Costco: A Lesson in Owner-Operator Thinking

Buffett: “We get excited enough to commit a big percentage of [capital] to equities only when we find (1) businesses we can understand, (2) with favorable long-term prospects, (3) operated by honest and competent people, and (4) priced very attractively.  We usually can identify a small number of potential investments

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Is There a Worm in Apple?

“I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.” — Charlie Munger Here are the reasons why Apple is not a

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Learning the Alphabet….Through SEC Filings

One of my daughters is learning her alphabet.  The other day we were reading a book that displayed an animal for each letter (U and V stumped even Sesame Street).  The next morning I found myself doing something similar. Reading through SEC filings, I am amazed at how many non-GAAP

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