Watchlist Weekly: The Best of the Week Ending September 6, 2025

Links and thoughts for the week.

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In Case You Missed It: Creightons, PLC Full Year 3/31/25 Update

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Trump’s Crypto Scheme (WSJ)

How can this be anything but madness? The Trumps raise $750 million of outside money to buy their own cryptocurrency, which will net them a $500 million payday. I don’t know how to conclude other than this is a massive fraud (at worst) or construction of a skyscraper on sand (at best).

How to Make Sure ChatGPT Doesn’t Make You Dumber (WSJ)

It comes down to not overly relying on it and making sure you use it as a tool. Yes, AI is going to change the world, but I’m willing to bet (and am given my profession) that there’s a ton of value in cultivating your mind and striving to become a better thinker. To the extent that others do not — so much the better!

Casey Handmer on Relentless Podcast

h/t

Liberty

for this one. I enjoyed hearing Handmer’s thought process as much as the things he talked about.

Breaking Up Is Hard to Do: Kraft Heinz

I've seen the headlines about Buffett's "big mistake" in buying Kraft. The *actual* record isn't that terrible. IRR of almost 6% is more of an opportunity cost loss than a major blunder. Berkshire paid $9.8 billion, collected $6.3 billion in dividends, AND still has an asset worth $8.8 billion.

Also, don't forget: Berkshire wrote *up* its investment by $6.8 billion in 2015 after the merger. That's conveniently forgotten when discussing the (admittedly many) goodwill impairments.

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This week in Berkshire History

September 4, 2002: Berkshire acquires Garan, Incorporated, maker of Garanamals

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That’s it for this week. Hit reply and let me know what you think. What have you been reading that’s worth sharing? Let me know in the comments.

Stay Rational!

Adam

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