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.
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.”
One Laptop per Child is trying a new strategy to reach some of the 100 million first-grade-aged children worldwide who have no access to schooling. The organization is experimenting by simply dropping off tablet computers with preloaded programs in two remote Ethiopian villages to see if children will figure out how to use them to teach themselves.
‘People’ is one of our four core investing criteria, and we prize managers who clearly and openly communicate about both the opportunities and challenges facing their businesses. A willingness to be candid and a commitment to discuss successes and failures are strong indications that an executive will treat his shareholders as partners.
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.