Investment Commentary In our second quarter newsletter we discussed our view that there is a bubble building in Artificial Intelligence (AI). To continue this important theme and further develop an understanding of the level of excess investment in a small number of companies, we can look at the current composition of the most widely followed stock index, the S&P 500. It is made up of the 500 largest US companies. Of the companies listed above, only Berkshire Hathaway has n

Our investment process is based on investing in good companies at prices that are a significant discount to their fair value. We plan to hold these investments for a long time. Typically, that period is at least five years, and often much longer. Our goal is to create long-term investment returns that significantly outperform market averages. Understanding the relationship between price and value is the most important part of our process. Price is what we can buy something fo

Financial Planning If you’d like help organizing your financial life and putting together a financial plan, we can help. We help organize income, expenses, assets, liabilities, insurance coverages, and estate documents. We do this to make future financial decisions easier and to estimate your future cash flows. This can help improve the probability of successfully accomplishing your future financial goals and ensures you are protected against any risks you’d like to be protec

Financial Planning If you’d like help organizing your financial life and putting together a financial plan, we can help. We help organize income, expenses, assets, liabilities, insurance coverages, and estate documents. We do this to make future financial decisions easier and to estimate your future cash flows. This can help improve the probability of successfully accomplishing your future financial goals, and ensures you are protected against any risks you’d like to be prote

We continue to follow the effects of US tariffs (and retaliatory tariffs) on inflation throughout the world. The potential for higher inflation has risen significantly over the past six months and is starting to show up in prices. As we mentioned in our last newsletter, tariffs are essentially an additional tax on consumers collected by a government. They add to the price of the goods and service we pay for, and the money goes directly to the government that charges them. Inf