Nvidia is the best-performing stock of all time for stocks with 20 years of return data papers.ssrn.com/sol3/papers.cf…

I updated my 2012 talk on float with new thoughts and presented them in Flame Investment Lab FLAME University in June 2024. Link: bit.ly/3W1qi76

Friendly Google and Enemy Remedies The DOJ brought the right kind of case against an Aggregator, which stagnates by being too nice; the goal is for companies to act like they actually have enemies. stratechery.com/2024/friendly-…

See’s Candies: A Great Company That’s a Turtle, Not a Hare | Morningstar $BRKA $BRKB h/t ⁦Kevin Carpenter⁩ morningstar.com/columns/rekent…

Berkshire Hathaway’s Apple Investment Story $BRKA $BRKB $AAPL sherwood.news/business/berks…

"Advertising margins typically range in the 70% to 80% range, I think for a lot of companies. And so, this is the faster growing part of our business with a higher margin, which changes the composition of our P&L over time." $WMT sherwood.news/business/walma…

sherwood.news/tech/dei-diver…

”In 2022, Google paid Apple about $20bn (about 17.5% of Apple’s operating income, and a 36% revenue share) and other companies $10bn to make it the default, which was close to 20% of Google’s search advertising revenue.” ben-evans.com/benedictevans/…

grahamanddoddsville.net/wordpress/File… h/t GrahamAndDoddsville

The most powerful company in tech is a niche Dutch business you've never heard of ”If you want to make the most powerful chips, you have to go through ASML.” sherwood.news/business/asml-…

Charlie Munger Talk at Ross University 2017 - Full Transcript $BRKA $BRKB canadianvalueinvestors.com/p/charlie-mung…

In celebration of Warren Buffett's 94th birthday we've compiled our best content on him and Berkshire Hathaway 🧵 1. $BRK's book value per share since 1955:

We’re excited to announce the upcoming release of a new video course, “How to Think About Risk with Howard Marks.” The series will be available on Oaktree’s website and YouTube channel on September 12. Preview the introduction here:

Greg Abel credits Alberta roots ahead of Global Business Forum honour | Calgary Herald $brka $brkb calgaryherald.com/opinion/column…

We have a new report out, "Probabilities and Payoffs: The Practicalities and Psychology of Expected Value." We discuss some of the issues with the calculation of expected value, what the payoff picture means for investing, the implications of volatility drag, the psychology of

Happy sharing the Semper annual letter. I dread the start, but once immersed love the process and always learn something. Makes the labor of love worthwhile, as does your appreciation and kindness. The ongoing analysis of Berkshire is included. Thank you! semperaugustus.com/clientletter

If you've ever wanted to easily search my Michael Mauboussin index, Carbon built a custom GPT on all 170+ of his research papers over 30 years across CS First Boston, Legg Mason, Credit Suisse, Blue Mountain, and Counterpoint. Check it out here: mauboussinarchive.vercel.app

Berkshire Hathaway’s 2024 Annual Report h/t ⁦The Rational Walk⁩ newsletter.rationalwalk.com/p/berkshire-ha…