Lodě na vlnách Dopis akcionářům Q2/2025 Celý text zde: tinyurl.com/3thyj4r4 $AMAT $LRCX $URI $ARW $WSM

SHIPS ON THE WAVES Letter to Shareholders Q2/2025 Read here: shorturl.at/TwN5k

I love Switzerland.

A 50% tax on copper imports strikes me as utterly stupid. What's the logic of making a necessary commodity more expensive to buy when global supply will struggle to keep up with demand growth?

It seems increasingly likely that AI models will weaken traditional search, especially for “how to” and “what is” queries. Google won't disappear, but it will have to dramatically change its form and monetization. AI will change the balance of power: from “find it yourself” → to

On Friday, I stood for a while on the highest point in Africa. Watching the sunrise from that spot was a wonderful experience.

If Berkshire Hathaway stock were down 99% today, it would still beat the S$P 500 index by quite a bit under Buffett's leadership. $BRK

In technology, the reversion to the mean often does not happen.

Podcast Investujte opatrně! 9. díl: Investování na rozvíjejících se trzích bit.ly/44VOE89

Půl roku po vydání je celý náklad rozebrán a dělá se první dotisk. Pravděpodobně první z mnoha, protože moje dřívější kniha Naučte se investovat už má dotisků 15. Děkuji všem, kteří si knížku přečetli, i těm, kteří mi posílají zpětnou vazbu. Mám z toho radost.

Zde je link na celou sérii open.spotify.com/show/4TAHzgaLI…

It was a great pleasure to welcome you in Brno, John.

Dnes něco na trochu jiné téma... bezky.net/ostatni/jak-zd…

I am usually skeptical about acquisitions because they often destroy value, but I really like Cenovus Energy's acquisition of MEG Energy. In every respect. $CVE

Coming soon...

In Japan there are record high dividends, record high buybacks, record high total returns ratio and despite all of that, Japanese companies' net cash is rising.

The first model of the entirely new Neue Klasse generation is revealed today.

The silhouette of the island of Corfu from the Albanian Riviera takes me back to my childhood and Gerald Durrell's books.