<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[Watchlist Investing: Watchlist Weekly]]></title><description><![CDATA[A weekly email focused on current events in business, Berkshire, and more.]]></description><link>https://www.watchlistinvesting.com/s/watchlist-weekly</link><image><url>https://substackcdn.com/image/fetch/$s_!TpCs!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fe0aeb822-a05b-4660-a901-380fbed70f24_1181x1181.png</url><title>Watchlist Investing: Watchlist Weekly</title><link>https://www.watchlistinvesting.com/s/watchlist-weekly</link></image><generator>Substack</generator><lastBuildDate>Fri, 15 May 2026 18:35:20 GMT</lastBuildDate><atom:link href="https://www.watchlistinvesting.com/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[Adam J. Mead]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[watchlistinvesting@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[watchlistinvesting@substack.com]]></itunes:email><itunes:name><![CDATA[Adam Mead]]></itunes:name></itunes:owner><itunes:author><![CDATA[Adam Mead]]></itunes:author><googleplay:owner><![CDATA[watchlistinvesting@substack.com]]></googleplay:owner><googleplay:email><![CDATA[watchlistinvesting@substack.com]]></googleplay:email><googleplay:author><![CDATA[Adam Mead]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending May 16, 2026]]></title><description><![CDATA[Introducing the fact of the week.]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b70</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b70</guid><pubDate>Fri, 15 May 2026 16:15:24 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!KbWG!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!KbWG!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png 424w, https://substackcdn.com/image/fetch/$s_!KbWG!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png 848w, https://substackcdn.com/image/fetch/$s_!KbWG!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png 1272w, https://substackcdn.com/image/fetch/$s_!KbWG!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!KbWG!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:372237,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/197732128?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!KbWG!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png 424w, https://substackcdn.com/image/fetch/$s_!KbWG!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png 848w, https://substackcdn.com/image/fetch/$s_!KbWG!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png 1272w, https://substackcdn.com/image/fetch/$s_!KbWG!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0dc74a15-759b-4f28-bdd7-9e446b3f838b_1875x625.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/copart-valuation-update?r=1o6xus">Copart Valuation Update</a></h3><div><hr></div><h3>Fact of the Week: </h3><p>Berkshire Hathaway generated more equity capital in the five years ended 2025 than in Buffett&#8217;s first 53 years running the company. It generated $321 billion, of which $47 billion was returned to shareholders via buybacks. </p><p>Note: This comes from my presentation at VALUExBRK, which you can find here: <a href="https://theoraclesclassroom.com/extras/">The Oracle&#8217;s Classroom.</a></p><p><em>(Thanks for the idea, Carter.) </em></p><h3><a href="https://myfloridacfo.com/news/pressreleases/press-release-details/2026/03/05/icymi--commissioner-mike-yaworsky-announces-more-significant-auto-rate-decreases-for-florida's-top-5-auto-insurance-groups">Auto Rates on the Decline in Florida</a></h3><p>Auto insurers have enjoyed strong profits in recent years. GEICO&#8217;s target is a 4% profit (96% combined), but it has been writing closer to 90% in recent years. </p><h3><a href="https://www.economist.com/business/2026/05/06/only-one-of-berkshire-hathaway-and-softbank-can-survive">BRK vs. Softbank (Economist)</a></h3><p>The Economist argues that either Berkshire (net cash) or Softbank (heavy borrower) will survive. I don&#8217;t think it&#8217;s mutually exclusive. Berkshire will survive anything, but it doesn&#8217;t need a 1929 / 1987 / 2009 to prove its worth. Softbank is fragile and will only look brilliant if things work out. </p><h3><a href="https://www.cnbc.com/2026/05/06/berkshire-hathaway-mclane-autonomous-freight-trucking-aurora.html">Driverless Trucks at Berkshire&#8217;s McLane</a></h3><h3><a href="https://www.sciencedaily.com/releases/2026/05/260506225135.htm">The Galaxy That Doesn&#8217;t Spin</a></h3><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!FWJl!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!FWJl!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp 424w, https://substackcdn.com/image/fetch/$s_!FWJl!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp 848w, https://substackcdn.com/image/fetch/$s_!FWJl!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp 1272w, https://substackcdn.com/image/fetch/$s_!FWJl!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!FWJl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp" width="406" height="228.375" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:819,&quot;width&quot;:1456,&quot;resizeWidth&quot;:406,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Galaxy With No Spin Stuns Astronomers&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="Galaxy With No Spin Stuns Astronomers" title="Galaxy With No Spin Stuns Astronomers" srcset="https://substackcdn.com/image/fetch/$s_!FWJl!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp 424w, https://substackcdn.com/image/fetch/$s_!FWJl!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp 848w, https://substackcdn.com/image/fetch/$s_!FWJl!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp 1272w, https://substackcdn.com/image/fetch/$s_!FWJl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F81a42dd6-4b49-4226-bb34-4c321c1bf36a_1920x1080.webp 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><div><hr></div><h3>This week in Berkshire History</h3><p>Nothing this week. </p><p>How about an excerpt from the 2nd edition of my book? In 2024, Berkshire completed the final purchase of Berkshire Hathaway Energy.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!WrIs!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!WrIs!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png 424w, https://substackcdn.com/image/fetch/$s_!WrIs!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png 848w, https://substackcdn.com/image/fetch/$s_!WrIs!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png 1272w, https://substackcdn.com/image/fetch/$s_!WrIs!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!WrIs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png" width="876" height="1374" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1374,&quot;width&quot;:876,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:326620,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/197732128?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!WrIs!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png 424w, https://substackcdn.com/image/fetch/$s_!WrIs!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png 848w, https://substackcdn.com/image/fetch/$s_!WrIs!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png 1272w, https://substackcdn.com/image/fetch/$s_!WrIs!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa717117-28c7-4029-a6aa-fa0c555d9bac_876x1374.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b70/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b70/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" 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href="https://nam02.safelinks.protection.outlook.com/?url=http%3A%2F%2Flnk.to%2Fberkshirehathaway&amp;data=05%7C02%7Cadam%40meadcm.com%7Cd2c59e2a2892401ea11608de8b3465cc%7C3ba3d7cef1964abbb8368eda916701d2%7C0%7C0%7C639101254426361743%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=V4UmLMTXn1J4nQ4N5WsXURG7a09nz7FH1qYMV4%2FARpg%3D&amp;reserved=0" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!A_Fi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 424w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 848w, 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1563,&quot;width&quot;:1020,&quot;resizeWidth&quot;:542,&quot;bytes&quot;:1527340,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:&quot;https://nam02.safelinks.protection.outlook.com/?url=http%3A%2F%2Flnk.to%2Fberkshirehathaway&amp;data=05%7C02%7Cadam%40meadcm.com%7Cd2c59e2a2892401ea11608de8b3465cc%7C3ba3d7cef1964abbb8368eda916701d2%7C0%7C0%7C639101254426361743%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=V4UmLMTXn1J4nQ4N5WsXURG7a09nz7FH1qYMV4%2FARpg%3D&amp;reserved=0&quot;,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/184583174?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" 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class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" width="488" height="341.6" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending May 9, 2026]]></title><description><![CDATA[In Case You Missed It: Berkshire AGM Debrief + Valuation Update]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-036</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-036</guid><pubDate>Fri, 08 May 2026 20:22:07 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/berkshire-agm-debrief-valuation-update?r=1o6xus">Berkshire AGM Debrief + Valuation Update</a></h3><div><hr></div><h3>17th Annual Gabelli Panel</h3><div id="youtube2-qop9IUxrI-M" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;qop9IUxrI-M&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/qop9IUxrI-M?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h3>VALUExBRK</h3><div id="youtube2-V3V7bqLGP9o" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;V3V7bqLGP9o&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/V3V7bqLGP9o?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h3><a href="https://www.wsj.com/business/berkshire-picks-gen-re-chairman-as-insurance-star-ajit-jains-successor-e857bb5f?st=kWyVq5&amp;reflink=desktopwebshare_permalink">Ajit Jain&#8217;s Successor Named (WSJ)</a></h3><p>This is big news. I'm hoping he&#8217;ll join Ajit and Greg on stage next year. </p><h3><a href="https://www.cnbc.com/video/2026/05/01/berkshires-sue-decker-execution-will-be-more-important-than-capital-allocation-going-forward.html">Sue Decker on CNBC: Execution is More Important Than Capital Allocation</a></h3><p>A great interview! Some really interesting points and comparisons about Berkshire. </p><h3><a href="https://www.railway.supply/bnsf-slashes-fleet-by-260-locomotives-in-aggressive-push-to-close-operating-gap/">Going A Little Deeper on Changes at BNSF</a></h3><h3><a href="https://www.lubrizol.com/industries/electronics-and-it/data-center-cooling">Lubrizol and AI Cooling</a></h3><p>I don&#8217;t usually think about Lubrizol and AI being connected, but this shows how the company is important to many industries beyond traditional oil/gas. </p><div><hr></div><h3>This week in Berkshire History</h3><p><strong>May 3, 2025:</strong> Warren Buffett announces his retirement at the end of the 2025 annual meeting and recommends that Greg Abel take over as president and CEO beginning January 1, 2026.</p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-036/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-036/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" 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length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://open.substack.com/pub/watchlistinvesting/p/pool-corporation-pool?r=1o6xus&amp;utm_campaign=post&amp;utm_medium=web&amp;showWelcomeOnShare=true">Pool Corp. First Look</a></h3><p>In case you missed it just hours ago&#8230;not Wednesday&#8230; It&#8217;s been a busy week here at Watchlist Investing. I thought I&#8217;d scheduled my Wednesday post only to find it still sitting in drafts. Oops!</p><div><hr></div><h3><a href="https://wdwnt.com/2026/04/genie-winnie-the-pooh-brooks-x-rundisney-shoes-springtime-surprise/">Brooks &amp; Disney Pair Up</a></h3><p></p><h3>A Great Profile of Greg Abel</h3><p>Some great work by <span class="mention-wrap" data-attrs="{&quot;name&quot;:&quot;Bearstone.&quot;,&quot;id&quot;:439437626,&quot;type&quot;:&quot;user&quot;,&quot;url&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/53d4672f-4749-426c-a03d-47e3bed9018f_657x657.jpeg&quot;,&quot;uuid&quot;:&quot;614a201f-3f02-4d20-a894-0400088483ce&quot;}" data-component-name="MentionToDOM"></span> </p><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:194785560,&quot;url&quot;:&quot;https://bearstone2023.substack.com/p/new-era-of-berkshire-hathaway&quot;,&quot;publication_id&quot;:3007402,&quot;publication_name&quot;:&quot;Bearstone&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!HDpO!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd11bb122-0e39-4f0b-89c1-51041aab5d85_374x374.png&quot;,&quot;title&quot;:&quot;New Era of Berkshire Hathaway&quot;,&quot;truncated_body_text&quot;:&quot;The Des Moines operator gets the keys&quot;,&quot;date&quot;:&quot;2026-04-21T13:01:32.295Z&quot;,&quot;like_count&quot;:5,&quot;comment_count&quot;:2,&quot;bylines&quot;:[{&quot;id&quot;:265534755,&quot;name&quot;:&quot;Bear&quot;,&quot;handle&quot;:&quot;bearstone2023&quot;,&quot;previous_name&quot;:&quot;Bearstone&quot;,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/919a280d-03fc-4a17-9514-6d77eea4b139_657x657.webp&quot;,&quot;bio&quot;:&quot;Equity Analyst &amp; Founder of Bearstone. I identify wide-moat, high-FCF companies mispriced by short-term sentiment. My research focuses on deep-value rigor and capital preservation. Followed and recommended by Michael Burry.&quot;,&quot;profile_set_up_at&quot;:&quot;2024-09-11T20:48:41.714Z&quot;,&quot;reader_installed_at&quot;:&quot;2024-09-11T20:35:09.644Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:3059645,&quot;user_id&quot;:265534755,&quot;publication_id&quot;:3007402,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:3007402,&quot;name&quot;:&quot;Bearstone&quot;,&quot;subdomain&quot;:&quot;bearstone2023&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Painstaking fundamental research on mispriced assets. Recommended by Dr. Michael Burry. Deep-dive investment sagas for the skeptical contrarian.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d11bb122-0e39-4f0b-89c1-51041aab5d85_374x374.png&quot;,&quot;author_id&quot;:265534755,&quot;primary_user_id&quot;:265534755,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2024-09-12T00:47:01.792Z&quot;,&quot;email_from_name&quot;:null,&quot;copyright&quot;:&quot;Jake Reader&quot;,&quot;founding_plan_name&quot;:&quot;Founding Member&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;enabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;magaziney&quot;,&quot;is_personal_mode&quot;:false,&quot;logo_url_wide&quot;:null}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:100,&quot;status&quot;:{&quot;bestsellerTier&quot;:100,&quot;subscriberTier&quot;:1,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:{&quot;type&quot;:&quot;bestseller&quot;,&quot;tier&quot;:100},&quot;paidPublicationIds&quot;:[6819723,12889],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://bearstone2023.substack.com/p/new-era-of-berkshire-hathaway?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!HDpO!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd11bb122-0e39-4f0b-89c1-51041aab5d85_374x374.png" loading="lazy"><span class="embedded-post-publication-name">Bearstone</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">New Era of Berkshire Hathaway</div></div><div class="embedded-post-body">The Des Moines operator gets the keys&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">23 days ago &#183; 5 likes &#183; 2 comments &#183; Bear</div></a></div><p></p><h3><a href="https://www.psypost.org/new-psychology-research-shows-people-consistently-underestimate-how-often-things-go-wrong-across-society/">Failure is Systematically Underestimated</a></h3><p></p><h3>Timelapse of the Tech Sector Part Deux</h3><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:193365395,&quot;url&quot;:&quot;https://wagnerroadcm.substack.com/p/after-the-internet-technology-as&quot;,&quot;publication_id&quot;:3176584,&quot;publication_name&quot;:&quot;Scenic Route Investing by Wagner Road&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!48Sg!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png&quot;,&quot;title&quot;:&quot;TTS Part 2: After the Internet &#8212; Technology as a Cyber Space (The Dot-Com Boom)&quot;,&quot;truncated_body_text&quot;:&quot;This is Part 2 in my series, A Timelapse of the Tech Sector. Catch up if you missed Part 1!&quot;,&quot;date&quot;:&quot;2026-04-22T16:00:53.040Z&quot;,&quot;like_count&quot;:4,&quot;comment_count&quot;:0,&quot;bylines&quot;:[{&quot;id&quot;:234971947,&quot;name&quot;:&quot;Andrew Wagner&quot;,&quot;handle&quot;:&quot;atwagner&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/58140e51-0533-48e1-996d-fc2a8c2443af_4325x4325.jpeg&quot;,&quot;bio&quot;:&quot;Author of The Economics of Online Gaming. Founder &amp; CIO of Wagner Road Capital Management. I write about economics and investing, but nothing I write is investment advice.&quot;,&quot;profile_set_up_at&quot;:&quot;2024-05-14T19:41:32.506Z&quot;,&quot;reader_installed_at&quot;:&quot;2025-02-27T16:03:08.861Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:3234412,&quot;user_id&quot;:234971947,&quot;publication_id&quot;:3176584,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:3176584,&quot;name&quot;:&quot;Scenic Route Investing by Wagner Road&quot;,&quot;subdomain&quot;:&quot;wagnerroadcm&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Investment stories inspired by taking the long way around.\n\nA Wagner Road Capital Management publication.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png&quot;,&quot;author_id&quot;:234971947,&quot;primary_user_id&quot;:234971947,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2024-10-16T06:51:01.186Z&quot;,&quot;email_from_name&quot;:null,&quot;copyright&quot;:&quot;Andrew Wagner&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;magaziney&quot;,&quot;is_personal_mode&quot;:false,&quot;logo_url_wide&quot;:null}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:null,&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://wagnerroadcm.substack.com/p/after-the-internet-technology-as?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!48Sg!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png" loading="lazy"><span class="embedded-post-publication-name">Scenic Route Investing by Wagner Road</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">TTS Part 2: After the Internet &#8212; Technology as a Cyber Space (The Dot-Com Boom)</div></div><div class="embedded-post-body">This is Part 2 in my series, A Timelapse of the Tech Sector. Catch up if you missed Part 1&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">22 days ago &#183; 4 likes &#183; Andrew Wagner</div></a></div><h3><a href="https://excessreturnspod.com/channel/excess-returns/video/we-asked-chris-bloomstran-why-he-wont-own-the-sp-500-at-these-levels-and-what-he-does-instead">Chris Bloomstran on Excess Returns Podcast</a></h3><p></p><div id="youtube2-BViIGAg-eVI" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;BViIGAg-eVI&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/BViIGAg-eVI?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><h3>This week in Berkshire History</h3><p>No historical news this week. However&#8230;</p><p>I&#8217;m happy to report that Berkshire selected my book to be among those sold at next week's annual meeting. <a href="https://bookwormomaha.com/sites/default/files/2026-04/Berkshire%20Hathaway%202026%20Book%20Selections.pdf">Check out the full selection.</a></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!o367!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F62b190d4-e0c9-4808-a5dc-22189e050c16_1415x1283.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!o367!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F62b190d4-e0c9-4808-a5dc-22189e050c16_1415x1283.png 424w, https://substackcdn.com/image/fetch/$s_!o367!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F62b190d4-e0c9-4808-a5dc-22189e050c16_1415x1283.png 848w, https://substackcdn.com/image/fetch/$s_!o367!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F62b190d4-e0c9-4808-a5dc-22189e050c16_1415x1283.png 1272w, https://substackcdn.com/image/fetch/$s_!o367!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F62b190d4-e0c9-4808-a5dc-22189e050c16_1415x1283.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!o367!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F62b190d4-e0c9-4808-a5dc-22189e050c16_1415x1283.png" width="557" height="505.03957597173144" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">Here&#8217;s a photo of me with See&#8217;s Candies CEO, Pat Egan, from 2023.</figcaption></figure></div><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-409/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-409/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" 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url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It:</h3><h4><a href="https://www.watchlistinvesting.com/p/why-most-investors-waste-time-on?r=1o6xus">Why Most Investors Waste Time on Bad Ideas</a></h4><h4><a href="https://www.watchlistinvesting.com/p/the-10-minute-test-before-you-do?r=1o6xus">The 10-Minute Test Before You Do Deep Work</a></h4><div><hr></div><h3><a href="https://www.wsj.com/tech/ai/for-its-next-act-allbirds-makes-an-unlikely-pivot-from-shoes-to-ai-a32cc095?st=FjSFJa&amp;reflink=desktopwebshare_permalink">How Are We Not In An AI Bubble?</a></h3><p>Really? A shoe company pivots to AI. Right&#8230;</p><h3><a href="https://www.imf.org/en/publications/weo/issues/2026/04/14/world-economic-outlook-april-2026">Latest International Monetary Fund Report</a></h3><h3><a href="https://www.wsj.com/finance/investing/the-investment-that-can-shield-you-in-uncertain-times-36c1d850?st=KPnQh2&amp;reflink=desktopwebshare_permalink">Jason Zweig on TIPS Yields</a></h3><h3><a href="https://www.bloomberg.com/news/audio/2026-03-17/talking-transports-bnsf-sees-intermodal-upside-amid-uncertainty">Bloomberg Podcast: BNSF Intermodal Strength</a></h3><h3><a href="https://www.carriermanagement.com/news/2026/04/10/286635.htm">PacifiCorp Case Overturned in Oregon</a></h3><h3><a href="https://sgbonline.com/exec-brooks-running-boasts-strong-q1-gains-in-international-markets-and-u-s-run-specialty/">Brooks Shoes is Running Hot!</a></h3><h3><a href="https://nationaltoday.com/us/in/elkhart/news/2026/04/11/forest-river-restructures-east-to-west-division/">Changes Happening at Forest River</a></h3><h3>BRK 2026 - Events</h3><p>The Berkshire AGM is approaching fast! This will be my 13th year attending in person in Omaha. You can find me at the Gabelli panel (Friday), at VALUExBRK (Friday), and signing copies of my book at The Bookworm inside the arena. If you see me please say hello!</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!FZep!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9df5f7a-13e6-4731-b138-b9bc09aa5938_1571x1566.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!FZep!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9df5f7a-13e6-4731-b138-b9bc09aa5938_1571x1566.png 424w, https://substackcdn.com/image/fetch/$s_!FZep!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9df5f7a-13e6-4731-b138-b9bc09aa5938_1571x1566.png 848w, https://substackcdn.com/image/fetch/$s_!FZep!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9df5f7a-13e6-4731-b138-b9bc09aa5938_1571x1566.png 1272w, https://substackcdn.com/image/fetch/$s_!FZep!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9df5f7a-13e6-4731-b138-b9bc09aa5938_1571x1566.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!FZep!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9df5f7a-13e6-4731-b138-b9bc09aa5938_1571x1566.png" width="374" height="372.71565934065933" 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srcset="https://substackcdn.com/image/fetch/$s_!FZep!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9df5f7a-13e6-4731-b138-b9bc09aa5938_1571x1566.png 424w, https://substackcdn.com/image/fetch/$s_!FZep!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9df5f7a-13e6-4731-b138-b9bc09aa5938_1571x1566.png 848w, https://substackcdn.com/image/fetch/$s_!FZep!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9df5f7a-13e6-4731-b138-b9bc09aa5938_1571x1566.png 1272w, https://substackcdn.com/image/fetch/$s_!FZep!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9df5f7a-13e6-4731-b138-b9bc09aa5938_1571x1566.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!iyrX!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0819db2a-2dac-492a-aa68-77a53f9bcd66_1308x791.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!iyrX!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0819db2a-2dac-492a-aa68-77a53f9bcd66_1308x791.png 424w, https://substackcdn.com/image/fetch/$s_!iyrX!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0819db2a-2dac-492a-aa68-77a53f9bcd66_1308x791.png 848w, https://substackcdn.com/image/fetch/$s_!iyrX!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0819db2a-2dac-492a-aa68-77a53f9bcd66_1308x791.png 1272w, https://substackcdn.com/image/fetch/$s_!iyrX!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0819db2a-2dac-492a-aa68-77a53f9bcd66_1308x791.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!iyrX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0819db2a-2dac-492a-aa68-77a53f9bcd66_1308x791.png" width="380" height="229.8012232415902" 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loading="lazy"></picture><div></div></div></a></figure></div><div><hr></div><h3>This week in Berkshire History</h3><p><strong>April 15, 1977:</strong> Blue Chip Stamps acquires The Buffalo Evening News for $35.5 million.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!FKn5!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4003ae5f-6dfe-4d04-b7da-70f37253944d_1094x1580.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!FKn5!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4003ae5f-6dfe-4d04-b7da-70f37253944d_1094x1580.png 424w, https://substackcdn.com/image/fetch/$s_!FKn5!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4003ae5f-6dfe-4d04-b7da-70f37253944d_1094x1580.png 848w, https://substackcdn.com/image/fetch/$s_!FKn5!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4003ae5f-6dfe-4d04-b7da-70f37253944d_1094x1580.png 1272w, https://substackcdn.com/image/fetch/$s_!FKn5!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4003ae5f-6dfe-4d04-b7da-70f37253944d_1094x1580.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!FKn5!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4003ae5f-6dfe-4d04-b7da-70f37253944d_1094x1580.png" width="1094" height="1580" 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srcset="https://substackcdn.com/image/fetch/$s_!FKn5!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4003ae5f-6dfe-4d04-b7da-70f37253944d_1094x1580.png 424w, https://substackcdn.com/image/fetch/$s_!FKn5!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4003ae5f-6dfe-4d04-b7da-70f37253944d_1094x1580.png 848w, https://substackcdn.com/image/fetch/$s_!FKn5!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4003ae5f-6dfe-4d04-b7da-70f37253944d_1094x1580.png 1272w, https://substackcdn.com/image/fetch/$s_!FKn5!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4003ae5f-6dfe-4d04-b7da-70f37253944d_1094x1580.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-a5c/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-a5c/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending April 4, 2026]]></title><description><![CDATA[In Case You Missed It: Heineken Analysis & Valuation]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-299</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-299</guid><pubDate>Fri, 03 Apr 2026 16:14:55 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/heineken-analysis-and-valuation">Heineken Analysis &amp; Valuation</a></h3><div><hr></div><h3>FreightWaves &#8594; <a href="https://www.freightwaves.com/news/bnsf-announces-3-6-billion-capital-plan-for-2026">BNSF Announces $3.6 Billion Capital Investment Plan for 2026</a></h3><h3>HousingWire &#8594; <a href="https://www.housingwire.com/articles/clayton-tru-mini-home-collection-entry-level-buyers/">Clayton&#8217;s TRU Mini homes aim for infill sites and entry-level buyers</a></h3><h3><a href="https://www.repairerdrivennews.com/2026/03/31/state-farm-progressive-hold-37-of-auto-insurance-market-share-naic-data-shows/">GEICO Falls Further Behind State Farm and Progressive</a></h3><p>Progressive is <em>this</em> close to unseating State Farm.</p><h3><a href="https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/?utm_source=substack&amp;utm_medium=email">JP Morgan 2nd Quarter Guide to the Markets</a></h3><h3><a href="https://www.reinsurancene.ws/april-1-renewal-saw-japan-property-cat-rates-return-to-early-2020s-levels-says-howden-re/">Japan Cat Pricing Down 20%</a></h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!0k4Y!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b9e20d0-5382-43f6-a92c-bf4261f22435_1323x693.png" data-component-name="Image2ToDOM"><div 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srcset="https://substackcdn.com/image/fetch/$s_!0k4Y!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b9e20d0-5382-43f6-a92c-bf4261f22435_1323x693.png 424w, https://substackcdn.com/image/fetch/$s_!0k4Y!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b9e20d0-5382-43f6-a92c-bf4261f22435_1323x693.png 848w, https://substackcdn.com/image/fetch/$s_!0k4Y!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b9e20d0-5382-43f6-a92c-bf4261f22435_1323x693.png 1272w, https://substackcdn.com/image/fetch/$s_!0k4Y!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3b9e20d0-5382-43f6-a92c-bf4261f22435_1323x693.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><h3><a href="https://www.cnbc.com/2026/03/31/warren-buffett-says-hes-still-making-calls-on-investments-at-berkshire-flags-tiny-new-buy.html?&amp;qsearchterm=buffett">Warren Buffett is Still Hard at Work (CNBC)</a></h3><div><hr></div><h3>This week in Berkshire History</h3><p><strong>March 30, 2007:</strong> Berkshire acquires TTI, Inc., a distributor of electronic components.</p><p><strong>April 1, 2007:</strong> Fruit of the Loom closes on its acquisition of VF Corp.</p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-299/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-299/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" 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class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" width="488" height="341.6" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:700,&quot;width&quot;:1000,&quot;resizeWidth&quot;:488,&quot;bytes&quot;:766462,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/172884158?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending March 28, 2026]]></title><description><![CDATA[In Case You Missed It: Heartland Express Update]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-922</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-922</guid><pubDate>Fri, 27 Mar 2026 16:15:29 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/heartland-express-update?r=1o6xus">Heartland Express Update</a></h3><div><hr></div><h3><a href="https://www.wsj.com/business/berkshire-hathaway-to-acquire-stake-in-japans-tokio-marine-c53dbfd5?st=w6ojVL&amp;reflink=desktopwebshare_permalink">Berkshire Goes Deeper Into Japan</a></h3><h3>Word Bubble Fun</h3><p>A 100-word word bubble using Greg Abel&#8217;s inaugural CEO letter.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Ah33!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3636c6a9-187d-4545-b0c5-5cfb1405b339_1036x743.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Ah33!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3636c6a9-187d-4545-b0c5-5cfb1405b339_1036x743.png 424w, https://substackcdn.com/image/fetch/$s_!Ah33!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3636c6a9-187d-4545-b0c5-5cfb1405b339_1036x743.png 848w, https://substackcdn.com/image/fetch/$s_!Ah33!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3636c6a9-187d-4545-b0c5-5cfb1405b339_1036x743.png 1272w, https://substackcdn.com/image/fetch/$s_!Ah33!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3636c6a9-187d-4545-b0c5-5cfb1405b339_1036x743.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Ah33!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3636c6a9-187d-4545-b0c5-5cfb1405b339_1036x743.png" width="1036" height="743" 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stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><h3><a href="https://business.cornell.edu/hub/2026/03/04/value-investings-pulse-returns-predictable-swings-in-value-growth-performance/">Is the Value Premium Dead? </a></h3><p></p><h3><a href="https://news.ambest.com/pr/PressContent.aspx?refnum=37110&amp;altsrc=2">AM Best Upgrades Cap Specialty</a></h3><p>Interesting to note the unit is invested 100% in Treasuries</p><p></p><h3>Diverging Fortunes of Novo Nordisk and Eli Lilly</h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!oKNm!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!oKNm!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png 424w, https://substackcdn.com/image/fetch/$s_!oKNm!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png 848w, https://substackcdn.com/image/fetch/$s_!oKNm!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png 1272w, https://substackcdn.com/image/fetch/$s_!oKNm!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!oKNm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png" width="357" height="363.6374501992032" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:767,&quot;width&quot;:753,&quot;resizeWidth&quot;:357,&quot;bytes&quot;:145568,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/192018516?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!oKNm!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png 424w, https://substackcdn.com/image/fetch/$s_!oKNm!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png 848w, https://substackcdn.com/image/fetch/$s_!oKNm!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png 1272w, https://substackcdn.com/image/fetch/$s_!oKNm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc888bd8b-b59e-43c4-809a-246b2e8d756c_753x767.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!NXTa!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!NXTa!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png 424w, https://substackcdn.com/image/fetch/$s_!NXTa!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png 848w, https://substackcdn.com/image/fetch/$s_!NXTa!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png 1272w, https://substackcdn.com/image/fetch/$s_!NXTa!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!NXTa!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png" width="461" height="208.52787769784172" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f3375930-946a-495a-895e-050ed262c2bb_1112x503.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:503,&quot;width&quot;:1112,&quot;resizeWidth&quot;:461,&quot;bytes&quot;:54028,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/192018516?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!NXTa!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png 424w, https://substackcdn.com/image/fetch/$s_!NXTa!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png 848w, https://substackcdn.com/image/fetch/$s_!NXTa!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png 1272w, https://substackcdn.com/image/fetch/$s_!NXTa!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff3375930-946a-495a-895e-050ed262c2bb_1112x503.png 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p>Speaking of GLP1s&#8230;</p><h3><a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0000910329/f571b6bb-105a-41b3-9a4a-d71b8280775c.pdf">Possible Catalyst for Medifast?</a></h3><p>Steamboat Capital disclosed a 5% stake in the company and will get two board seats as part of a &#8220;cooperation agreement&#8221;. As part of this agreement, Steamboat agreed not to launch a proxy fight until three months after the 2027 annual meeting. </p><h3>Timelapse of the Tech Sector</h3><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:189899701,&quot;url&quot;:&quot;https://wagnerroadcm.substack.com/p/a-timelapse-of-the-tech-sector-part-4f0&quot;,&quot;publication_id&quot;:3176584,&quot;publication_name&quot;:&quot;Scenic Route Investing by Wagner Road&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!48Sg!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png&quot;,&quot;title&quot;:&quot;A Timelapse of the Tech Sector (Part 1 Continued: The Personal Computer Revolution)&quot;,&quot;truncated_body_text&quot;:&quot;Catch up if you missed the beginning of Part 1!&quot;,&quot;date&quot;:&quot;2026-03-25T16:01:44.160Z&quot;,&quot;like_count&quot;:1,&quot;comment_count&quot;:0,&quot;bylines&quot;:[{&quot;id&quot;:234971947,&quot;name&quot;:&quot;Andrew Wagner&quot;,&quot;handle&quot;:&quot;atwagner&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/58140e51-0533-48e1-996d-fc2a8c2443af_4325x4325.jpeg&quot;,&quot;bio&quot;:&quot;Author of The Economics of Online Gaming. Founder &amp; CIO of Wagner Road Capital Management. I write about economics and investing, but nothing I write is investment advice.&quot;,&quot;profile_set_up_at&quot;:&quot;2024-05-14T19:41:32.506Z&quot;,&quot;reader_installed_at&quot;:&quot;2025-02-27T16:03:08.861Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:3234412,&quot;user_id&quot;:234971947,&quot;publication_id&quot;:3176584,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:3176584,&quot;name&quot;:&quot;Scenic Route Investing by Wagner Road&quot;,&quot;subdomain&quot;:&quot;wagnerroadcm&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Investment stories inspired by taking the long way around.\n\nA Wagner Road Capital Management publication.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png&quot;,&quot;author_id&quot;:234971947,&quot;primary_user_id&quot;:234971947,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2024-10-16T06:51:01.186Z&quot;,&quot;email_from_name&quot;:null,&quot;copyright&quot;:&quot;Andrew Wagner&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;magaziney&quot;,&quot;is_personal_mode&quot;:false,&quot;logo_url_wide&quot;:null}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:null,&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://wagnerroadcm.substack.com/p/a-timelapse-of-the-tech-sector-part-4f0?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!48Sg!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png" loading="lazy"><span class="embedded-post-publication-name">Scenic Route Investing by Wagner Road</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">A Timelapse of the Tech Sector (Part 1 Continued: The Personal Computer Revolution)</div></div><div class="embedded-post-body">Catch up if you missed the beginning of Part 1&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">2 months ago &#183; 1 like &#183; Andrew Wagner</div></a></div><div><hr></div><h3>This week in Berkshire History</h3><p>Nothing this week!</p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-922/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-922/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" 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href="https://nam02.safelinks.protection.outlook.com/?url=http%3A%2F%2Flnk.to%2Fberkshirehathaway&amp;data=05%7C02%7Cadam%40meadcm.com%7Cd2c59e2a2892401ea11608de8b3465cc%7C3ba3d7cef1964abbb8368eda916701d2%7C0%7C0%7C639101254426361743%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=V4UmLMTXn1J4nQ4N5WsXURG7a09nz7FH1qYMV4%2FARpg%3D&amp;reserved=0" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!A_Fi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 424w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 848w, 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class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" 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srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" width="488" height="341.6" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending March 21, 2026]]></title><description><![CDATA[In Case You Missed It: Boston Beer Update]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b46</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b46</guid><pubDate>Fri, 20 Mar 2026 16:15:58 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/boston-beer-update?r=1o6xus">Boston Beer Update</a></h3><div><hr></div><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:191262365,&quot;url&quot;:&quot;https://wagnerroadcm.substack.com/p/investing-in-ai-infrastructure-part&quot;,&quot;publication_id&quot;:3176584,&quot;publication_name&quot;:&quot;Scenic Route Investing by Wagner Road&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!48Sg!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png&quot;,&quot;title&quot;:&quot;Investing in AI Infrastructure (Part 1: The Big Picture)&quot;,&quot;truncated_body_text&quot;:&quot;The &#8220;big five&#8221; hyperscalers &#8212; Amazon, Alphabet, Microsoft, Meta, and Oracle &#8212; are expected to spend more than $600 billion on capital expenditures this year, 36% more than last year (and about 3 times more than what was spent in 2022!).&quot;,&quot;date&quot;:&quot;2026-03-18T16:02:46.016Z&quot;,&quot;like_count&quot;:5,&quot;comment_count&quot;:0,&quot;bylines&quot;:[{&quot;id&quot;:234971947,&quot;name&quot;:&quot;Andrew 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Founder &amp; CIO of Wagner Road Capital Management. I write about economics and investing, but nothing I write is investment advice.&quot;,&quot;profile_set_up_at&quot;:&quot;2024-05-14T19:41:32.506Z&quot;,&quot;reader_installed_at&quot;:&quot;2025-02-27T16:03:08.861Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:3234412,&quot;user_id&quot;:234971947,&quot;publication_id&quot;:3176584,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:3176584,&quot;name&quot;:&quot;Scenic Route Investing by Wagner Road&quot;,&quot;subdomain&quot;:&quot;wagnerroadcm&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Investment stories inspired by taking the long way around.\n\nA Wagner Road Capital Management publication.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png&quot;,&quot;author_id&quot;:234971947,&quot;primary_user_id&quot;:234971947,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2024-10-16T06:51:01.186Z&quot;,&quot;email_from_name&quot;:null,&quot;copyright&quot;:&quot;Andrew Wagner&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;magaziney&quot;,&quot;is_personal_mode&quot;:false,&quot;logo_url_wide&quot;:null}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:null,&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:false,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://wagnerroadcm.substack.com/p/investing-in-ai-infrastructure-part?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!48Sg!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png"><span class="embedded-post-publication-name">Scenic Route Investing by Wagner Road</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">Investing in AI Infrastructure (Part 1: The Big Picture)</div></div><div class="embedded-post-body">The &#8220;big five&#8221; hyperscalers &#8212; Amazon, Alphabet, Microsoft, Meta, and Oracle &#8212; are expected to spend more than $600 billion on capital expenditures this year, 36% more than last year (and about 3 times more than what was spent in 2022&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">2 months ago &#183; 5 likes &#183; Andrew Wagner</div></a></div><h3><a href="https://issnationallab.org/upward/reshaping-clean-energy-design-with-space-bubbles/">Bubbles In Space</a></h3><p>&#8220;When light of a certain wavelength hits the molecule, its structure shifts, changing from water-repelling to water-attracting and altering its shape.&#8221;</p><h3><span class="mention-wrap" data-attrs="{&quot;name&quot;:&quot;The Culturist&quot;,&quot;id&quot;:215243633,&quot;type&quot;:&quot;user&quot;,&quot;url&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a379bd33-958c-4e12-a721-2123280e8672_2720x2720.jpeg&quot;,&quot;uuid&quot;:&quot;8138c725-160a-4a60-acd1-db889b41dce7&quot;}" data-component-name="MentionToDOM"></span>: Are You Wasting Your Life?</h3><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:190919797,&quot;url&quot;:&quot;https://www.theculturist.io/p/you-are-wasting-your-life&quot;,&quot;publication_id&quot;:2242126,&quot;publication_name&quot;:&quot;The Culturist&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!MHT_!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5dbba027-7b23-4e26-9b63-be59ce16cc0e_1280x1280.png&quot;,&quot;title&quot;:&quot;You Are Wasting Your Life&quot;,&quot;truncated_body_text&quot;:&quot;You only have one life, so how will you live it?&quot;,&quot;date&quot;:&quot;2026-03-14T15:41:15.898Z&quot;,&quot;like_count&quot;:262,&quot;comment_count&quot;:8,&quot;bylines&quot;:[{&quot;id&quot;:215243633,&quot;name&quot;:&quot;The Culturist&quot;,&quot;handle&quot;:&quot;culturist&quot;,&quot;previous_name&quot;:&quot;Culture Critic&quot;,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a379bd33-958c-4e12-a721-2123280e8672_2720x2720.jpeg&quot;,&quot;bio&quot;:&quot;A community of lifelong learners pursuing the True, Good, and Beautiful.&quot;,&quot;profile_set_up_at&quot;:&quot;2024-06-26T12:53:53.984Z&quot;,&quot;reader_installed_at&quot;:&quot;2024-07-17T15:49:48.153Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:2258705,&quot;user_id&quot;:215243633,&quot;publication_id&quot;:2242126,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:2242126,&quot;name&quot;:&quot;The Culturist&quot;,&quot;subdomain&quot;:&quot;culturist&quot;,&quot;custom_domain&quot;:&quot;www.theculturist.io&quot;,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;A community of lifelong learners pursuing the True, Good, and Beautiful.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/5dbba027-7b23-4e26-9b63-be59ce16cc0e_1280x1280.png&quot;,&quot;author_id&quot;:215243633,&quot;primary_user_id&quot;:215243633,&quot;theme_var_background_pop&quot;:&quot;#009B50&quot;,&quot;created_at&quot;:&quot;2024-01-08T23:39:44.598Z&quot;,&quot;email_from_name&quot;:&quot;The Culturist&quot;,&quot;copyright&quot;:&quot;The Culturist&quot;,&quot;founding_plan_name&quot;:&quot;Founding Member&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;enabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;magaziney&quot;,&quot;is_personal_mode&quot;:false,&quot;logo_url_wide&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7e1f6693-4c9e-456a-9b31-b823723c4d06_2933x600.png&quot;}},{&quot;id&quot;:5953376,&quot;user_id&quot;:215243633,&quot;publication_id&quot;:5836405,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:false,&quot;publication&quot;:{&quot;id&quot;:5836405,&quot;name&quot;:&quot;The Ascent&quot;,&quot;subdomain&quot;:&quot;theascent&quot;,&quot;custom_domain&quot;:&quot;www.theascent.io&quot;,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Helping the soul ascend through the True, Good, and Beautiful.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/5d14261b-797c-4002-85a0-8d26d6b752e3_907x907.png&quot;,&quot;author_id&quot;:369557189,&quot;primary_user_id&quot;:369557189,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2025-07-30T17:43:57.696Z&quot;,&quot;email_from_name&quot;:&quot;The Ascent&quot;,&quot;copyright&quot;:&quot;Dcn. 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Member&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;enabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;magaziney&quot;,&quot;is_personal_mode&quot;:false,&quot;logo_url_wide&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/7e1f6693-4c9e-456a-9b31-b823723c4d06_2933x600.png&quot;}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:1000,&quot;status&quot;:{&quot;bestsellerTier&quot;:1000,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:{&quot;type&quot;:&quot;bestseller&quot;,&quot;tier&quot;:1000},&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:false,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://www.theculturist.io/p/you-are-wasting-your-life?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!MHT_!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5dbba027-7b23-4e26-9b63-be59ce16cc0e_1280x1280.png"><span class="embedded-post-publication-name">The Culturist</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">You Are Wasting Your Life</div></div><div class="embedded-post-body">You only have one life, so how will you live it&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">2 months ago &#183; 262 likes &#183; 8 comments &#183; The Culturist and Evan Amato</div></a></div><div><hr></div><h3>This week in Berkshire History</h3><p><strong>March 15, 2020:</strong> Berkshire sells BH Media Group (including The Buffalo News and The Omaha World Herald) to Lee Enterprises. </p><p><strong>March 18, 2008:</strong> Berkshire acquires a 60% stake in Marmon Holdings, Inc. </p><p><strong>March 21, 2022:</strong> Berkshire agrees to acquire Alleghany Corp. for $11.6 billion</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wMBg!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbf3ae557-e8c8-4f77-853b-e68cb9296587_852x390.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!wMBg!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbf3ae557-e8c8-4f77-853b-e68cb9296587_852x390.png 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https://substackcdn.com/image/fetch/$s_!S9_K!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7db5b58c-15d5-427d-8245-0b580dd7b209_780x304.png 848w, https://substackcdn.com/image/fetch/$s_!S9_K!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7db5b58c-15d5-427d-8245-0b580dd7b209_780x304.png 1272w, https://substackcdn.com/image/fetch/$s_!S9_K!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7db5b58c-15d5-427d-8245-0b580dd7b209_780x304.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!S9_K!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7db5b58c-15d5-427d-8245-0b580dd7b209_780x304.png" width="780" height="304" 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srcset="https://substackcdn.com/image/fetch/$s_!S9_K!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7db5b58c-15d5-427d-8245-0b580dd7b209_780x304.png 424w, https://substackcdn.com/image/fetch/$s_!S9_K!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7db5b58c-15d5-427d-8245-0b580dd7b209_780x304.png 848w, https://substackcdn.com/image/fetch/$s_!S9_K!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7db5b58c-15d5-427d-8245-0b580dd7b209_780x304.png 1272w, https://substackcdn.com/image/fetch/$s_!S9_K!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7db5b58c-15d5-427d-8245-0b580dd7b209_780x304.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b46/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b46/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending March 14, 2026]]></title><description><![CDATA[Links and tidbits from the week, plus BRK history.]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-e0a</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-e0a</guid><pubDate>Fri, 13 Mar 2026 16:15:54 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/hingham-savings-hifs-valuation-update?r=1o6xus">Hingam Savings Valuation Update</a></h3><div><hr></div><h3>Private Investment Coaching</h3><p>I&#8217;m offering a limited number of spots to help you gain confidence in your investing process and analysis.</p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/private-investment-coaching?r=1o6xus&quot;,&quot;text&quot;:&quot;Learn More&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/private-investment-coaching?r=1o6xus"><span>Learn More</span></a></p><h3>Less Is More</h3><p>The Hingham Savings annual letter referenced a paper in Nature about the virtues of subtraction. I found this <a href="https://www.economist.com/science-and-technology/2021/04/14/why-people-forget-that-less-is-often-more">Economist article</a> and <a href="https://youtu.be/1y32OpI2_LM?si=wpYdNBaKQitJqtGt">this video</a> that summarizes the paper. </p><h3>History &amp; Economics of Prefab Homes</h3><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:190659255,&quot;url&quot;:&quot;https://www.construction-physics.com/p/the-elusive-cost-savings-of-the-prefabricated&quot;,&quot;publication_id&quot;:104058,&quot;publication_name&quot;:&quot;Construction Physics&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!pMIM!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2c663799-8d26-4456-8c14-8283b618f705_590x590.png&quot;,&quot;title&quot;:&quot;The Elusive Cost Savings of the Prefabricated Home&quot;,&quot;truncated_body_text&quot;:&quot;It&#8217;s long been believed the constantly rising costs of new home construction, and lackluster improvements in construction productivity more generally, are fundamentally a problem of production methods. Most houses in the US are still built on-site, using manual labor and hand tools, a manner of construction that doesn&#8217;t seem all that different from cons&#8230;&quot;,&quot;date&quot;:&quot;2026-03-12T12:03:45.119Z&quot;,&quot;like_count&quot;:85,&quot;comment_count&quot;:27,&quot;bylines&quot;:[{&quot;id&quot;:3518108,&quot;name&quot;:&quot;Brian Potter&quot;,&quot;handle&quot;:&quot;brianpotter&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbbe0ccd5-353e-44b7-a31f-3ec42ef5c3ae_479x372.png&quot;,&quot;bio&quot;:&quot;https://constructionphysics.substack.com/&quot;,&quot;profile_set_up_at&quot;:&quot;2021-05-18T15:38:47.109Z&quot;,&quot;reader_installed_at&quot;:&quot;2024-03-28T12:37:34.327Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:238797,&quot;user_id&quot;:3518108,&quot;publication_id&quot;:104058,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:104058,&quot;name&quot;:&quot;Construction Physics&quot;,&quot;subdomain&quot;:&quot;constructionphysics&quot;,&quot;custom_domain&quot;:&quot;www.construction-physics.com&quot;,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Essays about buildings, infrastructure, and industrial technology.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2c663799-8d26-4456-8c14-8283b618f705_590x590.png&quot;,&quot;author_id&quot;:3518108,&quot;primary_user_id&quot;:3518108,&quot;theme_var_background_pop&quot;:&quot;#B599F1&quot;,&quot;created_at&quot;:&quot;2020-09-27T22:51:49.282Z&quot;,&quot;email_from_name&quot;:&quot;Construction Physics&quot;,&quot;copyright&quot;:&quot;Brian Potter&quot;,&quot;founding_plan_name&quot;:&quot;Founding Member&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;enabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:null,&quot;is_personal_mode&quot;:false,&quot;logo_url_wide&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d2cb9089-0575-49c9-9d97-dbf0f008f15f_3201x641.png&quot;}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:1000,&quot;status&quot;:{&quot;bestsellerTier&quot;:1000,&quot;subscriberTier&quot;:1,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:{&quot;type&quot;:&quot;bestseller&quot;,&quot;tier&quot;:1000},&quot;paidPublicationIds&quot;:[295937,6349492,159185],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://www.construction-physics.com/p/the-elusive-cost-savings-of-the-prefabricated?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!pMIM!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2c663799-8d26-4456-8c14-8283b618f705_590x590.png" loading="lazy"><span class="embedded-post-publication-name">Construction Physics</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">The Elusive Cost Savings of the Prefabricated Home</div></div><div class="embedded-post-body">It&#8217;s long been believed the constantly rising costs of new home construction, and lackluster improvements in construction productivity more generally, are fundamentally a problem of production methods. Most houses in the US are still built on-site, using manual labor and hand tools, a manner of construction that doesn&#8217;t seem all that different from cons&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">2 months ago &#183; 85 likes &#183; 27 comments &#183; Brian Potter</div></a></div><h3><a href="https://fs.blog/knowledge-project-podcast/outliers-jw-marriott/">Building Marriott at Age 55</a></h3><div><hr></div><h3>This week in Berkshire History</h3><p><strong>March 9, 1967: </strong>Berkshire enters the insurance business with the purchase of National Indemnity and National Fire &amp; Marine Insurance Company. </p><p><strong>March 14, 2000: </strong>Berkshire acquires a 76% economic interest in MidAmerican Energy Holdings, investing $2 billion.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!g8xN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F387e2962-9baa-47df-85a1-09f30c15a8f2_850x635.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!g8xN!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F387e2962-9baa-47df-85a1-09f30c15a8f2_850x635.png 424w, https://substackcdn.com/image/fetch/$s_!g8xN!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F387e2962-9baa-47df-85a1-09f30c15a8f2_850x635.png 848w, https://substackcdn.com/image/fetch/$s_!g8xN!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F387e2962-9baa-47df-85a1-09f30c15a8f2_850x635.png 1272w, 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-e0a/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-e0a/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!A_Fi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!A_Fi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 424w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 848w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 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url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, 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srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/berkshire-hathaway-deep-dive?r=1o6xus">Berkshire Deep Dive Update</a></h3><div><hr></div><h3><a href="https://berkshirehathaway.com/">Greg Abel&#8217;s First Letter</a></h3><p></p><h3>The Entire Abel Interview (Start at 13 mins)</h3><div id="youtube2-YKGqOS0kE3Q" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;YKGqOS0kE3Q&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/YKGqOS0kE3Q?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p></p><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:189571777,&quot;url&quot;:&quot;https://wagnerroadcm.substack.com/p/a-timelapse-of-the-tech-sector-part&quot;,&quot;publication_id&quot;:3176584,&quot;publication_name&quot;:&quot;Scenic Route Investing by Wagner Road&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!48Sg!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png&quot;,&quot;title&quot;:&quot;A Timelapse of the Tech Sector (Part 1: Before the Internet &#8212; Technology as a Physical Space)&quot;,&quot;truncated_body_text&quot;:&quot;There are many &#8220;snapshots&#8221; in time. They usually happen in the moment, looking at where things are right now and speculating about where things are going. What I&#8217;m doing here is a series of snapshots intended to make a long-term timelapse, because I find it helpful to examine the strategies and conditions that made businesses successful in the past. It&#8217;&#8230;&quot;,&quot;date&quot;:&quot;2026-03-04T17:00:25.240Z&quot;,&quot;like_count&quot;:4,&quot;comment_count&quot;:0,&quot;bylines&quot;:[{&quot;id&quot;:234971947,&quot;name&quot;:&quot;Andrew Wagner&quot;,&quot;handle&quot;:&quot;atwagner&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/58140e51-0533-48e1-996d-fc2a8c2443af_4325x4325.jpeg&quot;,&quot;bio&quot;:&quot;Author of The Economics of Online Gaming. Founder &amp; CIO of Wagner Road Capital Management. I write about economics and investing, but nothing I write is investment advice.&quot;,&quot;profile_set_up_at&quot;:&quot;2024-05-14T19:41:32.506Z&quot;,&quot;reader_installed_at&quot;:&quot;2025-02-27T16:03:08.861Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:3234412,&quot;user_id&quot;:234971947,&quot;publication_id&quot;:3176584,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:3176584,&quot;name&quot;:&quot;Scenic Route Investing by Wagner Road&quot;,&quot;subdomain&quot;:&quot;wagnerroadcm&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Investment stories inspired by taking the long way around.\n\nA Wagner Road Capital Management publication.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png&quot;,&quot;author_id&quot;:234971947,&quot;primary_user_id&quot;:234971947,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2024-10-16T06:51:01.186Z&quot;,&quot;email_from_name&quot;:null,&quot;copyright&quot;:&quot;Andrew Wagner&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;magaziney&quot;,&quot;is_personal_mode&quot;:false}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:null,&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://wagnerroadcm.substack.com/p/a-timelapse-of-the-tech-sector-part?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!48Sg!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe0f6166-114e-4da0-9ad7-eb8675c5ec49_206x206.png" loading="lazy"><span class="embedded-post-publication-name">Scenic Route Investing by Wagner Road</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">A Timelapse of the Tech Sector (Part 1: Before the Internet &#8212; Technology as a Physical Space)</div></div><div class="embedded-post-body">There are many &#8220;snapshots&#8221; in time. They usually happen in the moment, looking at where things are right now and speculating about where things are going. What I&#8217;m doing here is a series of snapshots intended to make a long-term timelapse, because I find it helpful to examine the strategies and conditions that made businesses successful in the past. It&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">2 months ago &#183; 4 likes &#183; Andrew Wagner</div></a></div><div><hr></div><h3>This week in Berkshire History</h3><p><strong>March 4, 2022:</strong> Berkshire spends $4.6 billion on equity securities in one day </p><p><strong>March 7, 1931:</strong> Associated Retailing, a chain of department stores operated by Ben Rosner and Leo Simon, and later merged into Berkshire via its Diversified Retailing merger, was formed.</p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-813/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-813/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending February 28, 2026]]></title><description><![CDATA[In Case You Missed It: Medifast Full Year 2025 Update]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-83b</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-83b</guid><pubDate>Fri, 27 Feb 2026 17:15:20 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://open.substack.com/pub/watchlistinvesting/p/medifast-full-year-2025-update?r=1o6xus&amp;utm_campaign=post&amp;utm_medium=web&amp;showWelcomeOnShare=true">Medifast Full Year 2025 Update</a></h3><div><hr></div><h3><a href="https://berkshirehathaway.com/">Greg Abel&#8217;s First Letter Drops Tomorrow!</a></h3><p></p><h3><a href="https://static.fmgsuite.com/media/documents/7c13e1b2-1daa-4621-b926-1bff480a67f9.pdf">Semper Augustus 2025 Letter</a></h3><p></p><h3>Investing Meta: Improve Your Mind</h3><p>Neuroplasticity and getting beyond the grind.</p><div id="youtube2-7nB1O2vqfXQ" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;7nB1O2vqfXQ&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/7nB1O2vqfXQ?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><iframe class="spotify-wrap podcast" data-attrs="{&quot;image&quot;:&quot;https://i.scdn.co/image/ab6765630000ba8ac27a8d722b0ba5ca0f788f35&quot;,&quot;title&quot;:&quot;#1061 - Oliver Burkeman - Why You Can&#8217;t Stop Your Productivity Addiction&quot;,&quot;subtitle&quot;:&quot;Chris Williamson&quot;,&quot;description&quot;:&quot;Episode&quot;,&quot;url&quot;:&quot;https://open.spotify.com/episode/4mTxsCFa3aRlOYEIWAJrPr&quot;,&quot;belowTheFold&quot;:true,&quot;noScroll&quot;:false}" src="https://open.spotify.com/embed/episode/4mTxsCFa3aRlOYEIWAJrPr" frameborder="0" gesture="media" allowfullscreen="true" allow="encrypted-media" loading="lazy" data-component-name="Spotify2ToDOM"></iframe><p></p><div><hr></div><h3>This week in Berkshire History</h3><p><strong>February 25, 2014:</strong> Berkshire completes its cash rich split off with Phillips 66 in exchange for a flow improver business and $450 million cash. </p><p><strong>February 27, 2001:</strong> Johns Manville acquired for $1.8 billion. </p><p><strong>February 28, 2006:</strong> Berkshire acquires Business Wire. </p><p><strong>February 29, 2016:</strong> Berkshire completes its acquisition of Duracell from Proctor &amp; Gamble.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/348bc1f4-44dd-4a91-bd91-7aa5f332f414_643x504.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:504,&quot;width&quot;:643,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:90151,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/189051999?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F348bc1f4-44dd-4a91-bd91-7aa5f332f414_643x504.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!dJM1!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F348bc1f4-44dd-4a91-bd91-7aa5f332f414_643x504.png 424w, https://substackcdn.com/image/fetch/$s_!dJM1!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F348bc1f4-44dd-4a91-bd91-7aa5f332f414_643x504.png 848w, https://substackcdn.com/image/fetch/$s_!dJM1!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F348bc1f4-44dd-4a91-bd91-7aa5f332f414_643x504.png 1272w, https://substackcdn.com/image/fetch/$s_!dJM1!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F348bc1f4-44dd-4a91-bd91-7aa5f332f414_643x504.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-83b/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-83b/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!A_Fi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!A_Fi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 424w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 848w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 1272w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png" width="542" height="830.535294117647" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending February 21, 2026]]></title><description><![CDATA[In Case You Missed It: Citizens Bancorp of Virginia (CZBT)]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-c3f</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-c3f</guid><pubDate>Fri, 20 Feb 2026 17:15:21 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/small-cap-bank-earning-14-roe-at?r=1o6xus">Citizens Bancorp of Virginia (CZBT)</a></h3><div><hr></div><h3><a href="https://www.ft.com/content/1f0191b8-a77b-4d8a-9fdb-304d21c7b1f5">Berkshire&#8217;s PacifiCorp Divests Assets</a></h3><h4></h4><h3><a href="https://youtube.com/shorts/E2Q1z3aSC5Y?si=LTwhKc94VcbBWzEB">Have We Reached Peak Alcohol?</a></h3><div><hr></div><h3>This week in Berkshire History</h3><p><strong>February 18, 2000:</strong> Wesco (then 80% owned by Berkshire) acquires CORT. </p><p>From Charlie Munger&#8217;s <a href="https://berkshirehathaway.com/wesco/cm2000.pdf">2000 letter</a> to Wesco shareholders:</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!6LHZ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!6LHZ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png 424w, https://substackcdn.com/image/fetch/$s_!6LHZ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png 848w, https://substackcdn.com/image/fetch/$s_!6LHZ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png 1272w, https://substackcdn.com/image/fetch/$s_!6LHZ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!6LHZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png" width="1237" height="918" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:918,&quot;width&quot;:1237,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:387951,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/188422995?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!6LHZ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png 424w, https://substackcdn.com/image/fetch/$s_!6LHZ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png 848w, https://substackcdn.com/image/fetch/$s_!6LHZ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png 1272w, https://substackcdn.com/image/fetch/$s_!6LHZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ca9e220-d02e-4601-afc7-9cac6edf8835_1237x918.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>From my book:</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!sdoA!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!sdoA!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png 424w, https://substackcdn.com/image/fetch/$s_!sdoA!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png 848w, https://substackcdn.com/image/fetch/$s_!sdoA!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png 1272w, https://substackcdn.com/image/fetch/$s_!sdoA!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!sdoA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png" width="837" height="616" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:616,&quot;width&quot;:837,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:104078,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/188422995?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!sdoA!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png 424w, https://substackcdn.com/image/fetch/$s_!sdoA!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png 848w, https://substackcdn.com/image/fetch/$s_!sdoA!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png 1272w, https://substackcdn.com/image/fetch/$s_!sdoA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb70e67ae-07f2-4fab-ae61-b8f1dfa16d69_837x616.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-c3f/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-c3f/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!A_Fi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!A_Fi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 424w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 848w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 1272w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png" width="542" height="830.535294117647" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1563,&quot;width&quot;:1020,&quot;resizeWidth&quot;:542,&quot;bytes&quot;:1527340,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/184583174?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" width="488" height="341.6" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending February 14, 2026]]></title><description><![CDATA[In Case You Missed It: Crazy Woman Creek Bancorp]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-254</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-254</guid><pubDate>Fri, 13 Feb 2026 17:15:55 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/nanocap-bank-earning-12-roe-at-085x?r=1o6xus">Crazy Woman Creek Bancorp</a></h3><div><hr></div><h4><a href="https://mailchi.mp/df29f0d7117d/carret">Phil Caret&#8217;s 100-Year-Old Barron&#8217;s Article</a></h4><p>A nice find by <span class="mention-wrap" data-attrs="{&quot;name&quot;:&quot;Behavioral Value Investor&quot;,&quot;id&quot;:1277631,&quot;type&quot;:&quot;pub&quot;,&quot;url&quot;:&quot;https://open.substack.com/pub/behavioralvalueinvestor&quot;,&quot;photo_url&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/8c801ed6-b5cd-4e6a-8a28-df9a230dfc19_203x203.png&quot;,&quot;uuid&quot;:&quot;0eaf149c-1ade-4a16-927c-13c915531144&quot;}" data-component-name="MentionToDOM"></span> </p><p></p><h4>New Elon Musk Interview</h4><p>I enjoy hearing how Musk thinks through business problems through the lens of constraints and first principles. </p><div id="youtube2-BYXbuik3dgA" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;BYXbuik3dgA&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/BYXbuik3dgA?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p></p><h4>The Coke Freestyle Machine is More Than You Think</h4><div id="youtube2--a29Ygyzc2c" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;-a29Ygyzc2c&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/-a29Ygyzc2c?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p></p><h4>Exercise Your Brain</h4><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:170608919,&quot;url&quot;:&quot;https://www.vigilantfox.com/p/the-300-year-old-secret-to-a-better&quot;,&quot;publication_id&quot;:975571,&quot;publication_name&quot;:&quot;The Vigilant Fox&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!Yavp!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0757593a-0033-41d3-a857-9f5d0d408224_588x588.png&quot;,&quot;title&quot;:&quot;The #1 Sound Your Brain Desperately Wants to Hear&quot;,&quot;truncated_body_text&quot;:&quot;Every once in a while, you run into a new piece of information that really opens your eyes to a whole new world.&quot;,&quot;date&quot;:&quot;2025-08-10T21:31:52.735Z&quot;,&quot;like_count&quot;:851,&quot;comment_count&quot;:159,&quot;bylines&quot;:[{&quot;id&quot;:82027648,&quot;name&quot;:&quot;The Vigilant Fox&quot;,&quot;handle&quot;:&quot;vigilantfox&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/78aa0c5c-c1de-49c0-8cef-c2d7447bcdea_1176x1176.png&quot;,&quot;bio&quot;:&quot;Licensed healthcare professional turned independent journalist. I didn&#8217;t trust the media, so I became the media. VigilantFox.com&quot;,&quot;profile_set_up_at&quot;:&quot;2022-06-30T17:51:57.286Z&quot;,&quot;reader_installed_at&quot;:&quot;2024-05-21T12:50:09.632Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:920133,&quot;user_id&quot;:82027648,&quot;publication_id&quot;:975571,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:975571,&quot;name&quot;:&quot;The Vigilant Fox&quot;,&quot;subdomain&quot;:&quot;vigilantfox&quot;,&quot;custom_domain&quot;:&quot;www.vigilantfox.com&quot;,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Citizen journalism. Viral clips. Unearthing what mainstream media buries.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/0757593a-0033-41d3-a857-9f5d0d408224_588x588.png&quot;,&quot;author_id&quot;:82027648,&quot;primary_user_id&quot;:82027648,&quot;theme_var_background_pop&quot;:&quot;#0068EF&quot;,&quot;created_at&quot;:&quot;2022-06-30T17:53:50.096Z&quot;,&quot;email_from_name&quot;:&quot;The Vigilant Fox&quot;,&quot;copyright&quot;:&quot;The Vigilant Fox&quot;,&quot;founding_plan_name&quot;:&quot;Founding 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href="https://www.vigilantfox.com/p/the-300-year-old-secret-to-a-better?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!Yavp!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0757593a-0033-41d3-a857-9f5d0d408224_588x588.png" loading="lazy"><span class="embedded-post-publication-name">The Vigilant Fox</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">The #1 Sound Your Brain Desperately Wants to Hear</div></div><div class="embedded-post-body">Every once in a while, you run into a new piece of information that really opens your eyes to a whole new world&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">9 months ago &#183; 851 likes &#183; 159 comments &#183; The Vigilant Fox</div></a></div><div><hr></div><h3>This week in Berkshire History</h3><p><strong>February 8, 2002:</strong> Berkshire acquires Albecca, Inc., parent of custom frame maker, Larson-Juhl. </p><p><strong>February 12, 2010:</strong> Berkshire acquires the 77.5% of Burlington Northern Santa Fe it did not already own.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!yiGN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6027f27-bb1c-4836-8845-aa8ac077dcbd_862x626.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!yiGN!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6027f27-bb1c-4836-8845-aa8ac077dcbd_862x626.png 424w, 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srcset="https://substackcdn.com/image/fetch/$s_!yiGN!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6027f27-bb1c-4836-8845-aa8ac077dcbd_862x626.png 424w, https://substackcdn.com/image/fetch/$s_!yiGN!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6027f27-bb1c-4836-8845-aa8ac077dcbd_862x626.png 848w, https://substackcdn.com/image/fetch/$s_!yiGN!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6027f27-bb1c-4836-8845-aa8ac077dcbd_862x626.png 1272w, https://substackcdn.com/image/fetch/$s_!yiGN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6027f27-bb1c-4836-8845-aa8ac077dcbd_862x626.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-254/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-254/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" 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424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" width="488" height="341.6" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:700,&quot;width&quot;:1000,&quot;resizeWidth&quot;:488,&quot;bytes&quot;:766462,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/172884158?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending February 7, 2026]]></title><description><![CDATA[Links and a short essay on mental models in action.]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-7c2</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-7c2</guid><pubDate>Fri, 06 Feb 2026 17:30:28 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/triumph-financial-tfin-q4-update?r=1o6xus">Triumph Financial Q4 Update</a></h3><div><hr></div><h4>Another great piece by <span class="mention-wrap" data-attrs="{&quot;name&quot;:&quot;Reflections of a Capital Allocator&quot;,&quot;id&quot;:7030304,&quot;type&quot;:&quot;pub&quot;,&quot;url&quot;:&quot;https://open.substack.com/pub/mteigstad&quot;,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8ed3ee23-6428-44df-8351-1d2312e84348_132x132.png&quot;,&quot;uuid&quot;:&quot;651d3014-bc54-49e0-b5de-59cb5997e195&quot;}" data-component-name="MentionToDOM"></span> </h4><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:186524419,&quot;url&quot;:&quot;https://mteigstad.substack.com/p/in-defense-of-loving-your-investments&quot;,&quot;publication_id&quot;:7030304,&quot;publication_name&quot;:&quot;Reflections of a Capital Allocator&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!AaYR!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8ed3ee23-6428-44df-8351-1d2312e84348_132x132.png&quot;,&quot;title&quot;:&quot;In Defense of Loving Your Investments&quot;,&quot;truncated_body_text&quot;:&quot;Spend some time reading investment advice and someone will surely tell you to ignore your emotions and focus only on the cold facts. There&#8217;s certainly wisdom in that stance. Emotions can cloud your judgement about a business.&quot;,&quot;date&quot;:&quot;2026-02-01T19:11:59.776Z&quot;,&quot;like_count&quot;:4,&quot;comment_count&quot;:3,&quot;bylines&quot;:[{&quot;id&quot;:414090417,&quot;name&quot;:&quot;Martin Teigstad Moe&quot;,&quot;handle&quot;:&quot;mteigstad&quot;,&quot;previous_name&quot;:&quot;Martin Teigstad-Moe&quot;,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/cd2e04af-7037-410c-af55-f05dd2f61471_1228x1228.jpeg&quot;,&quot;bio&quot;:&quot;I like thinking about business, and I share some of it here. Chairman of a Norwegian company focused on capital allocation.&quot;,&quot;profile_set_up_at&quot;:&quot;2025-11-13T16:15:24.570Z&quot;,&quot;reader_installed_at&quot;:&quot;2025-12-04T21:16:09.885Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:7174661,&quot;user_id&quot;:414090417,&quot;publication_id&quot;:7030304,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:false,&quot;publication&quot;:{&quot;id&quot;:7030304,&quot;name&quot;:&quot;Reflections of a Capital Allocator&quot;,&quot;subdomain&quot;:&quot;mteigstad&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;My name is Martin. I spend a lot of time thinking about business, and I share some of it on this platform.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8ed3ee23-6428-44df-8351-1d2312e84348_132x132.png&quot;,&quot;author_id&quot;:414090417,&quot;primary_user_id&quot;:414090417,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2025-11-22T20:30:13.132Z&quot;,&quot;email_from_name&quot;:&quot;Martin Teigstad Moe&quot;,&quot;copyright&quot;:&quot;Martin Teigstad Moe&quot;,&quot;founding_plan_name&quot;:&quot;Founding Member&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;enabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;newspaper&quot;,&quot;is_personal_mode&quot;:false}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:1,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:{&quot;type&quot;:&quot;subscriber&quot;,&quot;tier&quot;:1,&quot;accent_colors&quot;:null},&quot;paidPublicationIds&quot;:[290070],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:false,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://mteigstad.substack.com/p/in-defense-of-loving-your-investments?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!AaYR!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8ed3ee23-6428-44df-8351-1d2312e84348_132x132.png"><span class="embedded-post-publication-name">Reflections of a Capital Allocator</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">In Defense of Loving Your Investments</div></div><div class="embedded-post-body">Spend some time reading investment advice and someone will surely tell you to ignore your emotions and focus only on the cold facts. There&#8217;s certainly wisdom in that stance. Emotions can cloud your judgement about a business&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">3 months ago &#183; 4 likes &#183; 3 comments &#183; Martin Teigstad Moe</div></a></div><h4>John Maxfield&#8217;s passion for showing the roots and value of community banks shows in this video</h4><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:186345340,&quot;url&quot;:&quot;https://www.maxfieldonbanks.com/p/the-ole-country-banker&quot;,&quot;publication_id&quot;:1483417,&quot;publication_name&quot;:&quot;Maxfield on Banks&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!u7Xv!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F688f4fda-f384-4fa1-97dd-8c09f86dae0b_1280x1280.png&quot;,&quot;title&quot;:&quot;THE OLE' COUNTRY BANKER&quot;,&quot;truncated_body_text&quot;:&quot;This film is a long time in the making.&quot;,&quot;date&quot;:&quot;2026-01-30T20:59:24.734Z&quot;,&quot;like_count&quot;:3,&quot;comment_count&quot;:1,&quot;bylines&quot;:[{&quot;id&quot;:133243631,&quot;name&quot;:&quot;John Maxfield&quot;,&quot;handle&quot;:&quot;johnmaxfield&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e3d67050-bb20-4653-9b80-7019f1d34206_3600x3600.png&quot;,&quot;bio&quot;:&quot;My name is John Maxfield. I've spent sixteen years studying the banking industry and getting to know the country's best bankers. In this newsletter, I discuss all aspects of banking and finance.&quot;,&quot;profile_set_up_at&quot;:&quot;2023-03-10T19:11:12.646Z&quot;,&quot;reader_installed_at&quot;:&quot;2024-02-29T08:09:01.178Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:1449680,&quot;user_id&quot;:133243631,&quot;publication_id&quot;:1483417,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:1483417,&quot;name&quot;:&quot;Maxfield on Banks&quot;,&quot;subdomain&quot;:&quot;maxfieldonbanks&quot;,&quot;custom_domain&quot;:&quot;www.maxfieldonbanks.com&quot;,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;A study of extraordinary banking and bankers.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/688f4fda-f384-4fa1-97dd-8c09f86dae0b_1280x1280.png&quot;,&quot;author_id&quot;:133243631,&quot;primary_user_id&quot;:133243631,&quot;theme_var_background_pop&quot;:&quot;#25BD65&quot;,&quot;created_at&quot;:&quot;2023-03-10T19:11:45.020Z&quot;,&quot;email_from_name&quot;:&quot;John Maxfield&quot;,&quot;copyright&quot;:&quot;John Maxfield&quot;,&quot;founding_plan_name&quot;:&quot;Institution Subscription&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;enabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;newspaper&quot;,&quot;is_personal_mode&quot;:false}}],&quot;twitter_screen_name&quot;:&quot;MaxfieldOnBanks&quot;,&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:100,&quot;status&quot;:{&quot;bestsellerTier&quot;:100,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:{&quot;type&quot;:&quot;bestseller&quot;,&quot;tier&quot;:100},&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:false,&quot;type&quot;:&quot;podcast&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://www.maxfieldonbanks.com/p/the-ole-country-banker?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!u7Xv!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F688f4fda-f384-4fa1-97dd-8c09f86dae0b_1280x1280.png"><span class="embedded-post-publication-name">Maxfield on Banks</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title-icon"><svg width="19" height="19" viewBox="0 0 24 24" fill="none" xmlns="http://www.w3.org/2000/svg">
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</svg></div><div class="embedded-post-title">THE OLE' COUNTRY BANKER</div></div><div class="embedded-post-body">This film is a long time in the making&#8230;</div><div class="embedded-post-cta-wrapper"><div class="embedded-post-cta-icon"><svg width="32" height="32" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg">
  <path classname="inner-triangle" d="M10 8L16 12L10 16V8Z" stroke-width="1.5" stroke-linecap="round" stroke-linejoin="round"></path>
</svg></div><span class="embedded-post-cta">Listen now</span></div><div class="embedded-post-meta">3 months ago &#183; 3 likes &#183; 1 comment &#183; John Maxfield</div></a></div><h3>Mental Models Musings - Why I&#8217;m Glad to Pay $10/ounce for Rubbing Alcohol</h3><p>I first learned of Touchland hand sanitizer spray when it appeared on my kids&#8217; holiday shopping lists. Never heard of it? The company was founded in 2014 in Spain by Andrea Lisbona and came to the US in 2018. </p><p>The product aims to make hand sanitizer fashionable. </p><p>A curious byproduct of its success is a reduction in illness, at least in my family. It&#8217;s why I now consider the exorbitant price of $10 for a single ounce worth every penny. </p><p>We haven&#8217;t had a real cold or flu in the household all winter. The vector is almost always the kids bringing something home from school. But now, they&#8217;re using their Touchland spray all day long. Dad couldn&#8217;t be happier. </p><p>It&#8217;s interesting to see a confluence of factors at work. </p><ol><li><p><strong>Social proof:</strong> The company invests in marketing/advertising to make its product trendy. Kids see other kids using it and dutifully ask their parents to buy it for them.</p></li><li><p><strong>Operant conditioning: </strong>Each spritz delivers germ-busting ethyl alcohol (your basic rubbing alcohol) and, importantly, a pleasant scent, thus encouraging use. In this way it&#8217;s no different from other beauty/personal care products, I suppose.</p></li><li><p><strong>Classical conditioning:</strong> Each handshake, turn of a public door handle, etc., causes me to reach for the stuff, creating Pavlovian association effects. </p></li></ol><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!geQu!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fca52bdc1-25a2-4060-aa4d-2acf6295d696_720x576.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!geQu!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fca52bdc1-25a2-4060-aa4d-2acf6295d696_720x576.jpeg 424w, 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https://substackcdn.com/image/fetch/$s_!geQu!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fca52bdc1-25a2-4060-aa4d-2acf6295d696_720x576.jpeg 848w, https://substackcdn.com/image/fetch/$s_!geQu!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fca52bdc1-25a2-4060-aa4d-2acf6295d696_720x576.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!geQu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fca52bdc1-25a2-4060-aa4d-2acf6295d696_720x576.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" 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x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>This week in Berkshire History</h3><p><strong>February 2, 2017:</strong> Berkshire&#8217;s retroactive reinsurance deal with American International Group (AIG) becomes effective. The $10.2 billion premium covering up to a $20 billion payout was the largest insurance contract in history. </p><p><strong>February 6, 2006:</strong> Berkshire converts its preferred shares in MidAmerican into voting common shares after the repeal of PUCHA on August 8, 2005.</p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-7c2/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-7c2/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" 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424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" width="488" height="341.6" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:700,&quot;width&quot;:1000,&quot;resizeWidth&quot;:488,&quot;bytes&quot;:766462,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/172884158?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending January 31, 2026]]></title><description><![CDATA[In Case You Missed It: HIFS and MED Quick Updates]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-176</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-176</guid><pubDate>Fri, 30 Jan 2026 17:02:23 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://open.substack.com/pub/watchlistinvesting/p/hingham-hifs-and-medifast-med-quick?utm_campaign=post-expanded-share&amp;utm_medium=web">HIFS and MED Quick Updates</a></h3><div><hr></div><h4><a href="https://www.wsj.com/business/the-secret-society-of-people-who-know-the-formula-for-wd-40-e9c0ff54?st=VJ22oD">WD-40 Secret Formula Club (WSJ)</a></h4><p></p><h4><a href="https://www.darioamodei.com/essay/the-adolescence-of-technology?fbclid=IwY2xjawPnE9pleHRuA2FlbQIxMQBicmlkETF0bnp6V05melR4QnBEeUIyc3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABHsJ9XYlzhQVmhE70Q0Q1jAK-_Gj99ayObxzcmeaJDQbwwFPuX3YZmEFilq-y_aem_KODpNKrfOFFRfuNkzmyR7g">Dario Amodei (CEO of Anthropic) on AI Safety</a></h4><p>This is a very long article but worth a read to understand how AI might negatively impact the world. Now I want to watch Contact again.</p><p></p><h4>MicroCap Club Interview with Tim Hanson of Permanent Equity</h4><div id="youtube2-ZB0JBwItrTk" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;ZB0JBwItrTk&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/ZB0JBwItrTk?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h4>Physics</h4><p>This is pretty wild. </p><div id="youtube2-0-bZ_ci3Y34" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;0-bZ_ci3Y34&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/0-bZ_ci3Y34?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><h3>This week in Berkshire History</h3><p><strong>January 29, 2016: </strong>Berkshire acquires Precision Castparts Corp. for $37.2 billion. </p><p><strong>January 31, 2023:</strong> Acquired an additional 41.4% interest in Pilot Flying J (2nd of 3 steps). <em>Sidenote: I have a full juicy account of the Pilot transaction in the 2nd edition of The Complete Financial History of Berkshire Hathaway.</em></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!K6-R!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43652e68-1f71-41da-b0cf-65a59ed7facc_844x519.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!K6-R!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43652e68-1f71-41da-b0cf-65a59ed7facc_844x519.png 424w, https://substackcdn.com/image/fetch/$s_!K6-R!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43652e68-1f71-41da-b0cf-65a59ed7facc_844x519.png 848w, https://substackcdn.com/image/fetch/$s_!K6-R!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F43652e68-1f71-41da-b0cf-65a59ed7facc_844x519.png 1272w, 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https://substackcdn.com/image/fetch/$s_!31Gw!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7bb0a441-a839-4b21-8e06-8b951102f81b_850x1198.png 848w, https://substackcdn.com/image/fetch/$s_!31Gw!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7bb0a441-a839-4b21-8e06-8b951102f81b_850x1198.png 1272w, https://substackcdn.com/image/fetch/$s_!31Gw!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7bb0a441-a839-4b21-8e06-8b951102f81b_850x1198.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!31Gw!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7bb0a441-a839-4b21-8e06-8b951102f81b_850x1198.png" width="850" height="1198" 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-176/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-176/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending January 24, 2026]]></title><description><![CDATA[In Case You Missed It: Lifco AB - Swedish Serial Acquirer]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b06</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b06</guid><pubDate>Fri, 23 Jan 2026 17:02:23 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/lifco-ab-a-dividend-paying-focused?r=1o6xus">Lifco AB - Swedish Serial Acquirer</a></h3><div><hr></div><h4><em><strong>"I am a better investor because I am a businessman</strong></em><strong> and a better businessman because I am an investor.&#8221;</strong></h4><p>I dived into operator land this week. The first podcast is a fun conversation about building a micro PE fund, with a discussion about many boots-on-the-ground issues/problems to solve. </p><p>The second is Alex Hormozi describing how to grow each major type of business (as he sees it). Hormozi has lots of good content analyzing businesses of all types, and he speaks from direct and vicarious experience. </p><p>I find it fun to dive deep into some of the nitty-gritty of operating small businesses, as many of these problem sets exist in businesses of all sizes, whether in a division or business unit. </p><h4>Chenmark&#8217;s Trish Higgins</h4><iframe class="spotify-wrap podcast" data-attrs="{&quot;image&quot;:&quot;https://i.scdn.co/image/ab6765630000ba8ac376c968df33ef077c32d23a&quot;,&quot;title&quot;:&quot;#20 - Trish Higgins and How to Start a Micro-PE Fund&quot;,&quot;subtitle&quot;:&quot;John Wilson&quot;,&quot;description&quot;:&quot;Episode&quot;,&quot;url&quot;:&quot;https://open.spotify.com/episode/5XbxegkmZBRbH9CFWx8v1T&quot;,&quot;belowTheFold&quot;:true,&quot;noScroll&quot;:false}" src="https://open.spotify.com/embed/episode/5XbxegkmZBRbH9CFWx8v1T" frameborder="0" gesture="media" allowfullscreen="true" allow="encrypted-media" loading="lazy" data-component-name="Spotify2ToDOM"></iframe><h4>Alex Hormozi - How to think about every type of business</h4><div id="youtube2-qsXxckCbci0" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;qsXxckCbci0&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/qsXxckCbci0?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h4>Paris Timeline</h4><p>This one&#8217;s just for fun. Enjoy!</p><div id="youtube2-IFhKB5zHWFg" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;IFhKB5zHWFg&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/IFhKB5zHWFg?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h4></h4><div><hr></div><h3>This week in Berkshire History</h3><p>Another lull in BRK&#8217;s history. There were no major events from January 9th to the 28th. </p><p>Here&#8217;s a throwback for good measure.</p><div id="youtube2-4260dUkMMqU" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;4260dUkMMqU&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/4260dUkMMqU?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b06/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-b06/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" 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424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" width="488" height="341.6" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:700,&quot;width&quot;:1000,&quot;resizeWidth&quot;:488,&quot;bytes&quot;:766462,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/172884158?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending January 17, 2026]]></title><description><![CDATA[In Case You Missed It: BrightView Holdings (BV)]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-9fc</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-9fc</guid><pubDate>Fri, 16 Jan 2026 15:15:36 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/brightview-holdings-bv?r=1o6xus">BrightView Holdings (BV)</a></h3><div><hr></div><h4><a href="https://www.wsj.com/finance/the-collapse-of-a-car-parts-supplier-puts-spotlight-on-how-cash-flow-can-lie-9c26452b?st=iaZYxR&amp;reflink=desktopwebshare_permalink">Read The Footnotes! (WSJ)</a></h4><p>A good article discussing supply chain finance. These financing arrangements are there to see for anyone actually reading the financial statements. </p><p></p><h4><a href="https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/?utm_source=substack&amp;utm_medium=email">JPM Q1 Guide to the Markets</a></h4><p></p><h4>Arkenstone Banking School</h4><p><span class="mention-wrap" data-attrs="{&quot;name&quot;:&quot;Arkenstone Research&quot;,&quot;id&quot;:137877216,&quot;type&quot;:&quot;user&quot;,&quot;url&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/5bdea385-33a7-42c3-be08-6c07cf4e584a_908x908.png&quot;,&quot;uuid&quot;:&quot;c4d8c8d7-716a-4389-9072-6f5a286fbe07&quot;}" data-component-name="MentionToDOM"></span> has been putting out some great content on how to analyze banks. If you&#8217;re interested in banks or want to better understand how to analyze them, start here and follow Arkenstone. </p><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:182414661,&quot;url&quot;:&quot;https://arkenstoneresearch.substack.com/p/how-to-analyze-bank-performance-a&quot;,&quot;publication_id&quot;:6523399,&quot;publication_name&quot;:&quot;Arkenstone Research&quot;,&quot;publication_logo_url&quot;:null,&quot;title&quot;:&quot;Decomposing Bank Returns: From ROE to Operating Drivers&quot;,&quot;truncated_body_text&quot;:&quot;Introduction&quot;,&quot;date&quot;:&quot;2025-12-23T15:01:18.847Z&quot;,&quot;like_count&quot;:21,&quot;comment_count&quot;:0,&quot;bylines&quot;:[{&quot;id&quot;:137877216,&quot;name&quot;:&quot;Arkenstone Research&quot;,&quot;handle&quot;:&quot;arkenstoneresearch&quot;,&quot;previous_name&quot;:&quot;Arkenstone Capital&quot;,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/5bdea385-33a7-42c3-be08-6c07cf4e584a_908x908.png&quot;,&quot;bio&quot;:&quot;Learning and writing about banking&#8212;how returns, risk, and balance sheets interact across cycles.&quot;,&quot;profile_set_up_at&quot;:&quot;2023-04-01T20:32:13.156Z&quot;,&quot;reader_installed_at&quot;:&quot;2023-08-22T15:39:03.399Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:6657365,&quot;user_id&quot;:137877216,&quot;publication_id&quot;:6523399,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:false,&quot;publication&quot;:{&quot;id&quot;:6523399,&quot;name&quot;:&quot;Arkenstone Research&quot;,&quot;subdomain&quot;:&quot;arkenstoneresearch&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Learning and writing about banking&#8212;how returns, risk, and balance sheets interact across cycles.&quot;,&quot;logo_url&quot;:null,&quot;author_id&quot;:137877216,&quot;primary_user_id&quot;:137877216,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2025-10-10T03:02:54.625Z&quot;,&quot;email_from_name&quot;:&quot;Arkenstone Research&quot;,&quot;copyright&quot;:&quot;Arkenstone Research&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;magaziney&quot;,&quot;is_personal_mode&quot;:false}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:null,&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://arkenstoneresearch.substack.com/p/how-to-analyze-bank-performance-a?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><span></span><span class="embedded-post-publication-name">Arkenstone Research</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">Decomposing Bank Returns: From ROE to Operating Drivers</div></div><div class="embedded-post-body">Introduction&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">5 months ago &#183; 21 likes &#183; Arkenstone Research</div></a></div><h4>Robot Phlebotomists</h4><p>The world will look unrecognizable in 25 years. It&#8217;s an exciting time to be alive!</p><div class="twitter-embed" data-attrs="{&quot;url&quot;:&quot;https://x.com/LinusEkenstam/status/2011346139304640879?s=20&quot;,&quot;full_text&quot;:&quot;Not all robots walk on two legs. \n\nAletta is a robot that makes drawing blood completely automated. \n\nWe live in the future\n\n &quot;,&quot;username&quot;:&quot;LinusEkenstam&quot;,&quot;name&quot;:&quot;Linus &#10022; Ekenstam&quot;,&quot;profile_image_url&quot;:&quot;https://pbs.substack.com/profile_images/2000865949298176002/0GW70YnP_normal.jpg&quot;,&quot;date&quot;:&quot;2026-01-14T07:54:23.000Z&quot;,&quot;photos&quot;:[{&quot;img_url&quot;:&quot;https://substackcdn.com/image/upload/w_1028,c_limit,q_auto:best/l_twitter_play_button_rvaygk,w_88/p2ynlzwu2muzjwltclts&quot;,&quot;link_url&quot;:&quot;https://t.co/Uxa26r82XT&quot;}],&quot;quoted_tweet&quot;:{},&quot;reply_count&quot;:286,&quot;retweet_count&quot;:498,&quot;like_count&quot;:3626,&quot;impression_count&quot;:468902,&quot;expanded_url&quot;:null,&quot;video_url&quot;:&quot;https://video.twimg.com/ext_tw_video/2010975859843219456/pu/vid/avc1/1280x720/wKQmT_atkwMtnS5V.mp4?tag=12&quot;,&quot;belowTheFold&quot;:true}" data-component-name="Twitter2ToDOM"></div><div><hr></div><h3>This week in Berkshire History</h3><p>Another lull in BRK&#8217;s history. There were no major events from January 9th to the 28th. </p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-9fc/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-9fc/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!A_Fi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!A_Fi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 424w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 848w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 1272w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png" width="542" height="830.535294117647" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/a6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1563,&quot;width&quot;:1020,&quot;resizeWidth&quot;:542,&quot;bytes&quot;:1527340,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/184583174?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!A_Fi!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 424w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 848w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 1272w, https://substackcdn.com/image/fetch/$s_!A_Fi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6c7631d-fb5c-4d65-a220-3722e71b018c_1020x1563.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" width="488" height="341.6" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:700,&quot;width&quot;:1000,&quot;resizeWidth&quot;:488,&quot;bytes&quot;:766462,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/172884158?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending January 10, 2026]]></title><description><![CDATA[Save the Date: Watchlist Meetup Friday, January 16]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-034</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-034</guid><pubDate>Fri, 09 Jan 2026 15:15:21 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/copart-update?r=1o6xus">Copart Update</a></h3><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aF1I!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aF1I!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png 424w, https://substackcdn.com/image/fetch/$s_!aF1I!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png 848w, https://substackcdn.com/image/fetch/$s_!aF1I!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png 1272w, https://substackcdn.com/image/fetch/$s_!aF1I!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aF1I!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png" width="178" height="187.6216216216216" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:312,&quot;width&quot;:296,&quot;resizeWidth&quot;:178,&quot;bytes&quot;:155205,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/183925550?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aF1I!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png 424w, https://substackcdn.com/image/fetch/$s_!aF1I!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png 848w, https://substackcdn.com/image/fetch/$s_!aF1I!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png 1272w, https://substackcdn.com/image/fetch/$s_!aF1I!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff984d9b7-f956-42b5-aefa-b1e778b7019e_296x312.png 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><h3>Watchlist Subscriber Meetup: January 16, 2025 @ 11AM EDT</h3><p>I&#8217;ll send out a link to paid subscribers next week. </p><div><hr></div><h4><a href="https://apnews.com/article/california-commercial-drivers-license-immigrants-funding-a8904a07754ba2a5c8ec9781e6262ec1">California Delays Revocation of 17,000 CDL Drivers</a></h4><p>Eventually, these and other drivers will lose their licenses, which will drive up shipping costs. Good for the trucking companies, however. </p><h4><a href="https://berkshirehathaway.com/news/jan0226.pdf">Berkshire Completes Acquisition of OxyChem</a></h4><p>Berkshire&#8217;s first acquisition of the Abel era. I think it&#8217;s appropriate to credit this to Greg, even though it was negotiated last year. He very likely oversaw this from beginning to end. A nice way to start 2026. Speaking of which&#8230;</p><h4><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1067983/000119312526004727/d32284d8ka.htm">Greg Abel&#8217;s Salary Set at $25 million</a></h4><p>I find this very reasonable. It&#8217;s not a big increase from where he was before, and he still ranks FAR down the list of large companies. He&#8217;d be on page 8 of the <a href="https://aflcio.org/paywatch/highest-paid-ceos">2024 list.</a></p><h4>Buffett Interview Clip from CNBC</h4><p>High praise from Buffett. Buffett says he&#8217;d rather have Greg manage his money than any of the top managers or CEOs. </p><div id="youtube2-69CppfJO4YQ" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;69CppfJO4YQ&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/69CppfJO4YQ?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h4>New Elon Musk Interview</h4><p>During this interview, Musk mentions that he likes the <a href="https://www.dancarlin.com/hardcore-history-series/">Dan Carlin Hardcore History podcast</a>. I&#8217;ve started listening to the Mania for Subjugation series on Alexander the Great, which is great (no pun intended) if you&#8217;re a fellow history buff. Carlin is also on Substack <span class="mention-wrap" data-attrs="{&quot;name&quot;:&quot;Dan Carlin&quot;,&quot;id&quot;:139814918,&quot;type&quot;:&quot;user&quot;,&quot;url&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/05dc56cf-55a4-44f1-b863-8faa7cad5a03_576x768.jpeg&quot;,&quot;uuid&quot;:&quot;bdb03ba5-8bc5-4a94-a58b-cb9e39336c92&quot;}" data-component-name="MentionToDOM"></span> </p><div id="youtube2-Rni7Fz7208c" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;Rni7Fz7208c&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/Rni7Fz7208c?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div><hr></div><h3>This week in Berkshire History</h3><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!GNs0!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!GNs0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png 424w, https://substackcdn.com/image/fetch/$s_!GNs0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png 848w, https://substackcdn.com/image/fetch/$s_!GNs0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png 1272w, https://substackcdn.com/image/fetch/$s_!GNs0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!GNs0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png" width="412" height="241.62893081761007" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:373,&quot;width&quot;:636,&quot;resizeWidth&quot;:412,&quot;bytes&quot;:112356,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.watchlistinvesting.com/i/183925550?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!GNs0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png 424w, https://substackcdn.com/image/fetch/$s_!GNs0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png 848w, https://substackcdn.com/image/fetch/$s_!GNs0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png 1272w, https://substackcdn.com/image/fetch/$s_!GNs0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc86ca1e-aba4-487d-bd21-a6f24d9bff8b_636x373.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">Charlie Mugner: January 1, 1924 - November 28, 2023</figcaption></figure></div><p><strong>January 1, 1924:</strong> Charlie Munger born<br><strong>January 1, 2014:</strong> IMC acquires IMI, plc for $1.1 billion<br><strong>January 1, 2024:</strong> BNSF acquires Montana Rail Link for $2.1 billion<br><strong>January 1, 2026</strong>: Greg Abel assumes the role of Chief Executive Officer and President of Berkshire Hathaway </p><p><strong>January 3, 1972: </strong>Blue Chip Stamps begins acquiring shares of See&#8217;s Candy Shops, Incorporated. (93% owned by March 4, 1972, and 99% owned by March 3, 1973.) </p><p><strong>January 6, 1986:</strong> Berkshire acquires Scott Fetzer, a mini-conglomerate with diverse businesses that included World Book encyclopedias and Kirby vacuum cleaners. </p><p><strong>January 7, 1998:</strong> International Dairy Queen acquired. January 8, 2001: Shaw Industries acquired for $2.3 billion (87.3% of the company).</p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-034/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-034/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ziSY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ziSY!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 424w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 848w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ziSY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg" width="494" height="741" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1500,&quot;width&quot;:1000,&quot;resizeWidth&quot;:494,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!ziSY!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 424w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 848w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:700,&quot;width&quot;:1000,&quot;resizeWidth&quot;:488,&quot;bytes&quot;:766462,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/172884158?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending December 20, 2025]]></title><description><![CDATA[Analyzing great businesses and exploring timeless investing concepts.]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-340</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-340</guid><pubDate>Fri, 19 Dec 2025 14:15:22 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/bank-of-south-carolina-bksc?r=1o6xus">Bank of South Carolina (BKSC)</a></h3><div><hr></div><h4>Another great conversation between Shane Parrish and Rory Sutherland</h4><p>I enjoy the glimpses into Sutherland&#8217;s mind about how the world works.</p><div id="youtube2-QBznUHAopxU" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;QBznUHAopxU&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/QBznUHAopxU?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h3><span class="mention-wrap" data-attrs="{&quot;name&quot;:&quot;Evolutionary Finance&quot;,&quot;id&quot;:2707234,&quot;type&quot;:&quot;pub&quot;,&quot;url&quot;:&quot;https://open.substack.com/pub/destes&quot;,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/68543c12-136a-44c2-ad64-1dd56546d318_1280x1280.png&quot;,&quot;uuid&quot;:&quot;3816c55e-1388-4676-babc-f6f53eba6e9e&quot;}" data-component-name="MentionToDOM"></span> has a thought-provoking new post about AI. </h3><p>As I put it in an email to <span class="mention-wrap" data-attrs="{&quot;name&quot;:&quot;Drew Estes&quot;,&quot;id&quot;:2695893,&quot;type&quot;:&quot;user&quot;,&quot;url&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4d49f5b0-c424-401c-8785-cf502d7d2744_1536x1536.png&quot;,&quot;uuid&quot;:&quot;eb482f1a-d530-4bec-9fd3-4b5182a7aed2&quot;}" data-component-name="MentionToDOM"></span>, the AI infrastructure build is like four companies competing to build a new interstate highway system, all thinking they&#8217;re competing in a tech-like winner-take-all system, when in fact they are sowing the seeds of low prices for compute. Highly recommend you read Drew&#8217;s work, it&#8217;ll get you thinking</p><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:181250707,&quot;url&quot;:&quot;https://destes.substack.com/p/the-selfish-preme&quot;,&quot;publication_id&quot;:2707234,&quot;publication_name&quot;:&quot;Evolutionary Finance&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!XmdM!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68543c12-136a-44c2-ad64-1dd56546d318_1280x1280.png&quot;,&quot;title&quot;:&quot;The Selfish Preme&quot;,&quot;truncated_body_text&quot;:&quot;&#8220;All things are one.&#8221; - King of Salem (The Alchemist)&quot;,&quot;date&quot;:&quot;2025-12-10T17:07:24.000Z&quot;,&quot;like_count&quot;:1,&quot;comment_count&quot;:0,&quot;bylines&quot;:[{&quot;id&quot;:2695893,&quot;name&quot;:&quot;Drew Estes&quot;,&quot;handle&quot;:&quot;destes&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4d49f5b0-c424-401c-8785-cf502d7d2744_1536x1536.png&quot;,&quot;bio&quot;:null,&quot;profile_set_up_at&quot;:&quot;2024-06-14T17:17:10.037Z&quot;,&quot;reader_installed_at&quot;:null,&quot;publicationUsers&quot;:[{&quot;id&quot;:2746876,&quot;user_id&quot;:2695893,&quot;publication_id&quot;:2707234,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:2707234,&quot;name&quot;:&quot;Evolutionary Finance&quot;,&quot;subdomain&quot;:&quot;destes&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Musings on the intersection of evolution and finance. &quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/68543c12-136a-44c2-ad64-1dd56546d318_1280x1280.png&quot;,&quot;author_id&quot;:2695893,&quot;primary_user_id&quot;:2695893,&quot;theme_var_background_pop&quot;:&quot;#786CFF&quot;,&quot;created_at&quot;:&quot;2024-06-14T17:20:31.815Z&quot;,&quot;email_from_name&quot;:null,&quot;copyright&quot;:&quot;Drew Estes&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;newspaper&quot;,&quot;is_personal_mode&quot;:false}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:null,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:null,&quot;paidPublicationIds&quot;:[],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://destes.substack.com/p/the-selfish-preme?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!XmdM!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68543c12-136a-44c2-ad64-1dd56546d318_1280x1280.png" loading="lazy"><span class="embedded-post-publication-name">Evolutionary Finance</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">The Selfish Preme</div></div><div class="embedded-post-body">&#8220;All things are one.&#8221; - King of Salem (The Alchemist&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">5 months ago &#183; 1 like &#183; Drew Estes</div></a></div><h4>I was on a podcast/interview spree this week. Here&#8217;s David Senra&#8217;s interview with James Dyson</h4><div id="youtube2-Se64B8TKfjA" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;Se64B8TKfjA&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/Se64B8TKfjA?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><h4>I&#8217;d like to think these are BNSF tracks&#8230;.</h4><div class="twitter-embed" data-attrs="{&quot;url&quot;:&quot;https://x.com/Nuked4Every1/status/2001607608495399382?s=20&quot;,&quot;full_text&quot;:&quot;Biker Clears Canyon Gap To Escape The Police.&#128563; &quot;,&quot;username&quot;:&quot;Nuked4Every1&quot;,&quot;name&quot;:&quot;&#128293;&#11088;&#65039;Edwin&#11088;&#65039;&#128293;&quot;,&quot;profile_image_url&quot;:&quot;&quot;,&quot;date&quot;:&quot;2025-12-18T10:56:56.000Z&quot;,&quot;photos&quot;:[{&quot;img_url&quot;:&quot;https://substackcdn.com/image/upload/w_1028,c_limit,q_auto:best/l_twitter_play_button_rvaygk,w_88/aphfl8lsmtgadzawzpqk&quot;,&quot;link_url&quot;:&quot;https://t.co/q4sYYcwCEM&quot;}],&quot;quoted_tweet&quot;:{},&quot;reply_count&quot;:0,&quot;retweet_count&quot;:252,&quot;like_count&quot;:2015,&quot;impression_count&quot;:0,&quot;expanded_url&quot;:null,&quot;video_url&quot;:&quot;https://video.twimg.com/amplify_video/2001607592536104960/vid/avc1/396x270/N8EgHXqsThKOk_2A.mp4&quot;,&quot;belowTheFold&quot;:true}" data-component-name="Twitter2ToDOM"></div><div><hr></div><h3>This week in Berkshire History</h3><p><strong>December 18, 2000:</strong> Berkshire acquires Benjamin Moore Paint for $1 billion cash</p><p><strong>December 19, 2013:</strong> NV Energy was acquired for $5.6 billion</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!rJt0!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d71b5bf-d4b0-4496-95cc-ae5d1001b0e7_1220x1352.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!rJt0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d71b5bf-d4b0-4496-95cc-ae5d1001b0e7_1220x1352.png 424w, https://substackcdn.com/image/fetch/$s_!rJt0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d71b5bf-d4b0-4496-95cc-ae5d1001b0e7_1220x1352.png 848w, https://substackcdn.com/image/fetch/$s_!rJt0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d71b5bf-d4b0-4496-95cc-ae5d1001b0e7_1220x1352.png 1272w, https://substackcdn.com/image/fetch/$s_!rJt0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d71b5bf-d4b0-4496-95cc-ae5d1001b0e7_1220x1352.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!rJt0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d71b5bf-d4b0-4496-95cc-ae5d1001b0e7_1220x1352.png" width="1220" height="1352" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-340/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-340/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ziSY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ziSY!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 424w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 848w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!ziSY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg" width="494" height="741" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1500,&quot;width&quot;:1000,&quot;resizeWidth&quot;:494,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!ziSY!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 424w, 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" width="488" height="341.6" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:700,&quot;width&quot;:1000,&quot;resizeWidth&quot;:488,&quot;bytes&quot;:766462,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/172884158?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending December 13, 2025]]></title><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-8b3</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-8b3</guid><pubDate>Fri, 12 Dec 2025 14:15:26 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://www.watchlistinvesting.com/p/berkshire-act-ii-takes-shape?r=1o6xus">Berkshire Act II</a></h3><div><hr></div><h4><a href="https://bnsf.com/news-media/railtalk/innovation/odin-2025.html">New Tech Meets Old Tech at BNSF</a></h4><p>Berkshire&#8217;s railroad deploys high-tech sensors to monitor its tracks and identify issues.</p><h4>Incorporating AI Into Your Investment Process</h4><p>Gary Mishuris aka <span class="mention-wrap" data-attrs="{&quot;name&quot;:&quot;Behavioral Value Investor&quot;,&quot;id&quot;:1277631,&quot;type&quot;:&quot;pub&quot;,&quot;url&quot;:&quot;https://open.substack.com/pub/behavioralvalueinvestor&quot;,&quot;photo_url&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/8c801ed6-b5cd-4e6a-8a28-df9a230dfc19_203x203.png&quot;,&quot;uuid&quot;:&quot;62041bcc-53dc-49f2-9ff8-e51f78b45631&quot;}" data-component-name="MentionToDOM"></span> has done a lot of thinking about how to incorporate AI productively. I like his Category 1 vs. Category 2 use cases &#8212; essentially replacing grunt work vs. insights. Gary thinks there&#8217;s a place for both and that the analyst&#8217;s job won&#8217;t become obsolete. </p><div id="youtube2-LQ67IVa1mrY" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;LQ67IVa1mrY&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/LQ67IVa1mrY?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p></p><h4>The Science of Happiness</h4><p>This talk got me thinking about modern society&#8217;s endless options and how counterintuitive it is to restrict choices to improve happiness. I believe there are parallels in investing where the market and commentators are throwing up so much noise, so many possible investments, that you have to be intentional about what you let into your brain. </p><div id="youtube2-4q1dgn_C0AU" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;4q1dgn_C0AU&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/4q1dgn_C0AU?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p></p><h4>New Posts from Martin Teigstad Moe</h4><p>My new friend Martin has two new posts about his investment philosophy and process. Martin is sharing his investment journey, which is worth reading if you are new to investing or as a refresher if you&#8217;re a seasoned vet. </p><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:180714903,&quot;url&quot;:&quot;https://mteigstad.substack.com/p/principle-2-embrace-radical-long&quot;,&quot;publication_id&quot;:7030304,&quot;publication_name&quot;:&quot;Thinking Clearly&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!AaYR!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8ed3ee23-6428-44df-8351-1d2312e84348_132x132.png&quot;,&quot;title&quot;:&quot;Investment principle 2: Embrace Radical Long-Termism&quot;,&quot;truncated_body_text&quot;:&quot;Overview of the complete series:&quot;,&quot;date&quot;:&quot;2025-12-04T16:41:35.450Z&quot;,&quot;like_count&quot;:1,&quot;comment_count&quot;:0,&quot;bylines&quot;:[],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://mteigstad.substack.com/p/principle-2-embrace-radical-long?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!AaYR!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8ed3ee23-6428-44df-8351-1d2312e84348_132x132.png" loading="lazy"><span class="embedded-post-publication-name">Thinking Clearly</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">Investment principle 2: Embrace Radical Long-Termism</div></div><div class="embedded-post-body">Overview of the complete series&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">5 months ago &#183; 1 like</div></a></div><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:180888103,&quot;url&quot;:&quot;https://mteigstad.substack.com/p/investment-principle-4-reject-academic&quot;,&quot;publication_id&quot;:7030304,&quot;publication_name&quot;:&quot;Thinking Clearly&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!AaYR!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8ed3ee23-6428-44df-8351-1d2312e84348_132x132.png&quot;,&quot;title&quot;:&quot;Investment Principle 3: Reject academic dogma regarding risk&quot;,&quot;truncated_body_text&quot;:&quot;Principle:&quot;,&quot;date&quot;:&quot;2025-12-07T10:02:07.088Z&quot;,&quot;like_count&quot;:1,&quot;comment_count&quot;:0,&quot;bylines&quot;:[{&quot;id&quot;:414090417,&quot;name&quot;:&quot;Martin Teigstad Moe&quot;,&quot;handle&quot;:&quot;mteigstad&quot;,&quot;previous_name&quot;:&quot;Martin Teigstad-Moe&quot;,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/cd2e04af-7037-410c-af55-f05dd2f61471_1228x1228.jpeg&quot;,&quot;bio&quot;:&quot;Descendant of Norsemen. Trying to study my way out of the intellectual disadvantages inherent in such origins (and having fun doing so). I like thinking about business, and I share some of it here. Chairman of a company focused on capital allocation.&quot;,&quot;profile_set_up_at&quot;:&quot;2025-11-13T16:15:24.570Z&quot;,&quot;reader_installed_at&quot;:&quot;2025-12-04T21:16:09.885Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:7174661,&quot;user_id&quot;:414090417,&quot;publication_id&quot;:7030304,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:false,&quot;publication&quot;:{&quot;id&quot;:7030304,&quot;name&quot;:&quot;Thinking Clearly&quot;,&quot;subdomain&quot;:&quot;mteigstad&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;My name is Martin. I spend a lot of time thinking about business, and I share some of it on this platform.&quot;,&quot;logo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/8ed3ee23-6428-44df-8351-1d2312e84348_132x132.png&quot;,&quot;author_id&quot;:414090417,&quot;primary_user_id&quot;:414090417,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2025-11-22T20:30:13.132Z&quot;,&quot;email_from_name&quot;:&quot;Martin Teigstad Moe&quot;,&quot;copyright&quot;:&quot;Martin Teigstad Moe&quot;,&quot;founding_plan_name&quot;:&quot;Founding Member&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;enabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;newspaper&quot;,&quot;is_personal_mode&quot;:false}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:1,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:{&quot;type&quot;:&quot;subscriber&quot;,&quot;tier&quot;:1,&quot;accent_colors&quot;:null},&quot;paidPublicationIds&quot;:[290070],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://mteigstad.substack.com/p/investment-principle-4-reject-academic?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!AaYR!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8ed3ee23-6428-44df-8351-1d2312e84348_132x132.png" loading="lazy"><span class="embedded-post-publication-name">Thinking Clearly</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">Investment Principle 3: Reject academic dogma regarding risk</div></div><div class="embedded-post-body">Principle&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">5 months ago &#183; 1 like &#183; Martin Teigstad Moe</div></a></div><div><hr></div><h3>This week in Berkshire History</h3><p><strong>December 12, 2012: </strong>Berkshire repurchases 9,200 shares at $131,000 from the estate of a longtime shareholder (Al Ultchi). The board also authorizes the repurchase of shares at no higher than a 20% premium to book value.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!TXhf!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!TXhf!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg 424w, https://substackcdn.com/image/fetch/$s_!TXhf!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg 848w, https://substackcdn.com/image/fetch/$s_!TXhf!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!TXhf!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!TXhf!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg" width="236" height="214" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:214,&quot;width&quot;:236,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Business Aviation Safety Champion Al ...&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="Business Aviation Safety Champion Al ..." title="Business Aviation Safety Champion Al ..." srcset="https://substackcdn.com/image/fetch/$s_!TXhf!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg 424w, https://substackcdn.com/image/fetch/$s_!TXhf!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg 848w, https://substackcdn.com/image/fetch/$s_!TXhf!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!TXhf!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6755886-9edb-41d6-9a61-48dc16a7a010_236x214.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-8b3/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-8b3/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption"></p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h3><strong>Pre-Order the 2nd Edition Now!</strong></h3><p><strong><a href="https://amzn.to/49ZU1pB">Amazon</a>, <a href="https://www.barnesandnoble.com/w/the-complete-financial-history-of-berkshire-hathaway-2nd-ed-adam-j-mead/1148522951?ean=9781804093825">Barnes &amp; Noble</a>, or directly from <a href="https://harriman-house.com/authors/adam-j-mead/the-complete-financial-history-of-berkshire-hathaway-2nd-ed/9781804093832">Harriman House</a>, and at other major bookstores, for delivery in April 2026.</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!ziSY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!ziSY!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 424w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 848w, https://substackcdn.com/image/fetch/$s_!ziSY!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F72ac02f3-bfa3-407f-9b49-fb9933be1738_1000x1500.jpeg 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y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:700,&quot;width&quot;:1000,&quot;resizeWidth&quot;:488,&quot;bytes&quot;:766462,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/172884158?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!3IVD!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 424w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 848w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1272w, https://substackcdn.com/image/fetch/$s_!3IVD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div>]]></content:encoded></item><item><title><![CDATA[Watchlist Weekly: The Best of the Week Ending December 6, 2025]]></title><description><![CDATA[This week's links and recommendations.]]></description><link>https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-133</link><guid isPermaLink="false">https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-133</guid><pubDate>Fri, 05 Dec 2025 12:32:16 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!3IVD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d5bd41b-4078-4346-b7f9-7e447613dc75_1000x700.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!aLl4!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:345657,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://watchlistinvesting.substack.com/i/165711983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!aLl4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 424w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 848w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1272w, https://substackcdn.com/image/fetch/$s_!aLl4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd9a12938-e8c2-467e-a6c0-7ee3c5767c55_1575x525.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><h3>In Case You Missed It: <a href="https://open.substack.com/pub/watchlistinvesting/p/heartland-express-htld-q3-update?r=1o6xus&amp;utm_campaign=post&amp;utm_medium=web&amp;showWelcomeOnShare=true">Heartland Q3 Update</a></h3><div><hr></div><h4><strong>Introduction:</strong> </h4><p>Martin is based in Norway and is a thoughtful aspiring investor. He has written a series of posts which he&#8217;ll be sharing on his Substack in the coming weeks. I encourage you to follow Martin and learn from him and his journey as a value investor.</p><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:180700398,&quot;url&quot;:&quot;https://mteigstad.substack.com/p/investment-principle-1-always-think&quot;,&quot;publication_id&quot;:7030304,&quot;publication_name&quot;:&quot;Martin Teigstad Moe&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!J1je!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd2e04af-7037-410c-af55-f05dd2f61471_1228x1228.jpeg&quot;,&quot;title&quot;:&quot;Investment principle #1: Always think and behave like a business owner&quot;,&quot;truncated_body_text&quot;:&quot;Overview of the complete series:&quot;,&quot;date&quot;:&quot;2025-12-04T13:47:54.656Z&quot;,&quot;like_count&quot;:1,&quot;comment_count&quot;:0,&quot;bylines&quot;:[{&quot;id&quot;:414090417,&quot;name&quot;:&quot;Martin Teigstad Moe&quot;,&quot;handle&quot;:&quot;mteigstad&quot;,&quot;previous_name&quot;:&quot;Martin Teigstad-Moe&quot;,&quot;photo_url&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/cd2e04af-7037-410c-af55-f05dd2f61471_1228x1228.jpeg&quot;,&quot;bio&quot;:&quot;Descendant of Norsemen. Trying to study my way out of the intellectual disadvantages inherent in such origins; I'm having fun doing so! I like thinking about business, and I share some of it here. Chairman of a company focused on capital allocation.&quot;,&quot;profile_set_up_at&quot;:&quot;2025-11-13T16:15:24.570Z&quot;,&quot;reader_installed_at&quot;:null,&quot;publicationUsers&quot;:[{&quot;id&quot;:7174661,&quot;user_id&quot;:414090417,&quot;publication_id&quot;:7030304,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:false,&quot;publication&quot;:{&quot;id&quot;:7030304,&quot;name&quot;:&quot;Martin Teigstad Moe&quot;,&quot;subdomain&quot;:&quot;mteigstad&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Descendant of Norsemen, but I try to read my way out of the intellectual disadvantages inherent in such origins. Thankfully, I'm having fun in the process! My normal state is thinking about business; some of that is shared on this platform.&quot;,&quot;logo_url&quot;:null,&quot;author_id&quot;:414090417,&quot;primary_user_id&quot;:414090417,&quot;theme_var_background_pop&quot;:&quot;#FF6719&quot;,&quot;created_at&quot;:&quot;2025-11-22T20:30:13.132Z&quot;,&quot;email_from_name&quot;:&quot;Martin Teigstad Moe&quot;,&quot;copyright&quot;:&quot;Martin Teigstad Moe&quot;,&quot;founding_plan_name&quot;:&quot;Founding Member&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;enabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:&quot;profile&quot;,&quot;is_personal_mode&quot;:true}}],&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:null,&quot;status&quot;:{&quot;bestsellerTier&quot;:null,&quot;subscriberTier&quot;:1,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:{&quot;type&quot;:&quot;subscriber&quot;,&quot;tier&quot;:1,&quot;accent_colors&quot;:null},&quot;paidPublicationIds&quot;:[290070],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:false,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://mteigstad.substack.com/p/investment-principle-1-always-think?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!J1je!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcd2e04af-7037-410c-af55-f05dd2f61471_1228x1228.jpeg"><span class="embedded-post-publication-name">Martin Teigstad Moe</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">Investment principle #1: Always think and behave like a business owner</div></div><div class="embedded-post-body">Overview of the complete series&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">5 months ago &#183; 1 like &#183; Martin Teigstad Moe</div></a></div><p></p><h4><a href="https://www.ttnews.com/articles/dot-trucking-schools-review">44% of Commercial Driving Schools at Risk</a></h4><p>CDL licensure has significant implications for the supply of truckers on the road and, by extension, the price of freight. The trucking industry has been in a recession since Q3 2022.</p><p></p><h4><a href="https://cleantechnica.com/2025/03/26/92-5-of-new-power-capacity-added-worldwide-in-2024-was-from-renewables/?utm_source=substack&amp;utm_medium=email">Inflection Point for Renewables</a>, which are now over 90% of new capacity.</h4><p></p><h4>This is wild. The lawyers are already circling this one.</h4><div class="embedded-post-wrap" data-attrs="{&quot;id&quot;:180318834,&quot;url&quot;:&quot;https://www.yetanothervalueblog.com/p/a-friday-night-8-k-for-the-ages-ricks&quot;,&quot;publication_id&quot;:35915,&quot;publication_name&quot;:&quot;Yet Another Value Blog&quot;,&quot;publication_logo_url&quot;:&quot;https://substackcdn.com/image/fetch/$s_!35nB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1233ffbd-f395-45fa-b7dc-fa3afb7554f9_1280x1280.png&quot;,&quot;title&quot;:&quot;Rick's Thanksgiving Surprise: A Friday Night 8-K for the Age $RICK&quot;,&quot;truncated_body_text&quot;:&quot;TL;DR: On the heels of RICK&#8217;s CEO and CFO getting indicted, the company created one of the wildest disclosure timelines I&#8217;ve ever seen, with a key shareholder getting bought out for a massive premium&#8230;&quot;,&quot;date&quot;:&quot;2025-12-01T12:42:14.962Z&quot;,&quot;like_count&quot;:47,&quot;comment_count&quot;:8,&quot;bylines&quot;:[{&quot;id&quot;:476463,&quot;name&quot;:&quot;Andrew Walker&quot;,&quot;handle&quot;:&quot;yavb&quot;,&quot;previous_name&quot;:null,&quot;photo_url&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/1d11e673-dfbf-4e95-b13b-1f9ab3a3284d_387x379.png&quot;,&quot;bio&quot;:&quot;Yet Another Value Blogger. Portfolio manager and head of research at Rangeley Capital.&quot;,&quot;profile_set_up_at&quot;:&quot;2021-05-04T16:57:29.617Z&quot;,&quot;reader_installed_at&quot;:&quot;2024-12-28T23:49:27.217Z&quot;,&quot;publicationUsers&quot;:[{&quot;id&quot;:25111,&quot;user_id&quot;:476463,&quot;publication_id&quot;:35915,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:true,&quot;publication&quot;:{&quot;id&quot;:35915,&quot;name&quot;:&quot;Yet Another Value Blog&quot;,&quot;subdomain&quot;:&quot;yetanothervalueblog&quot;,&quot;custom_domain&quot;:&quot;www.yetanothervalueblog.com&quot;,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;Yet Another Value Blog applies a modern value investor's eye to quirky special situations and investing.&quot;,&quot;logo_url&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/1233ffbd-f395-45fa-b7dc-fa3afb7554f9_1280x1280.png&quot;,&quot;author_id&quot;:476463,&quot;primary_user_id&quot;:null,&quot;theme_var_background_pop&quot;:&quot;#00C2FF&quot;,&quot;created_at&quot;:&quot;2020-03-31T14:58:03.454Z&quot;,&quot;email_from_name&quot;:&quot;Yet Another Value Blogger (Andrew Walker)&quot;,&quot;copyright&quot;:&quot;Andrew Walker&quot;,&quot;founding_plan_name&quot;:&quot;Funding secured support&quot;,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;enabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:null,&quot;is_personal_mode&quot;:false}},{&quot;id&quot;:473944,&quot;user_id&quot;:476463,&quot;publication_id&quot;:544211,&quot;role&quot;:&quot;admin&quot;,&quot;public&quot;:true,&quot;is_primary&quot;:false,&quot;publication&quot;:{&quot;id&quot;:544211,&quot;name&quot;:&quot;Yet Another Value Podcast&quot;,&quot;subdomain&quot;:&quot;yetanothervaluepodcast&quot;,&quot;custom_domain&quot;:null,&quot;custom_domain_optional&quot;:false,&quot;hero_text&quot;:&quot;A podcast focused exclusively on value investing ideas&quot;,&quot;logo_url&quot;:null,&quot;author_id&quot;:476463,&quot;primary_user_id&quot;:null,&quot;theme_var_background_pop&quot;:&quot;#6B26FF&quot;,&quot;created_at&quot;:&quot;2021-10-27T23:47:17.497Z&quot;,&quot;email_from_name&quot;:null,&quot;copyright&quot;:&quot;Andrew Walker&quot;,&quot;founding_plan_name&quot;:null,&quot;community_enabled&quot;:true,&quot;invite_only&quot;:false,&quot;payments_state&quot;:&quot;disabled&quot;,&quot;language&quot;:null,&quot;explicit&quot;:false,&quot;homepage_type&quot;:null,&quot;is_personal_mode&quot;:false}}],&quot;twitter_screen_name&quot;:&quot;AndrewRangeley&quot;,&quot;is_guest&quot;:false,&quot;bestseller_tier&quot;:100,&quot;status&quot;:{&quot;bestsellerTier&quot;:100,&quot;subscriberTier&quot;:10,&quot;leaderboard&quot;:null,&quot;vip&quot;:false,&quot;badge&quot;:{&quot;type&quot;:&quot;bestseller&quot;,&quot;tier&quot;:100},&quot;paidPublicationIds&quot;:[113709,354212,658184,102182,949147,297813,1069501,19378,4820282,865911,22108,494832,882020,382120,2058002],&quot;subscriber&quot;:null}}],&quot;utm_campaign&quot;:null,&quot;belowTheFold&quot;:true,&quot;type&quot;:&quot;newsletter&quot;,&quot;language&quot;:&quot;en&quot;,&quot;source&quot;:null}" data-component-name="EmbeddedPostToDOM"><a class="embedded-post" native="true" href="https://www.yetanothervalueblog.com/p/a-friday-night-8-k-for-the-ages-ricks?utm_source=substack&amp;utm_campaign=post_embed&amp;utm_medium=web"><div class="embedded-post-header"><img class="embedded-post-publication-logo" src="https://substackcdn.com/image/fetch/$s_!35nB!,w_56,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1233ffbd-f395-45fa-b7dc-fa3afb7554f9_1280x1280.png" loading="lazy"><span class="embedded-post-publication-name">Yet Another Value Blog</span></div><div class="embedded-post-title-wrapper"><div class="embedded-post-title">Rick's Thanksgiving Surprise: A Friday Night 8-K for the Age $RICK</div></div><div class="embedded-post-body">TL;DR: On the heels of RICK&#8217;s CEO and CFO getting indicted, the company created one of the wildest disclosure timelines I&#8217;ve ever seen, with a key shareholder getting bought out for a massive premium&#8230;</div><div class="embedded-post-cta-wrapper"><span class="embedded-post-cta">Read more</span></div><div class="embedded-post-meta">5 months ago &#183; 47 likes &#183; 8 comments &#183; Andrew Walker</div></a></div><p></p><div><hr></div><h3>This week in Berkshire History</h3><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!MHyD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!MHyD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg 424w, https://substackcdn.com/image/fetch/$s_!MHyD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg 848w, https://substackcdn.com/image/fetch/$s_!MHyD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!MHyD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!MHyD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg" width="136" height="136" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/ad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:200,&quot;width&quot;:200,&quot;resizeWidth&quot;:136,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;AltaLink | LinkedIn&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="AltaLink | LinkedIn" title="AltaLink | LinkedIn" srcset="https://substackcdn.com/image/fetch/$s_!MHyD!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg 424w, https://substackcdn.com/image/fetch/$s_!MHyD!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg 848w, https://substackcdn.com/image/fetch/$s_!MHyD!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!MHyD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fad6449a6-14cc-44c6-b119-42eae84bcf38_200x200.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div></div></div></a></figure></div><p><strong>December 1, 2014:</strong> Berkshire Hathaway Energy acquires AltaLink, a Canadian electric transmission-only business, for $2.7 billion.</p><div><hr></div><p><em><strong>That&#8217;s it for this week. Hit reply and let me know what you think. What have you been reading that&#8217;s worth sharing? Let me know in the comments. </strong></em></p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-133/comments&quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://www.watchlistinvesting.com/p/watchlist-weekly-the-best-of-the-133/comments"><span>Leave a comment</span></a></p><p><em><strong>Stay Rational!</strong></em></p><p><em><strong>Adam</strong></em></p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.watchlistinvesting.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Watchlist Investing is a reader-supported publication. 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