Ben Bernanke: Buy One Suit, Get Three Free
Linear thinking is dangerous. It is the easiest form of reasoning, lying on the path of least resistance. The simpler the path, the more readily people will march along it. Linear arguments are easy to...
View ArticleManifesto – The Values of Value Investing
I rarely share letters we write to IMA’s clients, but I decided to share this “Value Investor’s Manifesto” I wrote for our clients in July. It should be a helpful tool to frame recent volatility in an...
View ArticleLittle Moments, or How to Give a Great Speech
I was supposed to give a presentation at the GuruFocus conference in Omaha, a day before Berkshire Hathaway annual meeting. I was more nervous than usual. I agreed to give this presentation because I...
View ArticleIt’s not just Amazon’s fault
Retail stocks have been annihilated recently, despite the economy eking out growth. The fundamentals of the retail business look horrible: Sales are stagnating and profitability is getting worse with...
View ArticleRandom Thoughts on Apple
I wrote more articles about Apple than almost any other company over the last five years. For a long time it was one of the most hated stocks on Wall Street, and when we bought it for the first time in...
View ArticleBitcoin – Millennials Fake Gold
I’ve been asked about Bitcoin a lot lately. I’ haven’t written anything about it because I find myself in an uncomfortable place in agreeing with the mainstream media: It’s a bubble. Bitcoin started...
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