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.”
A group of paleoanthropologists is asserting that a 1.8-million-year-old skull found in the Republic of Georgia suggests that the modern humans’ earliest ancestors came from Africa as a single species – and not from several species as is widely believed. If conclusive, this discovery would dramatically simplify the narrative of human evolution.
Inflation data from official sources around the globe are generally delayed, scrubbed, normalized, or otherwise adjusted in ways that can make them less useful. Several private enterprises have been working to address these issues, and a start-up named Premise Data is taking a new approach to data sourcing and reporting. In addition to collecting data from Internet sites, the company is deploying information gatherers across the world to report directly from store shelves (and share pictures, too).
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.