Commentary

Buffett, Jones and Hamm: An Oil Wisdom Trifecta

Someone once said, “Better than being smart is knowing who is!”

Commentary

Don’t Cry for the Most Wealthy

Over the last four years, we have argued that the glamour monopoly technology companies have a low multiplier effect in the U.S. economy

Commentary

When Quality Fails

Academics argue that there are three proven factors of investing: Value, quality and momentum.

Commentary

Stock Market Metaverse

Virtual reality is not reality!

Commentary

The Markets Are Telling Us…

The future is always unknown.

Commentary

Buffett’s Buying Oil Stocks

After listening to the Berkshire Hathaway Annual Meeting on April 30, 2022, we thought it would be appropriate to frame the aggressive buying of Occidental Petroleum (OXY) and Chevron (CVX) in the first quarter of this year.

Commentary

Generals Marching Without Soldiers

In 1980, when I came into the investment business, investors were very conscious of trading ranges that had existed the prior 16 years.

Commentary

The Race for Space

Moving forward beyond the pandemic of 2020, the theme the world woke up to is that people want more…more home, more land, more entertainment, more goods.

Commentary

Energy Desperados

As a firm, we refrain from delving into politics and political debates.

Commentary

Buffett’s ROE Game: Coke in ’88 and OXY in ‘22

The news of Berkshire Hathaway’s purchases in Occidental Petroleum (OXY) has been seismic in our minds, but to most investors it has been but a whimper

Commentary

Stock Market TAMnation

Totally Addressable Markets (TAM) are at the heart of what Charlie Munger calls the biggest euphoria episode he has ever seen in his career. We believe that the coming stock market failure emanating from the over-pricing of the U.S. stock market is closely tied to TAM.

Commentary

Accomplishment Perceived Against the Odds

In an upcoming episode of A Book With Legs podcast, we interviewed Robert Hagstrom on his book, Investing: The Last Liberal Art.

Commentary

Molotov Stock Market Cocktail

In our recent media engagements, we have been asked if the Russian invasion of Ukraine is the cause of the carnage in the stock market this year.

Commentary

Buffett’s Latest Inevitable

Warren Buffett released his 2021 Berkshire Hathaway Annual Letter on Saturday, February 26, 2022. He seemed to want to talk about almost anything besides the stock market.

Commentary

Tombstone of High Returns is High Volatility

A couple of weeks ago, we gave a presentation at the first annual Smead Investor Conference near our headquarters in Phoenix.