CategoryInvesting

Warren Buffett Retired (in 1969)

Warren Buffett retires

After 12 years of crushing Lehman Brothers, the Massachusetts Trust, and the Dow Industrial Average, Warren Buffett retired from investing in May 1969, never to be heard from again. The first half is completely true. The second, true as of the end of 1969. Learning about both of those facts has dropped me down a fascinating rabbit hole of corporate history and Buffett lore that I’ll...

Copying Berkshire Hathaway

Berkshire Hathaway letter

A few weeks ago I asked the internet why there are no copycats of Berkshire Hathaway, despite Warren Buffett telling the world exactly how he and Charlie do what they do. This week, Buffett’s annual letter to shareholders was published, and now that Africa Eats is copying parts of Berkshire Hathaway’s model, I found it more fascinating than usual to both learn as well as compare and...

Books, Cleverness, and the 1933 Securities Act

1929 stock market crash headline

Over the years I’ve asked many smart people why, after the historic public market crash of 1929 did the U.S. Government then pass the Securities Act of 1933, which disallows the sale of shares in private companies to every American? Not surprisingly, given the hows and whys of laws written before not only the Internet but also before radio are mostly lost to history. But now we have a new...

Why is there just one Berkshire Hathaway?

Why is there just one Berkshire Hathaway?

There are dozen automobile companies. Dozens of airlines. Over a thousand banks. Hundreds of venture capital funds and thousands of mutual funds. There are even two stock markets in the US, and the old rivalries of Coca Cola vs. Pepsi, Visa vs. Mastercard, and Mac vs. PC. But there is just one Berkshire Hathaway. Why? Why after sixty years of near-continuous success is there not just a distant...

Filling in the Missing Middle

Filling in the Missing Middle of Capital -- Luni Libes

“The Missing Middle” is what we call the gap in finance the majority of entrepreneurs face in getting from a viable prototype or early customers to a full-scale proven business. In Part 1, Luni explains who he is, and how he came to fill in this otherwise missing middle.   In Part 2, Luni jumps back to the history of venture capital to explain the pervasive paradigm that leads to...

Get Rich Slowly

Inc Magazine -- Get Rich Slowly

Warren Buffett shares advice to investors every year. One big theme: Stop thinking that there’s a magical secret formula for making tons of money overnight. Or in short. get rich slowly. This is true not only for investors, but also for entrepreneurs. The world celebrates the overnight successes. Groupon. Facebook. Uber. AirBnB. Enron. The world keeps doing that, no matter how many times...

Why Foreign Aid Doesn’t Work… and What Does

The Problem with Foreign Aid

The following video does a great job of quickly summarizing the typical problems with foreign aid… So… if that doesn’t work, what does? For-profit capitalism. That may sound backwards, but it truly does work, when implemented correctly. I’ve seen this first-hand, as this is what I do as my main job. I find overlooked entrepreneurs in Africa whose work alleviates hunger and...

The “Missing Middle” of Capital

The Missing Middle of Capital

The “Missing Middle” is the funding gap for startups between their initial idea and their first few million dollars of revenues. Imagine the challenge of getting to $1 million in annual revenues without any outside investment. Now imagine that in Africa or LatAm or Southeast Asia. Hundreds of thousands of great companies in those regions, hundreds that get any funding in any given...

Where is your horizon?

harbor with sailboats

Where is your horizon? How far away from home does your daily life take you? How far into the past and future do you think about? I live on an island, and know quite a few people whose daily lives never even reach the beach. On the other end of the spectrum (to mix metaphors), few days go by when I’m not talking on Zoom to someone from Africa, if not also calls in the morning from Europe...

30,000x growth

Top of a 6502

There are two reasons for the incredible amount of money focused on tech companies. First, because of the 10 largest companies on the S&P 500, five are tech companies. Tech has made many investors a lot of money since Apple went public in 1980 and Microsoft in 1986. Second, the core technology powering all that software has sped up by a factor of 30,000 since Apple launched the Apple ][ in...

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