Tag Archives: Berkshire Hathaway
Culture Eats Strategy for Lunch
The massage school where I am a co-owner, the National Holistic Institute, recently had our annual all staff gathering in Northern California. It is a big investment, but also a critical culture investment to get everyone on the same page. In a school, the interactions… Continue reading
Dodging Bullets Keys Investment Success
Great investors have skills to seize opportunities and get into good situations. Equally as important can be the skill at “scrambling out of bad situations,” as Charlie Munger would say, or “dodging bullets” as it sometimes feels when helping companies solve challenges. At the Berkshire meeting… Continue reading
Portfolio Churn — Enemy of Investment Returns
Churn destroys investment return. Strangely, traditional private equity builds itself to churn. Churn reduces investment returns for several reasons such as transaction costs, business disruption, and the difference in tax rates between ordinary income and capital gains. This last difference is the easiest to quantify as… Continue reading
Private Equity Trending Toward Longer Term Models Like Greybull Stewardship
Momentum is growing toward private equity structures with longer term time horizons and movement toward more “permanent capital” — structures that are more similar to Berkshire Hathaway and Greybull Stewardship (my private equity fund focused on companies with $1-3 million in profit). Blackstone private equity… Continue reading
Super Investor, Seth Klarman, on Lessons Learned from Buffett
Seth Klarman has a legendary hedge fund that you may not know, the Baupost Group. His returns in that fund have been Buffett-like. He is a value investor . . . truly, not just someone who likes to say that word. His insights are treasured,… Continue reading
Three More Lessons from Warren Buffett and Berkshire Hathaway
Two recent items helped me draw lessons for how I want to manage my investment firm, Greybull Stewardship. The first is Warren Buffet’s memo that he sent last month to the managers of the 80 businesses of Berkshire, and the other is in the book,… Continue reading
Lessons From Hyatt Family Decisions on Selling Businesses
For many business owners, selling a business is both about the money and about finding the right home for their life’s work. This was very true for the Hyatt family as they worked to sell family businesses over the last decade after the patriarch’s death.… Continue reading
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