Uncommon Cents

@BoringBiz_ Jon gray and Steve bc of real estate

Which of these would you most trust with managing your portfolio if you had to? Warren Buffett and Charlie Munger Jamie Dimon and Sandy Weill Henry Kravis and George Roberts Steve Schwarzman and Jon Gray

good morning from lake como

Sam pushing for regulation non-stop and tweeting about the aesthetic differences between his product demos and Google's is massively bullish Google and it's clear I don't own nearly enough

70% of people live paycheck to paycheck. This will not be you and I. Here's exactly how I manage my personal finances (The Personal P&L):

Guides to Choosing a Money Manager By Seth Klarman

When you ask your boss why he only shows up to the office 1x a week when he mandated return 5 days for the rest of the team

If you’re young and struggling, remember this is your competition. Keep going.

Crazy story. I met someone who recently started a 6-figure trash company. To fund it, he pre-sold to his neighbors at $99 for 3 months of service: • 80 transactions • ~$8k in the bank • $31k+ in ARR before forming the LLC THEN he bought a $40k trash truck...

Many famous investors including Warren Buffett, Bill Ackman and many more just updated their portfolios Here's what their portfolios looked like as of the end of Q1 ⬇️ Bill Ackman:

The US is in an accountant crisis. • 35% fewer people taking the CPA exam • 75% of accountants near retirement age • Meanwhile, ~150,000 words are added to the tax code yearly But I just learned about a business that found a way to productize this:

$MNDY up 22% today. This was pretty close to free money Just a clean multi-product, share-gaining story from an execution machine

Tom Russo looks for businesses with a “Capacity to Suffer” “Investing in future value creating projects causes a depression in near term earnings.” He used Nestle as an example It took Nespresso 11 years to break even !

Most people think of private credit as senior secured direct loans Reality, however, is that private credit can come in many different flavors Great breakdown with examples here Sourced from Brookfield Oaktree Wealth Solutions

It's the most wonderful time of the year – earnings season. We've compiled 15 of our favorite slides from Q1, showcasing interesting trends and impressive operational achievements 🧵 1. $PM's insane ZYN growth over the last six years:

timeline after Roaring Kitty started tweeting again Not a great day for efficient market folks $GME

Protect the band! Johann Rupert, the Chairman of Richemont ; which owns Cartier, talks about how Cartier management once wanted to introduce a mobile phone. This suggestion ticked off Johann and his son. He explained how after apprx two years you throw your phone away and get a new one. Compare that to any of the Cartier jewelry, the popular Cartier love bracelet which was introduced in 1969 is still used as a gift till this day. "Cartier is not meant to be thrown away" If Cartier created a phone, in just two years, people would put the old phone in the drawer and buy a new one. And that's not how Cartier products should be treated Rupert's wife even keeps the box in which the Cartier jewelry arrived in. When was the last time you did that for a phone? So by introducing the phone, management would have diluted the Cartier brand as it would become something that could be easily shoved into the drawer. These are the lengths to which management of luxury goods companies must go in order to protect their brand. Brand equity equals Pricing Power

The Role of ROIC by Epoch Investment Partners

Why I Never Invest In Bank Shares by Terry Smith

Jim Simons, founder of Renaissance Technologies, tragically passed away yesterday at the age of 86. We honor his legacy by visualizing the extraordinary returns of the Medallion Fund from 1988 to 2022. In memory of Jim Simons – one of the greatest investors of all time.

In Berkshire’s 1997 letter, Warren Buffett explains how he thinks about Market Fluctuations.