Articles
The AI Revolution
The discussion of AI quickly falls into a domain bordering on Sci-Fi. My thoughts here are only marginally shaped by scientific facts.
The EV Industry Landscape
As a part of a summer letter to IMA clients, I will discuss investments in the EV industry, spurred by the following question from a client.
Lessons from History’s Technology Booms
The technology at the core of the mania is different every time. What doesn't change over time is human emotion – the fear of missing out and then the fear of loss.
The Magnificent 7 and the Dangers of Market Hype
Despite the S&P 500 showing gains in the mid-teens, the average stock on the market is either up slightly or flat for the year.
Understanding Today’s Economic Landscape
Interest rates that stay low and actually keep declining for almost a quarter of a century slowly propagate deep into the fabric of the economy.
From Bull to Sideways Markets to Nvidia
I discussed my condensed views on the stock market, economy, and our investment strategy in a letter to IMA clients.
Traditions, Investment Conferences and Presentations
Investment conferences are the constants in my life. This year, we heard 24 presentations in three days at VALUEx Vail.
The Slippery Slope of Student Loan Forgiveness – Edition 2024
My daughter Hannah was just accepted to University of Denver. She might take out student loans. Why wouldn’t she?
30 Years in America – Edition 2024
On the 30th Anniversary of my family's arrival in the United States from Soviet Russia, I reflect on my time here. After recounting the hard early days in a new country when I was "fresh off the boat", I offer perspective on how America has changed since I arrived. What I see now is, in some ways, more troubling than what I found all those years ago as a new immigrant.
Rediscovering the Essence of the Berkshire Hathaway Annual Meeting
When in the past I described my trip to the Berkshire Hathaway annual meeting to others, I often found that I contradicted myself.
Dad, You Are Not Growing! (Embracing Vulnerability)
Dad, you are not growing. You’ve stopped learning new things. You used to have new, creative ideas. Lately you were just improving things that are familiar to you.
Hedging the Portfolio with Weapons of Mass Destruction
Uber's business is doing extremely well. It has reached escape velocity – the company's expenses have grown at a slow rate while its revenues are growing at 22% a year.
From Twinkies to Rolexes (IMA Client Dinner 2024 Video)
Once a year, we host what the IMA team gently calls “client appreciation week.” This week is very special to me, as I get to meet people who have entrusted their life savings to us.
Cable Stocks Keep Getting Punched in the Mouth
Despite weakness in cable stock prices, our thesis on Charter Communications (CHTR) and Comcast (CMCSA) has not really changed. We made a small, superficial change in the portfolio.
My Appearance on John Oliver’s Last Week Tonight (Kind of)
This past Sunday, I received a text from a friend who told me he saw me on John Oliver's "Last Week Tonight" show on HBO.
No Shortcuts to Greatness: The Path to Successful Investing
One of my principles in life is to have a net positive impact on the people I touch. If every single stock I discussed only went straight up, I wouldn't have to worry about it. But this is not how life works.
Data Driven Hiring
I love being the CEO of IMA. I get to set the direction of the company, decide on its long-term and short-term goals, and build the IMA culture and team.
Investing in a New Era of Global Tensions
You don’t have to worry about the market and its crazy valuations. That’s your neighbor’s problem, not yours. In building your portfolio, we are aiming for resilience.
Why the Survival and Dominance of Car Manufacturers is Far from Certain
Today EV sales account for a tiny rounding error of total global car sales. Can traditional automobile companies successfully transition to making EVs?
Next Year in Omaha (2024 Edition)
It is time to plan for my annual pilgrimage to Omaha! I am very sad because, for the first time, Warren Buffett will not be joined onstage by Charlie Munger, who passed away in November.
Expanding Perspectives Through Travel – From Spain to the UK
My brother Alex, my son Jonah, and I went to a conference in Switzerland. We saw this as an opportunity to turn the bookends of the trip into a small European vacation.
