“This [drawing] looks good — as close as I’ve ever look to George Clooney.” – Warren Buffett. (Illustration credit: Monica Bevelin) “It’s a funny thing about life; if you refuse to accept anything but the best, you very often get it.” -W. Somerset Maugham English dramatist & novelist (1874 – 1965) I have long been … Continue reading "Exclusive Warren Buffett – A Few Lessons for Investors and Managers"

Never let a bad market go to waste

The key to becoming anti-fragile financially is Multiple Income Streams. If you lose one income stream, there are others to make up for it. Most people have 1 (or, in corporate America, a weak 1+2 punch). This leaves a ton of exposure to your cash flow/income statement, as all of your eggs are in on

What we saw happen in the UK last week is the first shock, not the last, and all the massive pension funds and asset owners who have turned themselves into shadow hedge funds, full of swaps and leverage through the sweet whispers of Wall Street Wormtongue, will be our undoing. Read more

I know, these are weird and trying times. It all makes you wonder what the point of stock-picking is. What is the purpose of kicking the tires, looking under the hood, and doing our jobs?

Not everything can be explained by numbers. In recent times, two eminent academics, one a Nobel laureate – Robert Shiller and the other Aswath Damodaran, both known for their works based on extensive quantitative methods, have published books about the importance of stories in understanding economics and business alike – Shiller’s Narrative Economics and Damodaran’s Narratives and Numbers. […]

“I just sit in my office and read all day.” - Warren Buffett

If someone asked me to give investing advice to a 30-year-old today who had just made their first million, I would first point them somewhere else. I’m not a financial advisor and don’t think I’m qualified to give anyone financial advice. The particulars matter too much. But if they insisted, I might say:

"Berkshire had a big task ahead. It solved that problem by avoiding bureaucracy and relying on one thoughtful leader as he kept improving and brought in more people like himself."

Moats are essential for quality investors. In this article we'll teach you everything you should know about sustainable competitive advantages.

"I don’t have any tolerance for trading losses. I hate losing money more than anything. Losing money is what kills you. Not the actual loss. The fact that it messes up your psychology." Michael Platt

Only a few companies are able to consistently compound shareholder wealth at superior rates of return over a very long period of time. Here are 10 lessons from 20 years of quality investing.

I grew up ski racing in Lake Tahoe.

The Wheels Keep on Turning—and the anti-mimetic breaks are breaking.

François Rochon is one of the best quality investors in the world. Over the last 30 years, he returned more than 6.000% to shareholders (15.7% per year). You can find everything you need to know about Rochon in this article.

Markets, Management and Momentum

"I cannot promise results, but I do promise this: a. Our investments will be chosen on the basis of value, not popularity. b. We will attempt to reduce permanent capital loss to a minimum."

For quality investors, the Return On Invested Capital (ROIC) is one of the most important financial metrics.A high ROIC is key for value creation and it’s a great way to look at a company’s competitive advantage.

All shareholder letters of Francois Rochon (Giverny Capital)

All shareholder letters Jeff Bezos

All shareholder letters Terry Smith

All shareholder letters of Nick Sleep

All articles Peter Lynch