Investment Journal
Sears and Follow Up on Buffett’s Ability to Avoid Complexity
Sears finally filed for bankruptcy earlier this week. Over the weekend, I was rereading some of the notes I’ve taken over the years on Sears. It’s been an interesting situation to watch. I sometimes wonder if Lampert has ever estimated what has become a monumental...
Buffett’s Most Underrated Investment Trait
I am still doing some research on a number of companies in the residential housing space, and I’ll write more about my thoughts here as they develop. This post will have some brief general thoughts related to a post I wrote last week on the GSE’s: Investor Sentiment...
JD Update
Here is a note I sent to my investors just now, and I wanted to share it here with readers. Below is a copy of the note. Dear Investment Partner: I hope you had an enjoyable summer. I wanted to send a brief note with a few comments. One, I took a trip to China over...
Bad Blood and Schrödinger’s Cat
Bad Blood is a great book. It's a fast read, it's interesting and you should read it. I want to only discuss one aspect of investing with regards to my takeaways from this book. In November of 2006, Theranos raised money at a valuation of $165m. Approximately 8...
The Other Side
“I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.”— Charlie Munger “We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of...
The Great Thing About Investing
One of the great things about investing is the passive aspect of owning great businesses: they do a lot of work for you. They are very low maintenance, and their value increases as time goes on. This can be a blessing and a curse for investors. It can also be a...