Availability-Misweighing Tendency

This mental tendency echoes the words of the song: “When I’m not near the girl I love, I love the girl I’m near.” Man’s imperfect, limited-capacity brain easily drifts into working with what’s easily available to it. — Charlie Munger,

Warren Buffett Moves the Goalposts!

Warren Buffett released his 2018 annual letter to Berkshire Hathaway shareholders last weekend which, of course, prompted investors and journalists to set aside their normal Saturday morning activities to analyze the Oracle’s words in great detail. Since the mid 1980s,

The Quarterly Guidance Trap Bites Apple

“In all of our communications, we try to make sure that no single shareholder gets an edge: We do not follow the usual practice of giving earnings guidance or other information of value to analysts or large shareholders. Our goal

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

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