Random Thoughts from the Frontline

What Is Fair Value?
Which of These Is Not the Same?
Where’s Your Edge?
Where Are We on COVID-19?
What Do We Do About Infrastructure?
Thoughts on the Biden Stimulus Plan
Sic Transit Gloria Mundi Silicon Valley
Puerto Rico and New Information on Vaccines

Readers often ask how these letters appear so regularly. The answer is we have a process. Normally, I talk to my associate Patrick Watson on Monday about the next weekend’s letter. We both go into research mode, verbally outlining a letter, and by Thursday I have an outline and some background research. This gives me plenty of time to flesh it out, so to speak.

This week was different. Patrick lives in the Texas Hill Country outside Austin, where unusual things were happening. Power failures, impassable roads, bursting water pipes, giant ice-laden tree limbs crashing, to name a few. He and his family are safe, but we didn’t have much time for collaboration this week.

However, this gives me a chance to do something I have mentally toyed with for a long time.

Rather than going deep into one theme, this week we will do a “Random Thoughts” from the Frontline. Today we will cover several topics in shorter form: valuations, infrastructure, the debacle in Texas, and a lot more.

Let’s jump in.