Berkshire’s Repurchase Policy: Too Little, Too Late?

Berkshire Hathaway acquired $928 million of its own stock during the third quarter of 2018 through a series of purchases of Class A and Class B shares from August 7 to 24.  A repurchase of this size, relative to the

The Pitfalls of Early Success – A Personal History

“Success makes people think they’re smart.  That’s fine as far as it goes, but there can also be negative ramifications.” — Howard Marks  The investing profession tends to attract individuals who, to put it politely, have a healthy sense of

Book Review: Sapiens – A Brief History of Humankind

There are many aspects of life where the link between cause and effect is very clear.  Humans, as well as many other animals, quickly learn that taking a certain action invariably leads to a predictable and reliable result.  For example,

Book Review: Mastering the Market Cycle

“Imagine how much harder physics would be if electrons had feelings!” — Richard Feynman The goal of many websites is to create “evergreen” content — that is, content that stands the test of time and will prove to be relevant

Thoughts on Share Repurchases and Capital Allocation

The concept of share repurchases is not particularly complicated.  Repurchase programs allow companies to allocate capital toward purchasing its own shares either on public marketplaces or through privately negotiated transactions.  Capital allocation is one of the most important recurring functions

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