Talk at Markel and Some Quick Thoughts

A few weeks ago, my good friend Saurabh Madaan (a former Googler who now works at Markel with Tom Gayner) invited me to come to Richmond to chat about a few investing ideas with Mr. Gayner and a few other “Markelers” (if there are Googlers, why can’t...

Buffett’s Blind Spot

I started re-reading Snowball over the holidays.  If you haven't read it, you should and if you haven't read it in a few years, 2018 might be a good time to pick it up again.  I joke with John that reading Snowball annually is similar to a Christian re-reading the...

The Amazon and UPS of China

JD.com is a new investment for Saber Capital, and other than a few small special situations, it's the first core investment I've made since January. JD is one of the two dominant online retailers in China. Unlike Alibaba, it operates an Amazon-style business of owning...

JD.com’s Competitive Advantages

Note: I typically take one post each month or two from this site to publish on my free site. In other words, the free site will see one post for every 10-15 posts that get published here. I may decide to eventually publish this post to the free blog.  A few weeks ago...