C&B Notes

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.”

When Less is More When Less is More »

A recent client memo by Wachtell Lipton highlights the UK government’s recent decision to stop mandating quarterly earnings reporting. We applaud this change and wish US lawmakers would follow suit. The natural tendency for executives to manage what can be measured often leads to short-term thinking. Many non-US companies that we follow report only on a semi-annual basis, and we are quite satisfied with the frequency of this disclosure.

Learning to Love Volatility Learning to Love Volatility »

Nassim Taleb has written a new book that is, in many ways, a description of what works in a world (and markets) that inevitably encounter black swan events. One of our takeaways is that society should focus less on trying to predict or manage/smooth outlying events, but rather should create and employ frameworks that best navigate them. We believe that Graham’s insistence on a margin of safety – the heart of value investing – is one of these frameworks.

Travelogue

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.

Santa Cruz, Bolivia Santa Cruz, Bolivia »
Lima, Peru Lima, Peru »
Istanbul, Turkey Istanbul, Turkey »
Research in Greece Research in Greece »
Road Trip through The Baltics Road Trip through The Baltics »