The most beautiful personal libraries on Earth 1. Jay Walker’s library, Connecticut

Incredible.

To be clear, what the Department of Government Efficiency team and Treasury Department have jointly agreed makes sense is the following: - Require that all outgoing government payments have a payment categorization code, which is necessary in order to pass financial audits. This is frequently left blank, making

"Hey, that’s a nice bull market you’ve got there … be a shame if anything happened to it." Ben Hunt It's been a passive bull offset by lots of homeless active managers forced to kick their stocks to the curb and chase momentum. The "active" ETF space has been all about

TRAITS OF A GOOD ANALYST (1/2) Over the past several years I’ve had 6 analysts who at some point reported me, and have interacted with countless more.  These are the traits I’ve found to be most correlated with long term success. They probably aren’t what you think. A 🧵 What I

At Goldman, I would've been expected to commit seppuku for these errors

Is the history of using oil as a foreign policy weapon repeating? OPEC+ (Saudis control this 100%) announced a production increase earlier this week on the same day a Trump's tariff announcement. Reagan (+Saudis as the marginal global swing producer) crashed prices to hit the

Warren Buffett explains how he analyses annual reports

The enduring coffee scam!

Warren Buffett: There are levels of trade deficit that bother me "when you are, in effect, buying more from other countries than they're buying from you, you are handing them investment funds" "we don't want it to be a question of where we import 20% of our GDP and we export

The main way to make life changing money in stocks. "Finding big deposits in commodities that were out of favour when nobody cared, and backing up the truck and then hanging on for dear life".

Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL

Elon Musk The house has a 72 hour rule which requires the bill to be posted 72 hours before passage. BUT the Speaker circumvented this rule with a “managers amendment” that re-wrote and added substantial portions of the bill as it went through the rules committee the night the bill was

The latest episode of A Book with Legs is here! In this special quarterly ‘book list’ episode of A Book with Legs, Smead Capital Management's analyst team, including Seamus Sullivan, Nick Garcia, and Will Keenan, joins Cole Smead to discuss memorable takeaways from books they have recently

The Smead Capital Management team heading out of town from a great couple days at Calgary Stampede. Conor O’Callaghan Seamus Sullivan

Ok friends. Listen to every word… very carefully. No mentions of imaginary “vertical integration” strategies. Adam clearly states that they bought Every SAGD business that didn’t have a ROFR “Right of First Refusal”. Now, I was there….listening carefully. Clearly states they

By 1998, you would have known the internet was the future. By middle of 2000, you would have lost 70% of your money investing in it Reminder that you can be bullish on something and still agree that it is currently overvalued. A lesson that is getting lost in AI startup land

“I worked at Lehman’s risk management department. Here is how you manage your subprime mortgage exposure as a bank”

hilarious. After 40 years and almost $5T in investment alternative energy, look at the chart