Wednesday, December 27, 2017


"Nature's wants are small, while those of opinion are limitless." - Seneca (Letters from a Stoic)

Transcript of Charlie Munger's recent appearance at Michigan [H/T @iancassel] (LINK)

Berkshire Hathaway Is Ending the Year With a Bang ($) (LINK)
The conglomerate controlled and run by Warren Buffett could get a 13% boost to its shareholder equity, or book value, in the quarter as a result of a lower corporate tax rate, gains in its equity portfolio, and operating earnings. Our analysis is based in part on calculations by Barclays insurance analyst Jay Gelb. 
...Last week, Berkshire shares briefly topped $300,000, and are now valued at $489 billion -- sixth in market value behind tech leaders Apple, Google, Microsoft,, and Facebook. 
We estimate that Berkshire’s book value could end the current quarter around $211,000 per class A share. This suggests that Berkshire shares, now trading for nearly 1.6 times its Sept. 30 book value of $187,435 – the high end of its price/book value range dating back several years – are cheaper than they appear. If our estimate of Dec. 31 book value proves accurate, Berkshire shares trade closer to 1.4 times year-end book.
Energy Investors: Behold the Miracle of the Tax Law - by Jason Zweig (LINK)

Estonia, the Digital Republic [H/T Tamas] (LINK)
Its government is virtual, borderless, blockchained, and secure. Has this tiny post-Soviet nation found the way of the future?
Sean Iddings on the Planet MicroCap podcast discussing Intelligent Fanatics: Standing on the Shoulders of Giants (LINK)

It's a bird! It's a UFO! It's … a Falcon 9 rocket! (LINK)

Book of the day [H/T @mattwridley]: Life through Time and Space