…comes from the stock portfolio and it’s 95 percent (in technical terms, this is the contribution to variance). Assuming that the historical return, volatility and correlation estimates hold true in…
…businesses outright than shares of publicly traded stocks, so he’s reducing his publicly traded shares of PG for the outright ownership of Duracell. This swap allows Berkshire to avoid paying…
…2021 Round 2: Feb 4, 2022 Round 3: May 9, 2022 Round 4: Aug 5, 2022 Round 5: Jan 4, 2023 The joke is that he doesn’t add much each…
…That assumes zero expenses, which is really hard with 39,000 employees. That assumes I pay no taxes, which is very hard. And that assumes with zero R&D over the next…
…are. Of course, there are differences like REITs versus actual properties, they have different goals, time frames, balances, etc, but the fundamentals appear to be very similar to what we…
One of my favorite people in our industry is Cliff Asness, founder and current mouthpiece for AQR, one of the mutual fund companies that we use. His academic background is…
…comfortable with the risks. While I am comfortable investing in these strategies for clients, we think it’s best done on a limited basis and the strategies don’t quite pass the…
…catalysts yesterday were much narrower: sharp losses in a large Swiss mining company. Glencore PLC was once a commodities related hedge fund, but starting in the late 1980s, Glencore branched…
…up, but because people were willing to pay increasingly high prices, until the prices became absurd and the tech bubble turned into the tech bust. There’s a brief period around…
…fund, in part because when Warren Buffet unwound his hedge fund in the late 1960s, he recommended that his clients go to Sequoia, which was run by his friend Bill…
