Warren Pieces: Franchises vs. Businesses

A periodic look through the archives of the greatest investor in history In Berkshire Hathaway’s 1991 Letter to Shareholders, Warren Buffett talked about the differences between “franchises” and “businesses”. Below…

Bonds Push Stattman Toward Cash

Top fund manager Dennis Stattman is holding about 20% of his portfolio in cash. But unlike bubble-wary investors, he’s holding cash because of the bond market, not the stock market.…

Warren Pieces: Pessimism Is Your Friend

A periodic look through the archives of the greatest investor in history In Berkshire Hathaway’s 1990 Letter to Shareholders, Warren Buffett talked about his approach toward market fluctuations. Below is…