Day: July 15, 2025

[…] Rather than study dead poets, we study history’s successful investors. We seek to learn from their style, much like you study the prose of a writer or artist. You are learning to learn and seek opportunities because while we can’t predict the future, the outcomes of the past can help frame and ground us. […]

When you have a significant underperformance period, investors have a good reason for wondering if you’ve lost your investing mojo. Among respected value managers, there is nobody more respected than the Oracle of Omaha, Warren Buffett. Has he ever been doubted during his career? What were the circumstances associated with his most significant underperformance episode? Lastly, what was the outcome of his most miserable underperformance stretch? […]