Twenty Years of Owning Berkshire Hathaway

Every person will have a different definition of what counts as “the long run”, but it is probably fair to say that a decade is thought of as a long time by almost everyone. That is enough time to bring

In Praise of Irrationality

“The trouble with market research is that people don’t think what they feel, they don’t say what they think, and they don’t do what they say.” — David Ogilvy Beautiful equations are seductive. Mathematics brings logic and structure to a

Staying Informed Amid the Noise

Warren Buffett has been a newshound all his life. He is known to read five newspapers a day including the Wall Street Journal, The New York Times, USA Today, The Financial Times, and the Omaha World-Herald. His affinity for handling

My $2 Million Apple Mistake

It was Thanksgiving weekend twenty years ago. I had been watching the stock for a couple of months. It was pummeled on soft results in September and seemed cheap to me. On Sunday night, I looked at the Value Line

Farnam Street’s Great Mental Models

“So whatever you wish that men would do to you, do so to them; for this is the law and the prophets.” — The Golden Rule as expressed in Matthew 7:12 Hanlon’s Razor advises us to give others the benefit

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