Stock XYZ has declined 25%. What do you think? Is your thesis broken? What you observe in stock price volatility is mostly noise. A good chunk of buyers and sellers don’t know much about what they are trading other than the ticker.

Client Letter

May 21, 2026

Greg Abel Takes Over Berkshire Hathaway: My Thoughts After Omaha 2026

Last year I came out of the BRK annual meeting thinking that Greg Abel was not the right person to run Berkshire Hathaway. Abel lacked Buffett's charisma, warmth, and humor. Greg Abel was not Buffett, and he definitely was not Munger. I was wrong.

May 14, 2026

What the Iran War Reveals About the Dollar, Gold, and the End of US Exceptionalism

The Iran war exposes a quiet rewriting of the rules that made the US exceptional. Why we own oil, why we hate owning gold, and why crypto still isn't for client accounts.

Client Letter

April 23, 2026

Q&A Series: On Firing Clients, Sizing Positions, and Ignoring Book Value

At IMA, we deal with prospective clients who have a short-term time horizon very differently. We do what I call "reverse marketing." I write articles, people read them, and when they get interested in our services, they download our brochure and reach out to us.