“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

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

“So that the record of history is absolutely crystal clear. That there is no alternative way, so far discovered, of improving the lot of...

“The secret to successful investing is relatively simple: figure out the value of something and then pay a lot less.” Joel Greenblatt...

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