Thoughts On Investing
Thoughts on Investing

This manager commentary provides insight into our philosophy and the key tenets that have consistently underpinned our value investing approach. These excerpts are not all-encompassing, although in total they should provide a clear sense of “how we think” and our application of a value philosophy as pioneered by—among others—Ben Graham, Warren Buffett, and Charlie Munger.

C&B Notes
Big Data2_web

The purpose of C&B Notes is to pass along ideas, concepts, stories, and information that are informing and influencing our worldview and “latticework of mental models.”

Harnessing Big Data

Cheap access to mountains of data that were previously uncollectible and/or unmeasurable will lead to transformative insights. Simply having greater amounts of information, however, does not allow users to ignore statistical foundations. Instead, it requires that they be more watchful for all the biases and/or errors that a data avalanche may obscure.
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Explaining a Different Type of Inflation

A team of scientists using a South Pole-based telescope revealed this week that they have detected the existence of primordial B-mode polarization. The full significance of the finding is still to be determined, including whether the B-modes can even be observed again. But, if true, one of the key implications would be the support it provides for cosmological inflation, which is the theory that the universe expanded exponentially during the Big Bang.
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There is no substitute for being on the ground to assess how businesses are really performing. Accordingly, international and domestic travel is a critical component of our research. This Travelogue includes snippets from some of these international trips.