Мой папа, Наум Каценельсон, скончался 10 августа 2023 года. Я потратил недели, пытаясь написать о моем отце, но потерпел неудачу. ...
I spent weeks trying to write about my father, but I failed miserably. As a writer, I have learned that there is no such thing as writer's block; either your idea is not fully developed, or there is a conflict between what you want to say and what appears on your pages.
I get asked at times: How do I get any research done since I travel a lot? To answer this question, I need to explain how we do research.
Today I will share the Q&A section of the letter. Every time I am almost finished with the client letter, I ask clients to send me any questions they have about their portfolio or other topics. I answer these questions in the Q&A section.
Imagine withdrawing a job offer two days after it was made. This is exactly what we did. This letter about how not to lose a job that's yours, contained insights and lessons that could go beyond the intended recipient and could help anyone who is looking for a job.
I’ve been asked by many readers and some clients for my thoughts on the economy and recession.As I am typing this, I’m thinking about how much ink I should be spilling on writing about the recession and how much time we, as investors, should be allocating to thinking and worrying about it.
A 22-year-old daughter of a friend, for the first time in her life, has hit a brick wall. I told her that, as frustrating as her life may seem right now, she is having a good problem; and happiness in life comes from having good problems.
My favorite line from Charlie Munger was: “Practicing law today is like a pie-eating contest, where if you succeed, you get to eat more pie.”
The fourteen-year-old Jonah could not sit through the annual meeting; he was preoccupied with anything and everything but Buffett’s and Munger’s wisdom.
Many investors, including our clients, have been worried about their Schawb account safety. Are they right to be worried?
Bailout of the banking system create social tension. Eventually, bailouts introduce so much risk into the system that failures and bailouts become too costly for the society to bear, government creates draconian rules trying to prevent them in future, which in turn kills innovation and the formation of new businesses, and the result is a stagnating economy.
The Silicon Valley Bank collapse may be an extreme event, but it gives us a preview at a 100x magnification of what other banks are facing.
This is part one of the winter seasonal letter I wrote to IMA clients, sharing my thoughts about the economy and the market. I tried something I’ve never done before. Instead of conveying my message through storytelling, I tried to compress my thoughts into short sentences…