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I wanted to share some excerpts from an old Q&A session Warren Buffett had back in 2003. In it, Buffett spends a good amount of time covering competitive advantage.
I think it’s important because often times people chase the next big thing, the tech of the future, or some hot IPO. There’s always a fantastic story spun around new companies, so full of potential with barely an ounce of ink spilled on the risks.
They’re looking for a lottery ticket. Continue Reading…
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I’m going slightly off topic today. Recode has a nice article on the story behind Fiber, the good and bad sides, and the disruption it’s caused. I’m a fan of Google Fiber because the direction it’s moving will be how we access the internet in the not too distant future and I dislike Comcast.
A small piece stuck out to me because it was something I discussed several years ago about how everyone and everything will connect to the internet soon. Continue Reading…
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Howard Marks gave a talk at Google back in March ’15 where he covered the origin of his investment philosophy. I scribbled some notes as watched it. I thought it was time to organize things and post it here.
His book, The Most Important Thing, is his investment philosophy. He admits that his most important things have changed over time. His thinking is always evolving. The goal was to show that investing is hard, counterintuitive, and to teach people how to think.
During the talk, Marks highlighted where the roots of his philosophy began: Continue Reading…
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Every year at the Berkshire annual meeting, Warren Buffett offers a handpicked selection of books. I dug up this year’s list from the meeting and I thought I’d list all of them below.
I’ve read several books on the list, own (still need to read) a couple more, and added several new ones to my wish list. Many, as you might guess, are about him. A few are about Charlie Munger. The rest are on investing, biographies, history…I’ll let you check out the rest. Continue Reading…
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Last year I highlighted a lecture Seth Klarman gave to a Columbia MBA class back in 2010. The video was posted on Youtube at the time, but since then it’s been made private for some reason. Because of that, I thought I’d share all my notes from his presentation. Continue Reading…
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A lot of people claim to be contrarian, but few actually are. Either, they think they’re unique in having an idea, even though everyone shares it. Or they claim it but never act.
Take Valeant Pharmaceuticals. First, imagine a stock rising to lofty heights – about $262 – from a 2009 low around $11. Had you bought it at any point before June 2015, you would have made money.
Then August came with bad news and the hits just kept on coming. The stock collapsed 87% from its highs to $35. Continue Reading…