Lessons From Warren Buffett’s See’s Candies Acquisition

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Lessons From Warren Buffett’s See’s Candies Acquisition

“Let’s take a look at what kind of businesses turn us on. And while we’re at it, let’s also discuss what we wish to avoid.” In his 2007 Berkshire Hathaway annual letter, Warren Buffett provides us with a primer on what to look for in businesses, and on what to avoid. He also does something rare – he gives us a detailed post-mortem analysis of his 1972 purchase of See’s Candies. Both have a lot of gems of wisdom for us to enjoy and learn from.

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How To Put Together An Investing Soccer Team That Can Win

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How To Put Together An Investing Soccer Team That Can Win

With the World Cup coming up, I thought it was timely to share a mental model that I find helpful in constructing a portfolio. Don’t get me wrong, I am not trying to gamify investing. Far from it – I take my responsibility for our capital very seriously. However, I frequently find that other disciplines have a lot to offer in helping me think about how to best invest, and this is one of those times.

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The Simple Value Investing Formula That Makes Everything Clear

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The Simple Value Investing Formula That Makes Everything Clear

Years ago, I was reading an investor letter of a fund manager, and came across a formula that made everything clear: Change in Price = Price going to Value + Change in Value + Noise

Recently I had a chance to reflect on this formula and deepen my understanding. The result was a new perspective which is helpful in categorizing investments and getting more insight into the portfolio.

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What Are The Dangers And Rewards Of Doubling Down On Your Investments?

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What Are The Dangers And Rewards Of Doubling Down On Your Investments?

The research note sent electric shocks through Fidelity’s investment department. It was sent by a senior analyst with over 5 years of investing experience who was expected to become a portfolio manager within a few years. It stated: “Any portfolio manager who doesn’t buy this stock, doesn’t deserve to be a PM.”

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Three Questions Warren Buffett Won’t Answer At The 2022 Berkshire Hathaway Annual Meeting

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Three Questions Warren Buffett Won’t Answer At The 2022 Berkshire Hathaway Annual Meeting

My first Berkshire Hathaway Annual Meeting was in 2002. I was travelling to Omaha with the Fidelity team of 20+ investors. The new analysts had an important job – get up super early to get a spot in line. That way the Portfolio Managers and Senior Analysts could sleep in, and still get a spot upfront. I thought I was ready. I was not.

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My Journey To Chess Mastery

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My Journey To Chess Mastery

I grew up in the former Soviet Union, where almost everyone played chess to some degree. It was also something that was studied very rigorously from an early age by those who wanted a chance to excel, the same way that math or science was. In St. Petersburg, the best chess school was at the “Dvorets Pionerov” or the “Palace of the Pioneers.” That’s where future Grand Masters trained, typically from an age of 5.

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Investing Insights from the 2021 World Chess Championship

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Investing Insights from the 2021 World Chess Championship

The 2021 World Chess Championship was expected to be a hard-fought battle. The challenger, Ian Nepomniachtchi (affectionately known as Nepo in the chess world) from Russia, was taking on the reigning world champion, Magnus Carlsen, from Norway. While Carlsen is the number one ranked chess player in the world, Nepo, ranked number five, is not far behind. Commentators were predicting a close match, with some forecasting that Nepo’s attacking style was the right prescription to de-throne the reigning world champion.

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