“The more persistent you are, the more chances you get to be lucky.” —Kevin Kelly

The timestamp (30:54 mark) to the Berkshire annual video, which is public for the first time this year, and a tribute to Charlie Munger and some of his greatest hits… youtube.com/live/X3wLdzddR…

A single PDF for Parts 1-29 of the Investing Thoughts and Wisdom series... open.substack.com/pub/valueinves…

I enjoyed speaking with Matt McLaughlin, Portfolio Specialist at Diamond Hill Capital Management, on the Guardians of Finance Podcast… podcasts.apple.com/us/podcast/joe…

My friend Joe Koster writes a Substack called Value Investing World which I find to be a great source of curated article links (I believe he helped Christopher Bloomstran get his great annual letters out to a larger audience. Take a listen to what he has to say on Guardians of

If you have any interest in investing Japan during this volatility, I highly recommend following this Substack.

youtu.be/GO5FwsblpT8?si…

Thank you, William! 🙏🏻

New Tony Deden interview…

Margin of Safety MasterClass: How to think about value investing [featuring Seth Klarman] youtube.com/watch?v=YDUto3…

I’m happy to share the Semper Augustus annual letter. We’ll have the letter on the website shortly. In the interim, here’s the letter posted by great friend Joe Koster this evening. Many thanks for the encouragement and appreciation of this annual effort. drive.google.com/file/d/1e2wevi…

These related quotes seem relevant for many things happening in the world today (and always)... “A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth. Authoritarian institutions and marketers have

Links - 05/05/2025 [free] open.substack.com/pub/valueinves… “You get a few breaks in life in terms of people you will meet who will just change your life dramatically. You need a handful of those and, when you get them, you treasure them.” —Warren Buffett

This Howard Marks quote from 2017 seems especially relevant after the last week or so: “Most people don’t want to tempt fate by saying things will go well forever, and in fact they know they won’t. It’s just that they can’t decide what it is that will go wrong. The truth is

I enjoyed the thoughts from Ian Cassel in this chat, especially the golf analogies. It reminded me of more parallels between golf, investing, and greatness, as exemplified by the legend that was Ben Hogan. In Omaha for the Berkshire Meeting this year, a friend, also named Ben,

“Talking to management is not a perfect art. Management talks about what management wants to talk about. And they have, sometimes, their own agenda. But I think you can get a lot from the conversation around what’s the likely direction—both of where they’re taking the assets,

"[There's] this theme of ‘finding your own way.’ One of the most common mistakes that I see people make—whether you're talking about kids or adults—in the learning curve is trying to do it like someone else does it; whether it's your dad, or your hero, or Michael Jordan, or Tiger

Peter Kaufman: I’m the only person on Earth who can define Circle of Competence Here it is…