Links - 05/05/2025
“What has happened in the last 30, 45, 100 days…. It’s really nothing. There’s been three times since we acquired Berkshire when Berkshire has gone done 50% in a very short period of time. Three different times. Nothing was fundamentally wrong with the company at any time…. This [year] has not been a dramatic bear market or anything of the sort.” —Warren Buffett (2025 Berkshire Hathaway Annual Shareholder Meeting)
Editor’s Note: The big news of the weekend was Warren Buffett announcing that he’ll step down as CEO of Berkshire Hathaway at year-end. I was fortunate to be in the arena at the Annual Meeting for the announcement and, while there were some hints it might happen, and so it wasn’t all that surprising, it was still surreal to hear him actually say it as the meeting was coming to a close. He felt it was time and, like he has since he first started his partnership in the 1950s, made a decision he felt was best for his partners and shareholders. And for those long-term investors wondering about the business and stock during the next decade or so, Charlie Munger’s words from 2013, when he and Mr. Buffett were asked about it, might be helpful: “Well, my thoughts are very simple. I want to say to the many Mungers in the audience: Don’t be so stupid as to sell these shares.”
2025 Berkshire Hathaway Annual Shareholder Meeting (Full Video, Podcast: Part 1, Part 2)
Why There Will Never Be Another Warren Buffett - by Jason Zweig (LINK)
Read the WSJ’s Early Coverage of Warren Buffett (LINK)
Warren Buffett’s successor is a deal-making business whiz who never misses his son’s hockey games (LINK)
How Warren Buffett Changed the Way Investors Think of Investing (LINK)
Signing Off After Sixty: Warren Buffett Leaves The Stage (At Year End) (LINK)
VALUExBRK 2025 (video) (LINK)
The Investor’s Podcast: TIP719: Investing and Life Lessons w/ Mohnish Pabrai (Video and Transcript, Podcast)
Your Money-Market Fund Is Ripping You Off - by Jason Zweig (LINK)
The CEO Who Says an Asteroid Is Coming to Destroy America’s Businesses (LINK)
Collections Coming for Millions of Student-Loan Borrowers (LINK)
Horizon Kinetics’ 1st Quarter 2025 Commentary (Commentary, Webinar)
Platform Power Is Underrated - by Ben Thompson (LINK)
My Presentation from Planet MicroCap Las Vegas 2025 - by Ian Cassel (LINK)
The Greed and Fear Tango: Markets in April 2025 - by Aswath Damodaran (LINK)
Absolute Return Letter: Europe’s (lack of) Reply to Trump - Is the Economic Bazooka Coming? (LINK)
Sean Carroll’s Mindscape Podcast: Eric Topol on the Changing Face of Medicine and Aging (LINK)
The Rest Is History Podcast: Peter the Great: The Rise of Russia (Part 1) (LINK)
Short History Of... Podcast: VE Day (LINK)
“You get a few breaks in life in terms of people you will meet who will just change your life dramatically. You need a handful of those and, when you get them, you treasure them.” —Warren Buffett (2025 Berkshire Hathaway Annual Shareholder Meeting)