Links - 05/31/2023
“A valuation, which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which really do not make much difference . . . since there will be no strong roots of conviction to hold it steady.” —John Maynard Keynes
Berkshire Owns About 25% of Occidental After Fresh Buys (LINK)
Berkshire Hathaway owns just under 25% of Occidental Petroleum after buying about $275 million of stock in the big energy company during recent days, according to a regulatory filing late Tuesday.
Berkshire Hathaway bought a total of about 4.66 million shares of Occidental Petroleum on Thursday, Friday and Tuesday in the open market, bringing its total ownership to 222 million shares worth $13 billion.
…Buffett likes paying less than $60 a share for Occidental and Berkshire’s average cost is probably in the low to mid 50s, Barron’s estimates. Buffett said at Berkshire’s annual meeting in May that he isn’t seeking to control Occidental but said he might continue buying more stock.
TSOH on Position Sizing [part free, part paid-subscriber post] (LINK) [I added a little to the discussion via a comment that I made on Twitter last week. And there is a lot more available to read about the topic in the post Investing Thoughts and Wisdom (mostly from others) – Part 3.]
Absolute Return Letter - June 23: The Return of El Niño (LINK)
Business Breakdowns Podcast: PayPal: A Digital Money Marketplace (LINK)
Business Wars Podcast: Target vs Walmart | Retail Rumble | 1 (LINK)
Resolve’s Gestalt University Podcast: ReSolve Riffs with Doomberg on Peeling the Layers and Unpacking the Facts Behind Headlines (LINK)
Private Equity Deals Podcast: Mavis Tire Express Services – David Roux and Tom O’Rourke (BayPine) (LINK)
Conversations with Tyler Podcast: Seth Godin on Marketing, Meaning, and the Bibs We Wear (LINK)
How to Take Over the World Podcast: Leonardo Da Vinci (Endnotes) (LINK)
Origin Stories Podcast: Episode 65: The Hobbit (LINK)
These Animals Shouldn’t Be Alive, Much Less Sprinting - by Ed Yong (LINK)
“Correction does much, but encouragement does more.” —Johann Wolfgang von Goethe
“A good Example is the best Sermon.” —Benjamin Franklin