“We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.” This ‘law of technology’ keeps getting validated not because we do not understand how technology works…
The Berkshire Hathaway annual meeting in Omaha, Nebraska, the Woodstock of Capitalism, is the one ‘industry convention’ we attend. Berkshire’s business comprise almost all of US economic activity so it…
It is always dangerous to interpolate from personal experience to wider political, economic or social impacts, much less to investment views. Sometimes we must make an exception however… Earlier this…
O tempera! O mores! As we write, two of the major political issues that have dominated politics, media, public discourse and our minds appear to be coming to their conclusions. In the US, the independent counsel’s…
The US Securities and Exchange Commission Rule 156 requires mutual funds to tell investors not to base their expectations of future results on past performance before they invest. It is…
Markets have declined over the past three months. As we know, volatility creates opportunities for long-term investors. Economic turning points like the one we are currently experiencing come with volatility…
“In these dark days, we tend to look for little shafts of light that spill from heaven” is the beginning of one of the great comic letters of all time.…
We have been saying for some time now that we expected markets to become more turbulent and volatile as we are in the midst of a turning point for the…
“I ask everybody to not think in two-to-three-year time frames, but to think in five-to-seven-year time frames. When somebody … congratulates Amazon on a good quarter … I say thank…
We were speaking at Latticework, an investment conference in London earlier this month, where one of the other speakers, one of Europe’s most prominent value investors, said that he does…
© J. Stern & Co. 2019
