The Digest #224
Edith Hamilton on human stupidity, BHE's latest investor presentation, Berkshire's 13-F, Extending human lifespan, Fastenal's success story, Buffett's early investments, IKEA's founder, and more ...
Quote of the Week
“History repeats itself. The fact is a testimony to human stupidity. The saying has become a truism; nevertheless, the study of the past is relegated to the scholar and the school-boy. And yet it is really a chart for our guidance — no less than that. Where we now are going astray and losing ourselves, other men once did the same, and they left a record of the blind alleys they went down. We are like youth that can never learn from age — but youth is young, and wisdom is for the mature. We that are grown should not find it impossible to learn from the ages-old recorded experience of the past.”
— The Roman Way by Edith Hamilton (1932)
Articles
BHE Investor Presentation, November 8, 2024. Berkshire Hathaway Energy posted a new presentation last week. Last year, I wrote about BHE’s presentation and followed up with a more detailed article in early 2024. Berkshire Hathaway acquired all BHE minority interests at the end of the third quarter and now owns 100% of BHE.
Berkshire Hathaway’s Q3 2004 13-F, November 14, 2024. It is easy to view changes to Berkshire’s portfolio via dataroma.com. Berkshire owned exactly 300,000,000 shares of Apple as of September 30, down from exactly 400,000,000 as of June 30. My opinion is that the round number means exactly nothing but it will keep people guessing about whether Warren Buffett is done selling, which may be his intent! (Dataroma)
, November 9, 2024. (Eagle Point Capital)Why Buffett's move to cash isn't a bad bet on the election by Alex Crippen, November 8, 2024. (Warren Buffett Watch)
Some Notes From One Of My Favorite Warren Buffett Interviews by
, November 12, 2024. CNBC Squawk Box interview on August 22, 2008. (Kingswell)Advice for the Kids by Jonathan Clements, November 9, 2024. (Humble Dollar)
Trump’s Win Cemented It: New Media Is Leaving the Old Guard Behind by Isabella Simonetti and Anne Steele, November 8, 2024. Alternate Link. “Podcasts are exploding, TikTok is a news source, and traditional media is shrinking in reach and influence.” (WSJ)
Radical extension of the human lifespan, science fiction or reality? by Peter Attia, November 9, 2024. “Humanity may be reaching the limits of lifespan extension that are possible through treatment of chronic disease, but the door is still open for future advances in aging biology itself.” (Peter Attia MD)
, November 12, 2024. (Books of Titans)Podcasts
Fastenal: A Nuts & Bolts Success Story, November 13, 2024. 59 minutes. “Starting as a small fastener retailer in Minnesota, the company has evolved into a mission-critical supply chain partner for its industrial customers. Today, the business sports a nearly $50 billion market cap and produces nearly $8 billion in sales.” (Business Breakdowns)
Fastenal was one of my favorite companies to research as part of my series of reports published in 2022. Bob Kierlin is an exemplar like few others in business history. After researching the company, I considered an investment but the shares seemed far too expensive. Since then, the stock has nearly doubled!
The Founder of IKEA: Ingvar Kamprad, November 11, 2024. 1 hour, 5 minutes. Top 10 Highlights. “A demon in me says I have so much to do. I am never satisfied. Something tells me what I’m doing at the moment has to be done better tomorrow.” (Founders Podcast)
Brett Gardner: Buffett’s Early Investments, November 12, 2024. An interview with the author of a new book about Buffett’s early investments. (Investing by the Books)
The Trump Economy, Interest Rates, Deficits, Supermarkets, and an Intriguing Value Stock, November 8, 2024. (Focused Compounding)
Andromache by Euripides, November 15, 2024. “If you were to rank the individual suffering of those in Greek Literature, Andromache would easily rise to the top of that list. She lost her father, 7 brothers, and husband Hector to one man, Achilles. Her son was thrown from the walls of Troy. To top off the suffering cake, she was then forced to marry the son of her husband’s murderer, Neoptolemus.” ()
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