Investment Ideas & Company Research

Facebook Is Undervalued

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As I mentioned in a note to my investors earlier this week, the spirit of the Holiday shopping season has been extended to certain parts of the stock market, with a number of bargains to be found. In terms of interesting ideas to be excited about, my watchlist is beginning to rival the ever-growing wish list that my kids have diligently been preparing for Santa. I wrote a letter to Saber Capital investors this week with some thoughts on Facebook, […]

Case Studies

Buffett’s Underrated Investment Attribute

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A few weeks ago, Sears finally filed for bankruptcy, and I decided to read through some of my notes I’ve compiled over the years on that company. During this review, I came across a couple old posts that I wrote on the topic of circle of competence: Sears and 7-Foot Hurdles Knowing Your Investment Boundaries As I recently mentioned, I think one of Warren Buffett’s most underrated skills is his ability to recognize when a situation is getting outside of […]

Books

Fannie Mae, Freddie Mac, Investor Sentiment and the Housing Market

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I’ve been spending some time studying the housing market and a number of companies that directly and indirectly do business in that industry. I have a view on the fundamentals of the housing market that I might write about another time. But as a somewhat related aside, a few studies out there have noted how we, as humans, naturally fear financial panics but incorrectly and inadequately prepare for the next panic using tactics that would have helped prevent the previous […]

Education

China Thoughts and the Circle of Competence

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I had a great week in China with Jake Rosser and Connor Leonard, two good friends and fellow investors. We spent our time visiting a few companies, talking with employees and business owners, and just observing some day to day life in Beijing and Shanghai. I have spent a significant amount of time over the past few years reading and learning about China, and it was very helpful to apply the learnings with some real world on-the-ground observations. I have […]

Charlie Munger

Two Berkshire Takeaways and Thoughts on Competitive Markets

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On a morning run a few weeks ago, I was listening to a talk by Alice Schroeder, author of the outstanding Buffett biography Snowball. She was discussing some things she learned from Buffett in front of an audience of Microsoft employees. Schroeder is always someone I like listening to. She’s an excellent storyteller, she has a thorough understanding of both business and investing, and she has had more access to Buffett’s files than any other outsider. The combination of these attributes […]

Case Studies

Discussion at Markel

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I sent this to Saber Capital clients last week, and I wanted to post it here on the site as well. Last month, I had the great privilege to visit Markel and speak with Tom Gayner and a few of his colleagues at Markel in Richmond, Virginia. Markel has always been a company that I’ve greatly respected, in large part thanks to the leadership of Tom Gayner, who has done an outstanding job stewarding the culture that the Markel family established […]

General Thoughts

Connor Leonard’s 2017 IMC Letter

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Long-time readers are likely familiar with Connor Leonard, but for those who don’t know him, Connor is a good friend of mine who runs the public securities portfolio at Investors Management Corporation. IMC is a holding company located in Raleigh, North Carolina. The firm focuses on long-term ownership of outstanding companies in both the public and private markets. Connor has shared some thoughts with BHI readers in the past, including a post on Reinvestment Moats, Capital Light Compounders, as well as […]

Saber Capital Management

Saber Capital Annual Investor Letter

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Here is Saber Capital’s annual letter that I sent to my investors last week: Saber Capital 2017 Review If you’d like to get on Saber’s email distribution list, you can do so here. Some of the letters and write-ups I send to clients get posted here as well. This email list will receive some of the writing that I send out to my investors, usually one or two pieces of commentary every few months. Thanks for reading! John Huber is the […]

Investment Philosophy

Saber Capital Discussion with Googlers

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In late January, I had the great experience of visiting Google in Mountain View, California, where I had the chance to do meet with some Google employees to discuss investing (here are the slides from the talk). The timing was fortunate, as it was my good friend Saurabh Madaan’s last week as a Googler. In addition to his post as a senior data scientist at Google, the value investing community knows him for his side gig: hosting the Investing Talks […]

Books

Human Behavior and The Panic of 1907

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I recently wrote a post about a book I really liked called America’s Bank, by Roger Lowenstein. The book talks about the formation of the Federal Reserve, and the events that led to it. One of the major catalysts that started the process of banking reform was the Panic of 1907. What Caused the Panic of 1907? Basically, the Panic of 1907 was caused by a classic run on the bank, leading to the failure of the Knickerbocker Trust company […]