Category : Business

Letters to Partners – Coho Capital

Dear Partners, Coho Capital increased 6.3% in 2016 compared to a rise of 12% in the S&P 500.  Our portfolio did not participate in the post-election rally, which was led by heavily leveraged, commodity and industrial companies.  It is always nice to beat the markets, but we consider annual results short-term in nature and focus

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Bill Gates Letter to Warren Buffett

Our 2017 annual letter is addressed to our dear friend Warren Buffett, who in 2006 donated the bulk of his fortune to our foundation to fight disease and reduce inequity. A few months ago, Warren asked us to reflect on what impact his gift has had on the world. It’s a story about the stunning

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The Fervent Loyalty of a Costco Customer

“The greatest companies in lousy industries share certain characteristics. They are low cost operators and penny pinchers in the executive suite. They avoid going into debt. They reject the corporate caste system that creates white-collar Brahmins and blue-collar untouchables. Their workers are well paid and have a stake in the companies’ future. They find niches,

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A Checklist for Assessing Mergers & Acquisitions – Credit Suisse

Companies spend more on mergers and acquisitions (M&A) than any other alternative for capital allocation. For many companies, M&A is the most significant and costliest course to redistribute corporate resources and pursue strategic goals. Since 1995, M&A volume has averaged 8 percent of the equity market capitalization in the U.S. and the world. As a

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Giverny Capital – Annual Letter to Partners 2016

It has been more than two decades since I discovered the writings of Warren Buffett, Benjamin Graham,  John Templeton, Philip Fisher and Peter Lynch. I then decided to begin managing a family portfolio based on an investment approach synthesized from these great money managers.  By the end of 1998, after five years of satisfactory results,

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Fairfax Financial Holdings Limited – Shareholder’s Letter – 2017

2016 was the best of times, it was the worst of times, just like 1990 was 26 years ago! All our insurance groups had combined ratios below 100%, we had operating income in excess of $1 billion and we announced or completed several  acquisitions,  including  Allied  World,  a  transformative  acquisition  for  us!  Unfortunately,  the  presidential

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Warren Buffett Finds Stocks Fairly Priced Now

Warren Buffett said stocks have “moved a long way” in the past five years, going from “ridiculously cheap” to “more of less fairly priced now.” “We don’t find bargains around but we don’t think things are way overvalued either. We’re having a hard time finding things to buy.”  Warren Buffett said stocks have “moved a

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Seth Klarman’s Baupost Group to Return Investors Money

Seth Klarman’s Baupost Group will be returning money to investors at year-end. As II Alpha reports, though the amount has yet to be determined, this would be only the second time the hedge fund has returned money in the firm’s 31-year history. With the world of asset managers, as we recently noted, increasingly become herd-like

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Japan Post Targets $11.6 Billion With IPO

State-owned Japan Post Holdings received approval Thursday for an initial public offering that could raise ¥1.4 trillion ($11.6 billion), which would make it the country’s biggest IPO in nearly two decades. The Tokyo Stock Exchange said Japan Post Holdings and units Japan Post Bank Co. and Japan Post Insurance Co. are all scheduled to list

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