"GEICO to me is very much like Costco. And one of the reasons it’s succeeded is that they really feel a holy duty to have a wonderful ...

Note to the hardcore Berkshire and investing readers: Warren Buffett's letter to shareholders will be released on Saturday and, as we...

My year-end letter at Sorfis is in the proofreading stage. If you are interested in receiving it as soon as it is released next week, you ...

"Leverage is what causes people trouble in this world. So you never want to be in a position where somebody can pull the rug out from ...

"There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at another it's a hold...

"Many people believe that investors must make the macro decision to be either bullish or bearish. Our preference is to be agnostic, ob...

The Bus Ticket Theory of Genius - by Paul Graham ( LINK ) It’s Slow Going, but Stuff Like Wheat and Oil Can Spice Up Your Returns - by Jas...

"Charlie and I spend a lot of time thinking about things that could hit us out of the blue that other people don’t include in their th...

"Wealth is not his that has it, but his that enjoys it." --Benjamin Franklin Jeff Bezos’s Master Plan ( LINK ) Fall 2019 iss...

Note to readers: I'm traveling with limited internet access over the next week or two, so posting will probably be less frequent than ...

"What we really want to do is buy a business that’s a great business, which means that business is going to earn a high return on capi...

"Investing is really not complicated. I mean, the basic framework for it is simple. Now, you have to work at it some to find the best ...

"We don’t like having excess cash around. We like even less doing dumb deals because we do them forever. I mean, if we make a dumb dea...

"There are things in life that you don’t have to make a decision on and that are too hard.... One of the interesting things about inve...

"Charlie and I spend no time thinking or talking about what the stock market is going to do, because we don’t know. We do know, someti...

"The history of much of which we don’t like in modern corporate capitalism comes from an unreasonable expectation, communicated from h...

Released today:  The Great Mental Models: General Thinking Concepts A Regulatory Framework for the Internet - by Ben Thompson ( LINK ) F...

Seth Klarman: A Bleak Warning on Global Division and Debt ( LINK ) [I haven't seen Klarman's letter yet, but if anyone happens to ha...

"Post-bubble periods, I think, depending on how big the bubble is and how many were participating in it....can produce fallout that no...

How an Intelligence Expert Helps Wall Street Mavens Think Smarter ( LINK ) Defensive Decision Making: What IS Best v. What LOOKS Best ( LI...