Links - 01/16/2024

“Many investors insist on affixing exact values to their investments, seeking precision in an imprecise world, but business value cannot be precisely determined…. Any attempt to value businesses with precision will yield values that are precisely inaccurate. The problem is that it is easy to confuse the capability to make precise forecasts with the ability to make accurate ones.” —Seth Klarman

“The essential point is that security analysis does not seek to determine exactly what is the intrinsic value of a given security. It needs only to establish that the value is adequate – e.g., to protect a bond or to justify a stock purchase or else that the value is considerably higher or considerably lower than the market price. For such purposes an indefinite and approximate measure of the intrinsic value may be sufficient.” —Benjamin Graham and David Dodd

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The Art of Looking Stupid - by Eric Cinnamond (LINK)

Microsoft CEO Nadella on AI Wave and Tech in 2024 (video) (LINK)

Berkshire Hathaway’s Tobacco History Part VII — Conwood: A Remarkable Company - by Gene Hoots (LINK)

Wealth Unlocked: Navigating The Benefits Of Backdoor Roth IRAs - by Phil Weiss (LINK)