Buffett’s Information Advantage: Then vs. Now

When Buffett first started out, he had a true information advantage.  Other investors just didn’t know that Sanborn Map had an investment portfolio worth more than the entire market valuation of the company.  This was an incredible opportunity and he took advantage of it. This doesn’t exist anymore. (If you

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Return on Brain Damage

Hidden Figures is a great movie.  It’s a great story about women, but also a story about math.  The continual discussion about the endless calculations (note: these calculations are basically done by hand) that go into sending people to the moon is amazing, truly spectacular.  The Imitation Game is another

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Leadership and Off The Beaten Path Ideas

I want to write about two quick ideas.  I will keep them brief because I hear something slightly more interesting came out this past Saturday morning.  You can read that here. (Buffett Annual Letter) First, leadership matters.  It’s difficult to quantify this idea, but it is sort of like the

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Facebook

Everything should be made as simple as possible, but not simpler.  Einstein How simple or complex should an investment thesis in Facebook be? John and I made an investment in Apple a little over two years ago.  It was the first time that I felt like I had departed from the Buffett

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Bitcoin, Psychology and Munger

If you have been under a “financial news” rock for the past few months, I thought I would welcome you with a story you are likely to have missed…Bitcoin, or more broadly Cryptocurrencies.  I generally read about things that I find interesting or at least relevant to the modern finance

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Buffett’s Blind Spot

I started re-reading Snowball over the holidays.  If you haven’t read it, you should and if you haven’t read it in a few years, 2018 might be a good time to pick it up again.  I joke with John that reading Snowball annually is similar to a Christian re-reading the

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CMG Update

CMG reported their most recent quarterly earnings a few weeks ago.  I wanted to update my last post on CMG with some additional thoughts regarding their numbers. CMG’s operating history shows one of two things.  Either CMG has created a superior model in what has typically been a fairly poor

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Taro Update

Taro reported their latest quarterly results on Tuesday evening.  Despite the sharp increase in stock price on Wednesday, John and I have both changed our minds on this company’s prospects and thus have decided to sell. The thesis rested on a reliable business with a potential for acquisition by the

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Redfin: Technology Company or Something Else

Redfin describes itself as a “technology-powered residential real estate brokerage.” From filings and transcripts: This ability to deliver better service at a lower fee is the fundamental source of our long-term competitive advantage and that advantage comes from technology. Our technology lets us meet homeowners and homebuyers without paying for

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Simple Businesses: Flooring Edition

In the near future, I would like to discuss my (and partially John’s) approach to filtering by using the S&P 500. One company I was researching as I was thinking about my filters was Floor and Decor (although it isn’t in the S&P 500). As a short introduction to my

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