Volatility creates opportunity because the value of a business simply doesn’t change as much as its stock price does. I’ve always been...

Jack Bogle died yesterday... I hardly need to tell you about him. As Warren Buffett wrote in his 2017 annual letter: “If a statue is ever...

Buckminster Fuller, the essays of Murray Stahl and financial curiosities of various sorts are the subjects of today’s post. And yes – to...

I recently had lunch with Preston Athey, who used to manage the T. Rowe Price Small-Cap Value Fund. In his 20+ years at the helm, his...

Greetings from Piney Point, MD. We rented a house down by the water, where our family took up residence for Christmas. Piney Point is...

Before I start posting regularly, let’s get the preliminaries out of the way and answer a couple of questions you might have: What can I...