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

Ten Books Recommendations For The Holidays

Great books represent a terrific value proposition.  For a modest amount of money, or even free of charge at the local library, a reader can gain access to some of the greatest minds in human history.  We take it for

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,

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