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,

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

Highlights From Warren Buffett’s 2016 Annual Letter

“Today, I would rather prep for a colonoscopy than issue Berkshire shares.” — Warren Buffett, 2016 letter to shareholders The last Saturday in February has become something of a ritual for Berkshire Hathaway shareholders as well as many other interested observers.  Some

The Problem of Rational Capital Allocation

“In theory there is no difference between theory and practice. In practice there is.” — Yogi Berra Imagine that you are the founder of a highly successful small chain of restaurants.  After immigrating to the United States from Italy as

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