“ 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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As we find ourselves a little more than a month out from the presidential election, any surprise from the outcome is settling, and we are starting to get more insight into President-elect Trump’s stated plans. Specifically, he has announced blanket 10% tariffs on goods imported from China and 25% tariffs on Mexico and Canada . He has also put forth several names for key economic positions, including: Hedge fund founder Scott Bessent for Treasury Secretary Investment bank

“ But the essence of good business is knowing when to step on a train and when to step off. ” Richard Rainwater, American investor and...

“Superior businesses produce a lot of positive surprises. Bad businesses throw up one headache after another.” Value Investor Li Lu ...

“ Kamala Harris and Donald Trump are shredding basic economic good sense. ” writer Roger Lowenstein in The New York Times The U.S....

In most letters, we focus on the characteristics that attract us to a particular position. We’ve spoken at length, for example, about...