Today's Unqualified Opinion is about some books you think are worth reading...

After I made my recent book recommendations, I had more than a few people (since I asked you to) send in their own. Thank you! I’m always on the lookout for new tomes and now I have some things to…

Watch competitors (and other mushroom hunters) like a hawk and be shameless about trying things they are doing that might be working

Today's Unqualified Opinion is about hunting for mushrooms with a business-like mentality...

We’re in the midst of mushroom hunting season here in mid-Missouri, which means that the crazy guy with the knife wearing the Capital Camp hat (May 21!) walking slowly through the woods…

If you’re building a portfolio of small, private businesses then you’ll want to be as highly diversified as you can be, but what makes for diversification in this space can be incredibly idiosyncratic.

Today's Unqualified Opinion is about how to think about diversification in a portfolio of small, private businesses...

Diversification can get a bad rap in the investing community as “diworsification,” which is to say that if you are spreading your bets too thin, you’re not…

There’s a spreadsheet somewhere where if you change the value of one cell (the one that calculates how much various metals heat up and break apart during re-entry), it might get us all annihilated by falling space debris.

Today's Unqualified Opinion is about space junk and 'Are you effing kidding me?' risk...

One of the craziest stories I’ve been following recently awaiting resolution was that of the Florida man whose house got bombed by NASA. Because way back in March 2021 the International…

The two keys to shaving hair are (1) The business is generating enough cash to self-finance its shave; and (2) The people at the business won’t resist or sabotage being shaved.

Today's Unqualified Opinion is about how hair is opportunity...

We have a joke around the office that we’re in the business of shaving hair. This is in recognition of the fact that small- and medium-sized businesses (SMBs) often come with lots of hair on them in many forms. That…

Because maybe that’s what we’re all reliably looking for in this world: acknowledgment.

Today's Unqualified Opinion is about how you all do a good job...

I should have seen it coming…

Prompted by me to tell me that I do a good job, you all responded with a whole lot of emails telling me I do just that. Thank you for making my day. It turns out there is no such…

If you have a big strategic idea and you’re only willing to start small and test incrementally, you may never get around to actually testing that entire big strategic idea.

Today's Unqualified Opinion is about how to test...

One of the scarier and more difficult, though unfortunately necessary, parts of operating a business is testing the validity of new ideas. That’s because doing so risks time and capital and can be disruptive to your core…

You want to be thoughtful about not making investments that are too small to matter, but also avoid making investments that are so big nothing else matters.

I'm still working on that white paper, so today's Unqualified Opinion is about how much to invest...

When it comes to thinking about how much capital to put behind an individual investment, one universal truth and three considerations apply. The universal truth is that anything…

Trump Media & Technology would be by orders of magnitude the worst-performing business in the Permanent Equity portfolio, but the most valuable. How does that work?

People are crazy is one answer, and it's not an unreasonable one.
washingtonpost.com/technology/202…

Upside is not so different from imagination and that imagination is not so different from deception.