Lamentations
“I don’t think Charlie and I…certainly at Berkshire…I don’t think we’ve ever had a permanent loss in marketable securities that was — what? — 1% maybe? Half a percent of net worth?” — Warren Buffett, 2007 AGM Kraft Heinz is frequently cited as one of Warren Buffett’s
Research
I like special situations. They usually have higher degrees of certainty when answering: * How much cash is there? * When will I get it? * How sure am I? They tend to be a more stable, uncorrelated and reliable source of returns. I like that given how I feel about the present
Cases
This was an idea I posted on Twitter last summer. It is a review of ARC Document Solutions (ARC) after management and a private investor submitted a non-binding proposal to take the company private. It was a high probability bet of a quick transaction with limited downside and potential for