“He who conquers others is strong; he who conquers himself is mighty.” Lao Tzu   Value investing is sometimes misunderstood as a philosophy of buying a stock and never selling it. It’s understandable why people might think this. Legendary value investor Warren Buffett once said, “Our favorite holding period is forever.”   And it’s true: in an ideal world, we would find exceptional businesses at attractive prices and hold them indefinitely.   But the reality is that circumsta

“The big money is not in the buying and selling, but in the waiting.” Charlie Munger, Value Investor and former Vice Chairman of Berkshire Hathaway   What a year it has already been. Between nonstop headlines, political controversies, and market volatility, it feels like we’ve already packed a year's worth of developments into little more than a month.   In times like this, our first instinct is not to react, but to slow things down.   Volatility does not invalidate a discipl

“What you see and what you hear depends a great deal on where you are standing. It also depends on what sort of person you are.” C. S. Lewis Happy New Year, and thank you, as always, for your continued trust and partnership. As we begin 2026, it feels appropriate to step back and assess the economic landscape, what the market is grappling with, and how we are positioning capital in an environment that remains unusually volatile and uncertain.   What should investors expect fr

“The two most powerful warriors are patience and time.” Leo Tolstoy As we move deeper into the fall and approach year-end, it may be worth pausing for a moment to look back. Politically and economically, this has been a year full of upheaval and surprises. Can a glance in the rearview mirror offer us clues about what lies ahead?   One thing strikes us immediately. Back in May, we speculated that Trump’s unpredictable tariffs-based economic policy risked upending preexisting

“Outside of its legitimate function, government does nothing as well or economically as the private sector.” Former U.S. President Ronald Reagan Last month, business leaders gathered at Yale’s biannual CEO Caucus, a closed-door forum designed to elicit candid discussion on policy and the economy. There, the Yale School of Management surveyed dozens of CEOs on the current administration’s approach to tariffs, monetary policy, and other matters. The results were striking to us

“Greed is a bandage which a higher power sometimes binds across the eyes of reason . ” American journalist and author Edwin Lefevre What...

It’s been just over four months since Trump’s April 2 “Liberation Day” tariff announcements, and many observers have been surprised by...

“ Microeconomics is what you do, macroeconomics is what you put up with. ” Charlie Munger, former vice chairman of Berkshire Hathaway After the tumult of the past several months, you may have begun reading commentary suggesting that the investing “rule book” of the past 15 years has been discarded and that we now face a fundamentally different economic reality demanding changes to how we invest.   But is that true?   “I think the rule book has changed,” Brad Klapmeyer, a seni

“ Tell me who your heroes are, and I'll tell you who you’ll turn out to be. ” Warren Buffett, Chairman and CEO of Berkshire Hathaway We cannot begin our letter this week without acknowledging the imminent end of an era.   Last month, Warren Buffett announced that he would be stepping down as CEO of Berkshire Hathaway at the end of the year. He will likely be replaced by Greg Abel, who is currently chairman and CEO of Berkshire Hathaway subsidiary, Berkshire Hathaway Energy.

“ In the United States we should be looking to trade with the rest of the world, and we should do what we do best and they should do what they do best. ” Warren Buffett Last month, we wrote at length about President Trump’s tariffs imbroglio: an aggressive package of tariffs based on bad math, all but certain to produce economic outcomes ranging somewhere between bad and dire. The market subsequently protested vigorously, and—just after publication of our letter—Trump (mostl