Investment Journal
History Rhyming or Is This Time Different?
The COVID-19 panic continues to wreak havoc on both the stock market and the economy, and the news continues to seemingly worsen with each passing day. In the midst of a crisis, it's imperative to maintain clarity of thought and a calm demeanor. This is difficult for...
Scale Isn’t Always Good and WeWork’s Problem
I am writing my quarterly letter to Saber investors, and one of the sections references WeWork's IPO debacle. I wanted to share some rough notes I have in my investment journal from some ideas I've been forming lately about scale, and how it's not always a good thing....
Google, Apple, and Saudi Arabia
Saudi Arabia, if it were a business, would be considered a cash cow. In fact, Saudi Aramco, the country’s oil company that was once a joint venture with one of Rockefeller’s Standard Oil descendants but was nationalized decades ago, is the most profitable business in...
Outsourced Thinking
I recently watched the series of pieces that CNBC put on during the 10-year anniversary of the credit crisis that occurred in the fall of 2008. It was interesting to listen to Buffett describe how he got a call from Lehman Brothers CEO Dick Fuld in the summer of 2008....
Fizzy Water
The story behind National Beverage is an easy one. I first wrote about National Beverage in 2016 (see here). You can see financials below: 2016 2018 Growth Revenue 705 975 38.00% Operating Income 93 204 119.00% Margin 13.19% 20.1% National Beverage is a simple...
2018 Buffett Letter Notes
Some notes on the letter and on his CNBC comments this morning: American Tailwind: If you didn't read the letter, I highly encourage you to read this section. I think it's so important to keep the big picture in mind. Too many people let recent events or political...