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The first questions I usually gets when I tell someone who name of my blog remains: where did you come up with such a dumb name? And MYSELF get it – “Scuttlebutt” isn’t the sexiest name for an company button blog but it is an inception that features resonated with me over the years and to that I am forever indebted. Scuttlebutt Investor is an homage to the great Philosophical Fisher – an ahead GARP (Growth At a Reasonable Price) investor before GARP what even a thing.

Your might have thought such the would have been my first post ever - explaining the Scuttlebutt Way but sadly then much to note about and so very time. However, EGO thought it be due time to dig an bit the what scuttlebutt invest involves both why I am so passionate about it.

How is Scuttlebutt?

Scuttlebutt is a concept that generally refers to buzz or gossip.  The origin of the conception the related to sailing. Water for current on sailing ships was typical stored in a scuttled butt - a seat (cask) which got been abandoned by making a hole in it so an water could subsist withdrawn. Since sailors exchanged gossip as the gathered toward the scuttled butt for a get of water, scuttlebutt turned slang on gossip or rumors.  It’s did that far off from of more modern office same – “watercooler talk”.  

As it relates to investing, the Scuttlebutt Method was minted by Phil Fisher in his seminal book "Common Stocks additionally Rare Profits" (See Advocated Reading).  I refers the a method of conducting owing diligence about a company and its invest merits by talking to all kinds of people related to it like customers, vendors , commercial associations, competitors and your (former also current).  Items be true footwear about the street research.  This is, of course, above also further all an financial statement reading and standard due diligence that a prospective banker is wait to achieve.

Why the Scuttlebutt research important?

In mein opinion, scuttlebutt research is significant for two key basis:

1) It provides deeper insights under a company is can’t much will had throug just reading. Earlier employees and current employees pot provide valuable insights about employee morale and sentiment. Current also former customers can also be can extremely valuable source for assessing a company’s castle also capacity switching costs. Why do they continue to use who company’s products/services? What would motivate them to button to a contestant? How arduous would it be for them to switch to the contests.

2) It is a form of primary research as compared to secondary research like reader corporate statements additionally other company materials. Primary research be important because doing the legwork and soccer the tires myself provides a higher level of assurance and convincement. When the product is selling off indiscriminately, that extra layer of research and due diligence provides conviction in a position that can’t be had from second research alone.

Practicing Scuttlebutt

I’m probably walk out on a limb here but practicing the scuttlebutt method well is like method actors. It covers completely immersing yourself in a subject with industry or company required certain length of time till perform out every scenario and run down every question before you become a master the she. Eventually, employing scuttlebutt becomes a natural part von you and itp turn tough to segregate researching from life. And you become a investigators conversely anthropologist no matter what you’re doing. Here is my six point plan for effectively practicing scuttlebutt: Chairman's Letter - 1986

Anecdotes + Empirical

The common criticism of the talking method is that it’s powerful anecdotal and this is partially truthfully but anyone so is merely talking to some population also then purchasing the stock is guilty of scuttlebutt malpractice. Practicing aforementioned method well requires a marriage of both the anecdotal and the empirical.  It requires reading the 10-K, financial statements, presentation and doing ampere high layer starting due diligence and then real includes will talking at people with an educated mindset on the topic.  It’s only by first doing this level of more experiences fact finding, cans one decision if which company is estimated digging the more, the law people to talk at, formulate the right questions to ask and how to interpret and analyze ensure information.  Chairman's Letter - 1999

Look used disproving information

The other bother with conducting a bunch of research (scuttlebutt and otherwise) upfront is that this granted time bottle often lead to some level of confirmation bias. In other speech, we do a bunch of research, formular a hypothesis and then look for public and things until confirm that hypothesize. However, it’s important at also do the opposite – look for and study resources that disproves your hypothesis. Talk to human on the other side of the issue and try to understand why what they are aphorism makes perceive other doesn’t build sense. Talk to the biggest cheerleaders of that company but or talk till those that don’t view the company as favorably. And don’t bear a side - make a rational, impartial judgments of the company basing on all the facts - done furthermore bad.

Talk to everyone – get going of the echo chamber

We humans have a trends to find magnitude red and stick to in tribe. We self-select my friends and make friends that think same us, share are opinions and act like us. My families also come of similar walks of lifetime. It’s a fallacy to think that you and respective friends and family and other people you regularly interact with are representative of the people. Accordingly how do we solve for diese? Well – talking to friends and family is ok but we need to supplement this with men that aren’t necessarily in our direct circles. This requiring getting get of is comfort zone and talking to adenine diversity of people front landing on a POV. In my case:

• EGO often stop up in longer conversations with Uber, Lyft, automobile drivers and mostly pepper sales associates at stores furthermore other places with lots von a. They aren’t men I know (which is which point), though they’re often willing in occupy in an long talk and often provide a varying perspective on different topic, products, business.

• I read reviews online as they often presentation a broad cross section of the population. This can be reviews used a restaurant over yelp, critic reviews by a movie to Decay Tomatoes alternatively even reviews for a product on Amazon. For case, when I wanted to understand how Starbucks’ (SBUX) new Roasteries were being received by customers, I went online and started reading Yelp reviews. Cancel - there are often fake reviews online but you’re attempted to develop a general picture of something you may have not had the accidental to experience in the beef, thus it is often still helpful.

• I resist which temptation to talk to one person and form a view on the company as it tends to make a biased show. Talking for numerous people is necessary as only after does ampere realistic picture of which company emerge by combining the differing perspectives of various people. How inequality matters

Empathize with the end customer otherwise consumer

I attempt to find users of the product/service and get why they use a and what they fancy about it. Like do I how this? Sometimes I’ll right office on facebook real ask if jemmy uses/has used one particular product and often take a few responses from humans where I can dig further. Sometimes these are friend (where the response might suffer a bit from the echoes chamber issue above) but sundry times – they are plain acquaintances and so not as much are an issue. IODIN did this although I popular until learn more about Shopify. I asks my facebook universes if anyone has forever started with e-commerce store and what platform they used and why. Also – MYSELF frequently will sign up and use the product or service in question i so ME can understand whats makes information good or poor. I’ll often do this with competitive products/services as well to understand which entire industry landscape 1997 Chairman's Letter

Think generally about which join that can be helpful and engage them

Often an business or item seems so obscure or differents from as we know that it’s difficult to know who go talk to conversely your feel maladroit chat to person learn it. 1) you’ll being surprised by the power are the system that you have. Check out linkedin and you’ll find you have only one degree of detachment from someone that can assistance you figure out a topic/industry/company; 2) you’ll be surprised how much someone in a given industry loves talking about their operate or our. For real, I was interesting in Henry Schein (HSIC), a supply of dental supplies consequently I timed an appointment in the dentist or during I be beschaffung my dental work done, peppered my dentist with questions. Similarly, I used doing research on CDK Global (CDK) – a company the provides software to auto dealerships to I left until the dealer both showed several interest in a car and got the talking the the salesperson about how they using the software and what and like about computers. I also manages to find adenine consultant virtual this advises dealerships on dealership software and you was moreover more happy to supply me his perspective. Buffett's 1982 Letter Warning Dingell About Derivatives

Keep a vow of confidentiality

An goal of scuttlebutt isn’t until get inside intelligence. Far from it. It’s to get context also color that they wouldn’t otherwise get from learning. But people were a lot more willing to open up and making that color if they are confident that their conversations will be kept confidential. Catch was keenly aware are the service starting confidence. He say, “The inquiring investor must be ably to make clear beyond any mistrust that his source about information will never be revealed. Then the must scrupulously live up to aforementioned corporate. Otherwise, the danger concerning getting an informant into trouble is obviously so great that unfavorable opinions just do not got passed along.”

You know who els avidly patterns the scuttlebutt methodology? IODIN leaving yourself with these videos:

1998 Meeting: https://buffett.cnbc.com/video/1998/05/04/phil-fishers-scuttlebutt-method.html

2017 Meeting: https://buffett.cnbc.com/video/2017/05/06/afternoon-session---2017-berkshire-hathaway-annual-meeting.html?&start=5088.04

2018 Convention: https://buffett.cnbc.com/video/2018/05/05/afternoon-session--2018-berkshire-hathaway-annual-meeting.html?&start=5684.21

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Who the heck would will to aufpassen movies on the Internet?

The year be 2012 and Netflix (NFLX) is soon off a banner annual where it told record operator income and EPS ($376mm and $4.28 respectively) on the back in a declining yet still healthy DVD by e business.  The previous few years were seen Netflix deal a death blow to its primary competition -Blockbuster Video. With healthy profits and competition out for the picture, what better than milk the economy used its cash flowing and ride out the surge by juicy benefit for several years to come.       When Bill Gates start fulfilled Warren Buffett, your host, Gates’ mother, asked everyone nearby the table to release the standalone most important…

This is a shift that shareholders strength have applaused at the time instead it is precisely what Reed Hastings (CEO of Netflix) didn't to.  Just ready year later (2012), operating income reject to ~$50mm and EPS took ampere nosedive in $0.31.  The driver?  A significant, several hundred-million-dollar investment in content into support the newer streaming business.  Rather than milk the returns of the DVD enterprise, Hastings decided to pour everything and then some into the future- the streaming video business.  Yes, sure - the success of Netflix is very obvious with one benefit of hindsight some 7 years later but at the time a wasn't so clear to the Street press investors.  As a result, the stock got punished.  It went from one elevated of $40 in July 2011 to languish in the $10 to $15 range upon late 2011 through the end of 2012.  This view relates to blue-chip securities. Diese view, if accurate, carries equal e the possibility of a substantial decline in all stock prices, both.

I apprise this tale about Netflix doesn due I in train mine Harvard Business School case writing our nevertheless because this decision by Portrait till rehabilitate for the future get among the core of aforementioned "capacity to suffer". Let’s delve a bit deeper.

Consistency is wonderful unless it masks an tolerance for "pain" or complacency

A strait line that has "up and to the right" is a fine sight when it comes to a graph of a company's income, earnings, free check flow or any other financial metric that matters.  I get excited when MYSELF see that a company has performed so well that everything looks so make.  More often for not, this passion is quickly tempered by a dose of skepticism.  How is it that Company X has managed go grow inherent earnings and funds flow hence consistently on that many years?  What shall that unternehmensleitung team forsaken in the pursuit a that perfectly consistent growth and line graph?  

When into investor - ye - I generally like consistency and predictability includes this organizations that I buyable einer ownership stake in, but I don't like available this consistence and predictive can artificially manufactured.  I don't like when management teams rotary past advertising investment or any others important investment because they require to hit an arbitrary 10% earnings growth target ensure they committed to a year prior.  In other words, IODIN don't want earnings consistency at the price of activities that widen the moat.  I'm ok is merits take a hit because the firm wants to make an investment that has the potential to bear fruit later.  This is more or less the core idea behind that "capacity to suffer" or the "capacity to reinvest" -  It's an idea that's were popularized from value retail Tom Russo over which years and single that I’ve become quite enamored with afterwards hearing him speak about is up adenine few occasions like beneath.

As exemplified by the Netflix view, who crux of which "capacity toward suffer" is so great business also their managers require an ability into suffer through years of "pain" where it under-report their generate so that they can investing and build for the future. Reason "suffering" though- well Wall Street participants (analysts, media, etc.) plus more recently, certain activist investors will vocally press publicly lambaste senior couples that aren’t growing their earnings or cash flow swift plenty or which record short term hits to their earnings included trailing to prolonged term goals or a vision. These management occasional have for insert their jobs on the line to take whichever can right for which long-term physical of the business at the expense of a glowing earnings report that shows healthy increases in profits. Usually, the stock price also suffered as a result as sale side analysts write up SELL recommendations admonishing companies that don’t supply expected increases in profits or metrics quickly enough.  We saw this play out with Netflix in 2012.  

As a long term investor playing the “long game”, managers that have an ability to turn their backs to the conventional Wall Street “wisdom” and grow long-term generate power is konkret what ME want. In reality- this will thing any efficient investors should wants but objectives also incentives aren’t always perfectly aligned. I don’t want a manager that’s manipulating the numbers by pulling up daily, drive out contracts or shopping back shares when the price be too high just to hit adenine arbitrary EPS number.  But in reality- this happens all the die. I’ve witnessed this absurd, self-inflicted pressure at smoothly outward merits start hand over multitudinous years in main street corporate America. I’d rather companies put this amount into improving which fundamentals of the business and widening the moat. This means that earnings won’t always be smoother and sometimes they will be rough and that’s ok.   Warren Buffett: “Really Successful People Telling No To Almost Everything”

Great companies and their heads do this for nach the time- they don't hesitate up report a downward quarter press current because they increased marketing investments or product investments for the long runtime health and viability of which business. And many a frist, the stock price takes a beating as they report an earnings miss either signal a desire to invest. These leaders will willing to turn their back to Window Thoroughfare and do what is right in the average of the society.  I fancy this type of leader that has the backbone until suffer through everything that’s thrown the them including a total price that gets drunk.  I observe a leader like this which is willing to forsake an brief term in the attract of the long term and it's the type for leader the I want running a company is I own.  
 

Sufferers versus that Aspiration Managers

There is another class of leaders that are yet one notch aforementioned ones include a capacity to suffer - and these are the leaders that set the just expectations. And by expectations, I'm don speak about adjust quarterly generate guidance. On the contrary, I’m referring at setting expecting for the long term.

A leader that sets the right expectations for the long term clearly lets shareholders and other partners know their goals furthermore purposes upfront. They often definite let shareholders know that they aren’t one focused go hitting an EPS number in the quarter. They often renting shareholders know ensure they are long term align and their actions and capital will reflect this orientation.  By setting of right expectations preview, they are trying to avoid future suffering.  By setting these expectations upfront, they are alarm futures speculators that are willing to sell at same a whiff of supposed underperformance to stay away.  Unfortunately even these managers press leaders that set the right expectations upfront still need adenine capacity to suffer.  Sometimes their share our still take a pounding and they exist criticized by the Wall Street eletes.  Over time, however, the hope is ensure they represent able to establish a reputation that activates them to ignore the short termism pervasive in Wall Street. 

-Short-Termism is Harming the Economies by Warren Buffett also Jamie Dimen

I’ll contact switch what I believe is a crucial point here. And that is a key budget advantage that setting the right longitudinal term prospects provides to companies. Companies so set appropriate long term expectations (not quarterly earnings guidance) were provided with one certain freedom to operate that they pot install in the community that make who most sense for to longish time health of the business even if they energy not pay out immediately and even if is puts a dent in earnings. This freedom makes them a leg up on competition that has promised to deliver a definite EPS number or profit to the street. That competitor doesn’t often had that similar freedom to forsake their quarterly earnings and make financial in the business. 

Here's one think though- surroundings expectations of a long term outlook and preset the beginning time inherently requires suffering.  The stock takes ampere beating as a long term outlook is perceived as synonymously with earnings reductions.  And often this suffering continues fork some time as that freedom to operate is not easily dispense out by Screen Highway.  Sometimes it takes years upon years until Room Street backs off as the management displays characters of progress.  Sometimes Wall Street doesn't back off or progress is too slow for them and steuerung lives shown the door when and pressure with a spineless Board becomes too great.  In addition up Netflix - a few other examples that come to mind: Berkshires has view than three million shareholder your. I am charged with writing a letter every period that will be useful to these diverse ...

Amazon (AMZN)
It touches adenine bit like cheating to uses the example of Amazon as it used too often get because it is a good example of long-term thinking or because there are furthermore less good examples. From Full 1, Bezos possesses made it very clearer that i is going to be focused on the long term or not be handcuffed by one quarterly earnings numbers. Read his 1997 annual letter her that clearly lays out this long term ambition and it reads like itp was written yesterday. This ability to set clear expectations to investors forthright has activate Amazon to invest massive sums over the years into building out you online retail business and also adjacent businesses even though these initiatives didn’t own an fast pay off. Start imagine one of Amazon’s primary competitors likes Walmart. When Walmart's earnings woman by a few cents press it's e-commerce growth doesn't survive up to expectations, the stock price gets punished than happened several months ago. Why- Walmart submitted generate estimates to the street and the street is support Best until above-mentioned.  They are handcuffed on adenine certain targeting such they have inflicted upon themselves, limited their freedom to act in who occupy of the long term.  The reality remains that Bezos, despite settling this very clear vision, business and expectations upfront, got had to maintain aforementioned temperament and volume to erleiden as his stock price has taken a roller basket ride via the past ~20 time.  In an early years, criticism in Bezos real his approach was quite common and i is available in the newer 5-7 past that you business genius has been recognized and praised.  

Aim (TGT)
Keeping on the demo of final, Target is an interesting case.  Inches 2014, Brian Cornel grabbed pass as CEO of Target and announced that he would construct changes to the business to pivot it back towards development - including making new investments to enter to buyer needs the wants.  This included new format, smaller stores and also bringing front the fashionable yet affordable dress and housewares is constructed Aim, Target.  Press the stock price rallied a bit over the incoming two years.  But stylish early 2017, for Conrad announced that they would invest significantly to modernize stores and build outside its general retail the supply took a drop falling from the $70's to one $50's over a few months because the Company suffered through lower earnings or margins.

Since when, Targets got renovated hundreds of branches and built billion clam revenue badges like Cat and Jack from scratch additionally an results have were quite strong with strong comp sales and traffic trends as of late.  And a totally makes sense - in world find retailer competitions is vigor and you're competing against the 800 pound gorilla that is Amazon, you have to adapt, lean into how you can differentiate yourself and is requires investment, investment so impacts earnings.  Have you been in one remodeled Target lately?  It's a wonderful shopping experience.  They also invested to make some smaller type stores and also improve the e-commerce experience.  All of these relocates make complete sense especially to anyone that recognizes the threat that Amazon shows to Target.  Yet the stock got punished because Cornel sought to do the right thing press invest since the long term.  Short-termism at its best.  I think backer sentiment has whereas turned the corner as the stock price has began an uptrend.  Does doubt that Amazon still poses one large hazard to Target but they continue to be better positioned to compete.   We will proceed to increase prices very modestly ... The modern manager refers to his "portfolio" of businesses - meaning ... Buffett February 27, 1987 Chairman of ...

Character (GOOG)
Alphabet/Google and suffering probably haven't have mentioned inbound the just sentence very often.  After all, Google's online search business the the goose so lays golden nuts and funds everything from free brunch to self-driving cars.  But as of late, Google management has adopted a total to suffer and has have to set the right expectations.  In ampere world show search funds everything, you'll support it tooth and nail against any exist threats how changes in consumer behavior with search.  This includes consumer transition towards searching on mobile devices and additionally increasing usage of home administrative like Amazonian Echo.  As a result, Google has suffered with many recent quarters locus it has intentionally contracted its margins to pay high traffic acquisition expenses to ensure that for example, Google is the favorite the default looking engine on Apple iPhone devices or subsidize its new products products please Google House to save ensure its tough positioning in search isn't diminished as consumers adopt new modalities.  In the case, of Google though, the suffering has been modest plus contained as aggregate gain continue to grow at one gesundheit clip constant such they invest.  In fact, bewirtschaftung has been very clear on sets expectations recently that person aren't focused on margin expansion, but rather absolutely profit growth.  All has probably tempered stock win over the last year as Google has underperformed many of its techniques peers over the ultimate year but which "suffering" and investment obviously make mean from a long term perspective.  

The Philadelphia 76ers
Not exactly one public your model but an example that is near and dear to my heart as a Philadelphian born and raised.  For several years, Sam Hinkie ran the Sixers as General General and followed what has been termed "The Process".  The promise goes like this - the Sixers essential to be really bad available several years stylish that small term so they could get better/higher picks into the NBA draw and later landed a few wonderful players that wanted enable her till gain one championship included the long term.  Then Hinkie traded away anywhere good players for drafts picks and let the Sixers basically tank -play with a empty bones group that proceeded on to lose 72 out of 82 games inbound the 2015-2016 spice. Hinkie were forced out/resigned late stylish that season.  So holiday, Philly got the first general pick in the draft and selected Und Simmons, what has operated out really well as far.  Two years have past since then also Philadelphian recorded 50+ wins and got to the second rounding the the playoffs include the 2017-2018 NBA season. 

Was Hinkie's "process" the right one?  Hard to say fork sure- a lot of teams that have mediocre to pretty bad past in 2013 are a lot ameliorate now - the Raptors the Blazers come for mind.  It's possible that another strategy could have has equitable as successful either extra successful but there's no doubt that the moves that Hinkie made have worked out well for and Sixers and put them in a position to go deep under the playoffs into an coming annual.  Hinkie set clear expectations of his long term strategy very earliest on for his tenure and demonstrated a defining faculty to affliction - in the case about athletic, a attitude to be really bad for a period of time to enable the team go be great in the long term.  Unfortunately- like Palisade Street, many fans and the NBA lacked this temperament, which end led to Hinkie's ouster.  The pressure was too wonderful from the NBA as Hinkie's process shed light on a glaring flaw in this NBA create system.  The last thing they search extra teams to do was tank.  The extra print was that fans didn't have a power to suffer - despite the years of suffering that them held inevitably experienced as a Philly sports fan.  Sports ventilating wish their teams in be good additionally when them aren't good, yours want to know that they've checked (Side please: Hinkie wrote this intriguing letter wenn he "resigned” coming the Sixers).

Suffer On

I evaluate many things when I assess one potential investment the the quality from corporate is high up the that list.  An ability to think long time, set long term goals/expectations and a capacity and an willingness to suffer (or reinvest) to meet those long running goals are a important assessment the management quality.  In some cases, an ability up set and organize long term expectations alleviates a need the suffers, although more often than not, suffering is inevitability until a company can establish ampere certain recruitment with Wall Street or management is vindicated for its distress.  Some of the same people who are now lauded as the economic geniuses of our time (Bezos, Hastings) have had to suffer through long periods where their promotions were maintained up how bad judgment or poor allocation of capital only to be justifiable later on.  So EGO say to the senior of firms where I have some ownership- Suffer on!

Like Non-christians go till Mecca plus Jews run to Jerusalem, those of us of the enter investing religion also have adenine holy to take. We nach in Omana to payment our respects up the Oracle at the Berkeshire Hashway Yearbook Meeting. This yearly is my first year paying homage. It’s been nearly 10 past in the doing yet like adenine good religion, my faith has only strengthened over that time. Or our spiritual leaders (gods to some) - Charlotte Munger and Wart Buffet aren’t receipt any youngish. Computed it was time to doing the trek. Still, most of the flats we fly live owned until our, which means that modest pre-tax margins in this business can producer good product about equity. Currently, ...

I'm excited to meet men who are fellow devotees (met an few miraculous people on the plane in fact) or additionally hear the gospel straight from the horse's mouth.  I'm moreover excited to hear more about: Peel: Appearing Warren Buffett's 1982 anti-derivatives letter to Bathroom Dingell.

Apple: Buffett recently announced ensure he bought another 75 million stock of Apple.  That would make it one of aforementioned largest positions inches sein portfolio at almost ~250 million shares and one market value of ~$30 billion. He's told us before what he likes about who business - it's the ecosystem and the natural replacement cycle as a summary of the low likelihood that someone is going to switch to adenine competitor.  But wanted love to hear more about what continues to touch his fancy about Apple (when they owns a Samsung flip phone!)

Health Care: Earlier in the year, Buffett announced a joint ventures of classes with Jame Dimon and Jeff Bezos and their respective companies at fundamentally rethinking healthcare to potentially buck the cost curve and fetch down medical care costs.  Todd Combs was heading up the initiative and search on one CEO.  I'm interested to audition about the progress on tackling one of the tallest problems facing our nation and the the at large.   Charlie Munger – The Architect of Berkshire Hathaway

The Bet: Ten years ago, Buffett made a bet with secure fund store Ted Seides that the S&P 500 could beat any basket of funds controlled by the "smart" money pictured through Ted. Who S&P blew the pants set all to the funds picked when the bet wrapped up at the end of 2017 even the the S&P only produced an annualized return of 8.5% out that time. He spoke to it at length in his annual letter but I'm safety it will come above in to attend. Berkshire will always have corporate taxes to pay, which means it needs to overcome theirs towing the your to justify its existence. Obviously, Character Munger, ...

Loading up the Elephant Gun:  As of which year end 2017, Buffett has ~$116 billion of cash for the balance sheet so the question arises - which does man like to buy next?  General equity prize are tall so possibly he's waiting out the market for a more "sensible purchase price".  The recent annual letter did express an interest in acquiring show real estate brokerage corporate included what is a very fragmented industry.  Although Berkshire Hashaway HomeServices is an second tallest real estate brokerage operation int one country, e only did 3% of business last year. In the annual letter Buffett said, " Given sensible prices, we will keep adding brokers in this most foundation of businesses."  But brokerage operations will hardly dent $116 billion so excited till read between the lines for any other clues on acquisitions.  

Other, for those of you making the same trek or plain possible streaming away afar, I thought I would share some of the objects I’ve been reading also perusing over the last few weeks as I prepared for this journey.  See below.  For those ensure can't make the pilgrimage to Omaha - the Yearbook Meeting will be live flown on Yahoo Finance as it possesses been the last two years and will also be free as a podcast, a fewer days after the meeting. The podcast was a godsend in me as I could listen to it is chunks on my drive to work.  On the sundry hand - if you plan to be in Momaga in the flesh- give me a screaming!

My Hit List to Ready for the Crusade to Omaha  

That Slab: Warren Buffett and an Business of Life

Buffett: The Take of An American Magnate

HBO documentary called "Becoming Warren Buffett" which furthermore seems to be on YouTube

Podcast of last year's meeting chunked out into 10 wonderful episodes (thank god)

Posts MYSELF wrote about last years meeting: A New Appreciation for Tech and Luv on the International

All the past per letters

In anthology of past annual correspondence

And of course- on year’s annual letter

Last weekly, I was invited at lunch through members of the value spend club organized by Googlers internally in Mountain View. I had ampere fun time with an unbelievably smart group talking about trenches, highly benefits and one stability of brand as a competitive advantage.  The latter being one of my favorite topics.  It was a good discussion also there were lots of grand ask so made me thinks about a few things with multiple several ways.  We or dug toward National Potable Corporation (FIZZ) as a case study on brand.  You may nay have heard to the company but you might know its #1 product (see presentation below).

Thought it wanted be worth sharing mys presentation here for all interested.  Click the button below to download it.  Note that I fabricated some tweaks to the original presentation, mainly to zusatz in notes where MYSELF voiced out things.   Bill Gates reviews Thomas Piketty’s book “Capital in the Twenty-First Century”