In his recent interview with Barron’s, value investor Chris Davis discusses two key investment questions: the type of businesses to own and the price to pay for them. Viewing investments as business acquisitions, not just stock purchases, Davis highlights evaluating liabilities, undervalued assets, and long-term durability over short-term gains. He … Read More
Howard Marks: Adapt Your Portfolio to the Present, Not the Unknown
In his book, The Most Important Thing, Howard Marks explains that strategic decisions in various fields, such as driving, golfing, or dressing, are influenced by current conditions. Similarly, he argues that investment actions should reflect the present investing climate rather than uncertain future predictions. While many investors attempt to adjust … Read More
Warren Buffett: You Only Need One Opportunity Each Year
During this interview at the 25th Anniversary of The Economic Club of Washington, D.C, Warren Buffett reflects on his early investment in Berkshire Hathaway, describing it as a poor decision based on buying undervalued but mediocre companies, which he likened to “cigar butts” with one puff left. He explains that … Read More
Warren Buffett: Why Market Drops Are Good for Investors
In his 1997 Berskshire Hathaway Chairman’s Letter, Warren Buffett highlights the advantages of stock repurchase programs, particularly when prices are low, as they increase ownership stakes more effectively. He notes that Berkshire Hathaway benefits significantly from long-term shareholders, with 97% retaining their shares year-over-year. Market declines, contrary to popular belief, … Read More
Warren Buffett: Stop Listening To Your Neighbor’s Stock-Tips
In this interview with Fortune Magazine, Warren Buffett advises against speculative investing and emphasizes the importance of understanding the assets you buy. He suggests evaluating investments like a farm, apartment, or company based on their productive potential and expected returns. For a farm, calculate expected crop yields and their value; … Read More
The Risks of Shorting MSTR and Long Bitcoin
During their recent episode, Taylor, Carlisle, and Jason Buck discussed The Risks of Shorting MSTR and Long Bitcoin. Here’s an excerpt from the episode: Jason: Well, the other thing we were talking about before, that I would caution everybody on and that’s what I’ve seen too much of on Twitter, … Read More
Mohnish Pabrai: Aim for a Home Run, Settle for Breaking Even
In this Q&A session with MBA students at Columbia Business School, Mohnish Pabrai discusses the importance of assessing potential risks and outcomes before making investments. He acknowledges that all businesses carry some level of uncertainty and a small probability of failure. Pabrai views investing as a game of probabilities, striving … Read More
VALUE: After Hours (S06 E47): Jason C. Buck On Volatility, Options, Crises, Crashes, Value And Reasons To Be Optimistic
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Jason Buck discuss: The Risks of Shorting MSTR and Long Bitcoin Why Value Investing Struggles in Manias From FANG to BAATMANN: Mag8 The Future of AI Assistants: Automation, Agency Bots, and Finance Implications The Tyranny … Read More
Mohnish Pabrai: Which Sectors Investors Should Avoid
In this Q&A session at Boston College and Harvard Business School, Mohnish Pabrai discusses the importance of understanding one’s circle of competence when evaluating businesses. He advises focusing on industries and companies that align with personal knowledge and avoiding sectors like biotech, blockchain, or U.S. healthcare, which may involve complexities or … Read More