Friday, January 12, 2018

My Presentation at the Best Ideas 2018 Summit

I enjoyed presenting today at the Best Ideas 2018 Summit hosted by MOI Global. The topic of my presentation was Cambria Automobiles. 

Generally, I do not discuss my ideas publicly to protect my intellectual property and for a variety of other reasons. I made a rare exception with my discussion of Cambria. 

Along with the presentation, I prepared a write-up that I will be including in my annual letter to Bossert Capital investors. 

Friday, January 5, 2018

A Buffett-Run Firm Is on a Roll, but Warren Has Nothing to Do With It

I was quoted in a very well done Wall Street Journal article written by my friend Nicole Friedman on Boston Omaha Corp: 

Link: A Buffett-Run Firm Is on a Roll, but Warren Has Nothing to Do With It

Sunday, July 2, 2017

Compilation of value links from around the web: July Edition

Below is a compilation of the most interesting reading I've come across in the past few months:

2017 Berkshire Hathaway Annual Meeting:

2017 Berkshire Hathaway Annual Meeting transcript: Slow Appreciation Mine Safety Diclosures Blog 
Watch the replay of the Berkshire Annual meeting: Yahoo Finance 
WSJ coverage of the Berkshire Annual Meeting: WSJ 
Interview with Warren Buffett, Ted Comes and Todd Weschler: Yahoo Finance
Full Transcript: Warren Buffett, Bill Gates, Charlie Munger with Becky Quick on Squawk Box: CNBC

Warren Buffett, Bill Gates and Charlie Munger on CNBC: 

Buffett: Airline passengers are very price conscious
Buffett: Wells Fargo obviously incentivized the wrong thing
Buffett: High load factor and airlines
Buffett: If you pay big prices for something, you're counting on earnings
Buffett: 5 highest value companies don't take capital
Buffett: Jeff Bezos was brilliant
Buffett: Stocks a bargain if you think rates stay low
Charlie Munger: We should have single-payer medicine
Charlie Munger: There's a lot to be said for health care for all
Buffett: Health-care bill huge tax cut for the rich
Fixing America's health-care system
Buffett: I'm very suspicious of dynamic scoring
Bill Gates: State Department helps us 'perform miracles'
Bill Gates: You need health care, education and opportunity to escape poverty trap
Charlie Munger: Lot of idiotic deals in venture capital
Charlie Munger: Every failure stings
Buffett: I don't make investment decisions based on who's president
Buffett: 'Unlimited' resources of our friendship

Mohnish Pabrai: 

Mohnish Pabrai on a better alternative to indexing: Youtube
Mohnish Pabrai says General Motors should scrap its dividend: CNBC
Lampert's Seritage strategy could lead to long term gains: Barron's 
Mohnish Pabrai: "Intensive Stock Research Can Be Injurious to Financial Health": Talks at Google
Mohnish Pabrai on the Steve Pomeranz show: Chai With Pabrai

Li Lu: 

Li Lu's 2015 speech at Peking University: Corner of Berkshire and Fairfax 
Li Lu introduction to Asian Equities: Seeking Alpha 

Warren Buffett and Charlie Munger:

Warren Buffett and Jorge Paulo Lemann at the Brazil Conference: NY Times 
20 students meet with Warren Buffett: Jeff Towson
Of Permanent Value by Andrew Kilpatrick: Amazon
A Buffett Partnership investment - Commonwealth Trust: Greg Speicher
Warren Buffett's meeting with Peking University students: Jeff Towson
Warren Buffett and Jorge Paulo Lemann at Harvard: David Kass Blog
Nitin Nohria Interviews Jorge Paulo Lemann and Warren Buffett: 2017 Brazil Conference 
A great discussion of the mental models that made Berkshire successful: Float and Moats
Todd Comes and Ted Weschler speak: Yahoo Finance 
Why I lost my bet with Warren Buffett: Bloomberg 
The Psychology of Human Misjudgment - Charlie Munger Full Speech: Youtube
Munger says single payer system is the solution: Yahoo Finance 
Warren Buffett's Scout inside Germany: WSJ

Other investors: 

Tad Montross Blog: General Re 
7 things I learned from lunch with Warren Buffett: Jeffrey Towson 
McLean: This was 'a betrayal' of Ackman's investing style: CNBC
Joel Greenblatt interview with Forbes: Forbes 
Allan Mechan 2016 Letter: Value Walk 
Pershing Square 2016 Annual report: Market Folly
Fairfax Financial 2016 annual report: Report 
Joel Greenblatt: "The Little Book that Beats the Market":  Talks at Google
Chuck Akre: "The Peregrinations of an English Major Trying to Solve the Investment Puzzle": Youtube


When we will see autonomous vehicles: Benzinga 
Amazon wants to crush your store with it's technology NYT
Jamie Dimon 2016 Letter: JP Morgan Chase
Get more done by working less: Farnam Street Blog 
Darwin was a slacker and you should be too: Nautil 
A primer on artificial intelligence: Medium
The Autonomous Vehicle Revolution: The Rational Walk
Cars and second order consequences: Ben Evans
Arm yourself with books: Farnam Street Blog 
Bill Belichick's leadership rules: CNBC 
Bruce Flatt on US outlook: Bloomberg
How Skilled Capital Allocators Compound Capital, with Will Thorndike: Investor Field Guide
Graham and Doddsville Spring Newsletter: Columbia
Sohn Conference New York Notes: Market Folly 
Elon Musk TED Talk: TED 
Google CEO Sundar Pichai’s I/O 2017 keynote: Youtube
Bill Gates summer reading list: Gates Notes 
Jack Ma: In the next 30 years people will work 4 hours a day: CNBC
Lei Zhang lecture at Columbia: Marketfolly 

Monday, March 13, 2017

Invitation to the 2017 Yellow BRKers Party at the Berkshire Annual Meeting

You are invited to an event I plan every year during the Berkshire Hathaway Annual Meeting weekend.

The Yellow BRKers will be held Friday, May 5th, 2017 at the DoubleTree Hotel in Omaha, starting at 4:00 pm and you can linger until 7:00 pm.

Yellow BRKers 2017 details:

The 2017 event will be held at the same time and location as in prior years.

Friday May 5th from 4PM to 7PM

DoubleTree by Hilton Omaha Downtown
1616 Dodge Street
Omaha, NE 68102

To read the story behind the Yellow BRKers party and to register in advance:

I look forward to seeing many of you again this year! 

Tuesday, March 7, 2017

Compilation of value links from around the web: March Edition

Below is a compilation of the most interesting reading I've come across in the past few months:

Warren Buffett: 

Warren Buffett interview in Fortune: Fortune
Tuck MBA students meet with Buffett: Tuck 
Wanted: Help handing out Warren Buffett’s fortune: Boston GlobeWarren Buffett Just Quietly Bought Up Another German Company: Fortune
Warren Buffett: Says US will do fine because we have the secret sauce: CNBC
‘Becoming Warren Buffett’ Goes Beyond a $74 Billion Fortune: NY Times
Buffett has bought $12 billion in stock since election: Bloomberg 
AIG to pay Berkshire $9.8 billion in commercial risk transfer: Bloomberg
Berkshire's Decker says Buffett can take his time with cash pile: Bloomberg
Why Berkshire is betting on airlines: Bloomberg 
Berkshire Hathaway portfolio changes in Q4: David Kass blog 
Becoming Warren Buffet, The man not the investor: New Yorker Three Ways Warren Buffett Is Not A Typical Billionaire: Forbes
Becoming Warren Buffett on HBO: Youtube
The Profitable Hobby of Warren Buffett: Future Asia
Buffett on CNBC February 27th: CNBC

Mohnish Pabrai:

The Dhandho Investor with Mohnish Pabrai: The Investors Podcast
Mohnish Pabrai on Donald Trump: Moneycontrol
Mohnish Pabrai Lecture at Boston College (Carroll School of Mgmt) - Nov 3, 2016: Youtube
Mohnish Pabrai's Approach To Beating The Market: Forbes 
Mohnish Pabrai lecture to the University of Puerto Rico MBA class on mental models: Chai with Pabrai 
The Dhandho Investor with Mohnish Pabrai: The Investors Podcast
Move Over Small Dogs Of The Dow, Here Come The Uber Cannibals: Forbes

Charlie Munger:

Charlie Munger's old Wesco Financial letters: Remembering the Obvious and My Investing Notebook
Charlie Munger Daily Journal Meeting replay: CNBC 
Charlie Munger gave Wells Fargo a vote of confidence: CNBC 
Video of the Daily Journal annual meeting: Youtube
Full transcript of the Daily Journal meeting: Latticework Investing 
Full transcript of the Daily Journal meeting: Dropbox
The Mind Of Munger: Berkshire's Vice Chairman Speaks On Wells Fargo, Trump And More: Bezinga 
Second handout from the Daily Journal meeting: Farnam Street Blog 
Handout from the Daily Journal meeting: Farnam Street Blog 
Charlie Munger on Getting Rich, Wisdom, Focus, Fake Knowledge and More: Farnam Street Blog
Charlie Munger answering questions after the Daily Journal meeting: Youtube 

Amazon/ retail:

Sears: Why the last big store must transform itself or die: Crains Chicago 1988
Amazon's next frontier is to conquer auto parts: NY Post
Amazon is eating the world: A Wealth of Common Sense
Importance of Knowing Your Investment Boundaries (Sears Mini-Case Study): Base Hit Investing

Bill Gates: 

Lunch with the FT: Bill Gates: Medium 
Bill Gates on Charlie Rose: Charlie Rose
Bill Gates and Warren Buffett at Columbia University - 27th Jan 2017: Value Investors World 

Seth Klarman:

Seth Klarman Weighs In on Trump: NY Times
Seth Klarman annual letter and comments on Trump: Business Insider 
World Energy Hits a Turning Point: Solar That's Cheaper Than Wind: Bloomberg
Steve Eisman thoughts on financials under Trump: CNBC
Bill and Melinda Gates foundation 2017 letter: Gates Notes

Investor letters: 

Greenlight Capital Q4 Letter: Scribd 
Howard Marks memo: Expert Opinion: Oaktree 
GMO Q4 2016 Letter: GMO 
Letters from top hedge fund managers: Reddit 
Baupost 2016 Letter: Link 


Guy Spier on Getrevue: Getrevue
Best books of 2016: Farnam Street
Sohn Conference Notes: Marketfolly
Howard Marks and Rajath Shourie: CAIA Australia: Youtube
Solar could beat coal to become the cheapest power on earth: Bloomberg
When do you average down?: Bronte Capital
Are you a giver or a taker?: Tedtalk 
Three minutes with Hans Rosling will change your mind about the world: Nature
The fourth industrial revolution: a primer on Artificial Intelligence (AI): Medium
China has built the world’s largest bullet-train network: Economist
2016 was the hottest year on record: Slate 
Inside a Miracle: The 1980 U.S. Hockey Team: Farnam Street Blog
Ed Thorp on NPR: Planet Money 
Kyle Bass: Short China, Long Russia 'Good Place to Start': Bloomberg 
Renowned value investor Francis Chou is willing to wait on a bargain: Canadian Business
How to Review a Proxy Statement: Rational Walk 
Steve Eisman: “They mistook leverage for genius”: Youtube
Oaktree's Howard Marks Is Cautious, But Still Investing: Youtube
Graham and Doddsville Winter Newsletter: Columbia 
Episode #39: Ed Thorp, “If You Bet Too Much, You’ll Almost Certainly Be Ruined”: Mebfaber
Elon Musk Is Really Boring: Bloomberg
China's artificial intelligence boom: The Atlantic 
Walter J Schloss - Ben Graham Centre Value Investing 2008: Youtube 
How to build wealth by copying other investors: Pabrai
Billionaire James Simons: Conquering Wall Street with Mathematics: Youtube