Why Are Insurance Companies Valued At P/B Instead Of P/E?
Price-to-book versus price-to-earnings P/B = price to book value P/E = price to earnings At S&C Messina Capital, we are … Read more
Price-to-book versus price-to-earnings P/B = price to book value P/E = price to earnings At S&C Messina Capital, we are … Read more
The general consensus is that interest rates will rise. But the key question is when. Warren Buffett recently made the … Read more
Portfolio Concentration People often ask us why we invest in such few companies. It is a good question. The answer … Read more
ALso check out S&C Capital Steve Eisman of The Big Short fame recently stated the stock market was entering a … Read more
Most people know Warren Buffett as a stock picker but few understand his deep affinity for businesses that have float. … Read more
In the 1986 shareholder letter Buffett delves into what he calls “owner earnings”, which is what he deems to be … Read more
Inflation: When Owning A 20% ROE Company Is Not Enough Also see S&C asks the hard question, where did Warren … Read more
How Warren Buffett Used Deferred Taxes To Make Twice As Much Money Deferred taxes: “Rip Van Winkle” style of investing … Read more
The S&P 500 was down -26% in 1974. How was Warren Buffett doing in that environment? At the end of … Read more
Blue Chip Stamps was first disclosed as a position of Berkshire in its 1972 10-K, as shown below: [1] Per … Read more
I agree with Guy Spier in his recent talk at MIT, which is the topic of a Business Insider article written earlier this … Read more
In Peter Thiel’s book Zero to One, he talks about a question he likes to ask when interviewing someone for a … Read more
Munger: Are You A One-Legged Investor In A Butt-Kicking Contest? Apple’s Bear Case – Part 2 In our last post … Read more
Charlie Munger: Are You A One-Legged Investor In A Butt-Kicking Contest? In a speech to a class of students at … Read more
The Big Short: Primary Sources (3) – Draw Your Own Conclusions (Final Post) This is the final and follow-up to … Read more