From a Mystery Q4 Earnings Call: I would also like to spend some time this morning reiterating and elaborating on XXX capital allocation priorities. First, our
This “may” be a version of me admitting in 2023 that cat videos exist and are very cute, but since it is a long essay
Yes, that is the Principal at the far end as the moderator for an investment panel at the Markel Annual Meeting (Yes – please come
We Sadly Have NOT Met a Lot of CEOs Like This. And Another 70% Drawdown and We Might Buy the Stock. Q. We look at
The Perfect Sound: A Memoir in Stereo Shantaram Paradais The Power Law The Cursed Bunny Eight Days in May: The Final Collapse of the Third
It’s very hard to collect. And…I wonder how long this guy keeps his job?
One of the joys of being a securities analyst is reading conference calls when a CEO goes AWOL and tells people what he or she
If a Cryptocurrency cannot be readily exchanged for cash, what is it? If a Cryptocurrency trades with a beta greater than 1 with the direction
This is an old-school article about an old-school topic. The theme is fairly simple – can youthful enthusiasm for money and fame raise flags for
Stablecoins are unregulated demand deposits. Every version of it in 4000 years of history involves a run on the bank. And in the Post War
You might have heard about this “Green” thing. On an unemotional basis, estimates are thrown around regularly that “we” (whether that includes China, India, Brazil,
I read a lot. And cut and paste a lot. And save a lot of things, From time to time, I don’t feel like “working”
“Servicers who put struggling families first have nothing to fear from our oversight, but we will hold accountable those who cause harm to homeowners and
I try to read widely. I stuff my IPAD with things and time goes by and I truly don’t recall how I ran across it.
If there is something upon which anyone in the world can agree, it’s that there is simply an overwhelming amount of “information” out there that
Some of the benefits of investing in private assets instead of public companies have been well documented. As an investor in a private fund, you
As we all know from Star Trek, there are many parallel universes out there. While their existence cannot be proven logically—at least up to
I am 5 years into a successful marriage, so I am slowly becoming an expert in the field. And like many things my grandmother told
The New Yorker has become almost unreadable for certain political and woke reasons, but from time to time, there is actually a focus on old
The following is an excerpt from our Q3 2020 Small Cap Plus letter. If you have ever found yourself struggling to explain why, in the
A very long time ago, the author was the first outside columnist for TheStreet.com, which in its early days had a terrific set of people
Did Lockdown Work? An Economist’s Cross-Country Comparison by Christian Bjornskov
Radical Uncertainty: Decision-Making Beyond the Numbers by Mervyn King and John Kay I am fully aware of my ability to convey enthusiasm about seemingly esoteric
As analysts, we are tasked with identifying companies that can produce favorable risk adjusted returns with a substantial margin of safety. Like any number of
It is almost always a contrary indicator when the sell-side is unanimous, but what happens when they can’t agree at all? In reality, when there
FDR is regarded as one of the most effective communicators in radio history. Although the fireside chats are often thought of as having been a
The Strategic Game of ? and ? – John Boyd, June 1987
“The amendment will, among other things, suspend Live Nation’s net leverage covenant under its existing senior secured credit agreement for the second and third quarters
