strategy has performed well in the past will also be […]

Chess and The Investment Game

I like to play chess.  I am not particularly good at it, but I enjoy it. After my not infrequent losses, the app I play sends me offers to go from Beginner to Chess Master […]

The Big Short: A Must Read/See

Get your popcorn ready, Michael Lewis’ The Big Short is coming to a Cinemark near you.  If you haven’t already read the book, do so.  If you can’t make it to the movie on opening […]

Turnarounds Seldom Turn

There are lots of reasons to follow a business, even if you have no plans to invest in the company.  Turnarounds often seem like a viable option for value investors because their valuations have fallen […]

Shop Till You Drop….

Black Friday and Cyber Monday provide some helpful reminders of time-honored value investing principles.  Let’s recap a few. Discounting from previously advertised prices may not indicate a bargain is at hand. Imagine the following product […]

Charlton Heston & Mr. Buffett

This past weekend I was reminded of the time I pulled a quick one on my parents.  The movie, The Ten Commandments, was on television and I knew my parents would let me stay up […]

Peyton Manning, Buffett and Munger

The 2011 NFL Most Valuable Player was without a doubt Peyton Manning.  Due to a quirk in the NFL rules, Manning did not win the MVP award that year because he did not take a […]

Competitive Advantage and Annual Letter

The stock market is a zero-sum game and any potential investor will ask a fund manager, what’s your competitive advantage?  I have thought a lot about this, most of my thinking has been occupied with […]