Negotiations around raising the debt ceiling have taken center stage in our nation’s news cycle. Despite the intensity of this highly politicized clash, it is worth noting that this is not an unprecedented situation for our government. If past events … Read more
Missives
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Cheviot’s Thoughts on the Debt Ceiling and Financial Markets
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Irrational Exuberance Moves Out
In the middle of 2005, we sent to those of you who were with us an 8-page letter (“Irrational Exuberance Moves Home”) describing our analysis that the U.S. housing market was entering a bubble and detailing how its eventual bursting … Read more
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FTX, Crypto, and Knowing What You Own
One of the world’s largest cryptocurrency exchanges, FTX, has filed for bankruptcy. FTX, which allows individuals to trade cryptocurrencies, options on cryptocurrencies, and NFTs, was founded in 2018. Ill-conceived speculations made by FTX’s trading arm, Alameda, using customer money – … Read more
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This Will Take Just a Quick 22 Years
The much ballyhooed prediction of Dow 36,000 finally came true. Twenty two years later. Read more
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The Janitor Did It
Ronald Read was an unassuming janitor who applied the principles of long-term investing to become a mutli-millionaire. Read more
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Seeking Quality at an Intelligent Price
What matters in investing is not just what you buy, but what price you pay. Read more
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Pitfalls of Performance Chasing
Human nature makes it difficult for many to succeed in financial markets. Performance chasing should be avoided. Read more