Category archives for: Featured Investment Articles

How to Read the Berkshire Hathaway Annual Report

The release of Warren Buffett’s annual letter to shareholders is one of the most important events of the year for value investors.  This year, the significance of the letter is accentuated by the fact that fifty years have passed since Mr. Buffett took control of Berkshire Hathaway. Mr. Buffett is effectively the “founder” of Berkshire […]

Revisiting Berkshire Hathaway’s Valuation

In this article, we reassess Berkshire Hathaway’s valuation from a price-to-book value standpoint and analyze whether recent appreciation of the shares is justified.

Coca Cola Misfires on Share Repurchase Rationale

The Coca Cola Company is in the midst of a major controversy prompted by shareholder objections to the company’s equity compensation plan which is outlined in the company’s 2014 proxy statement. Read this article for our view of the controversy.

Munger’s Prescription for Corporate Governance

David Larcker and Brian Tayan of the Stanford Graduate School of Business recently published a paper entitled Corporate Governance According to Charles T. Munger which concisely outlines the governance philosophy that Mr. Munger has presented on a number of occasions. Read this article for more details.

Daily Journal’s Portfolio Holdings Revealed

Daily Journal Corporation has been building a securities portfolio over the past several years but the specific securities have been undisclosed until now. A recent 13-F filing with the SEC reveals the holdings which were selected by Daily Journal Chairman Charlie Munger. This article reviews the holdings and speculates on the possible identity of the remaining undisclosed foreign security.

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