In Case You Missed It:
Last Week’s Post: Boston Beer Q3 Update
A Rare Intra-Year Letter From Warren Buffett (WSJ Link)
According to this WSJ piece, Buffett plans to write a Thanksgiving letter to his kids and shareholders, which will be released on November 10. This is the value investing equivalent of the countdown timer Taylor Swift used to announce her latest album a few months ago. The next BRK annual letter to shareholders will be written by Greg Abel, and I wonder if this is a farewell letter of sorts from Buffett. I’d expect a few big themes: Bet on America, Berkshire’s future is bright, and he’s not selling a single share.
How to Make Money in the Garbage Industry
h/t to my friend Carter for this. I enjoyed going deep on a simple industry. I find it interesting how it seems simple on one level (drive around and collect garbage) → gets complicated in the middle (lots of ratios, CAC, LTV, etc.) → and then gets simple again when you look at a few levers to pull that really drive the business.
How to Bet After A Hot Market - Part 2
This week in Berkshire History
October 31, 2002: Berkshire acquires CTB International, a manufacturer of equipment and systems for the poultry, hog, egg production and grain industries.
October 31, 2002: Berkshire acquires The Pampered Chef, LTD, the largest branded kitchenware company and the largest direct seller of housewares in the U.S.
October 31, 2019: Berkshire’s Marmon acquires Colson Medical companies.
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
