This manager commentary provides insight into our philosophy and the key tenets that have consistently underpinned our value investment 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 investing philosophy as pioneered by—among others—Ben Graham, Warren Buffett, and Charlie Munger.
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.”
Motorcycles as a Leading Indicator for Indonesia’s Growth
Another Asian-Pacific country is enjoying a nice tailwind, generated by attractive demographics and an exploding middle class.
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China’s Connectivity Revolution
The rapid expansion of China’s Internet community portends significant cultural, economic, and political changes, all of which will likely complicate central planning efforts.
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Online Review Skewing
If a system is gameable, humans will find a way to game it.
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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.