Portfolio Management

Gustavo Ballvé on August 25th, 2016

It was my birthday yesterday and I want to share a great information source with my readers: the Valor Intrínseco blog (translation: Intrinsic Value), which joins our blogroll. The blog posts are only in Portuguese, but its subject matter is Value Investing and the material they source is, 99% of the time, in English. I am more than glad to help this “competitor” out because great work always deserves praise – and because there is so much noise in the investment world, we need all the help we can get to hone in on the good stuff.

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Gustavo Ballvé on July 19th, 2016

Shamelessly I return to reading lists, one from McKinsey & Co. and the other from Harvard Business School. If you don’t know whether to thank me or hate me (“I haven’t finished the last books I bought and here comes an interesting list…”), I completely understand you.

Read more about Reading lists – CEOs and HBS professors

Gustavo Ballvé on July 1st, 2016

After a very public fraud issue with insurance licensing, Zenefits is taking steps to re-adequate its financing and shareholder base. Yes, it is in exchange for a promise of no legal action, and no, not everyone is happy – but it seems as interesting as it is unusual.

Read more about Unusual steps at Zenefits

Gustavo Ballvé on May 1st, 2016

The meeting has been over for a few hours now. I wonder whether coming here was worth it, even though I have just reassumed coverage of Berkshire Hathaway for my company. It is still good fun and this year the Brazilian team here was pretty sizable. However, since the webcast appears to have worked well, the expense and […]

Read more about Berkshire Hathaway 2016 annual meeting: photo gallery

Gustavo Ballvé on April 30th, 2016

The Berkshire Hathaway 2016 annual meeting starts in 15 minutes. You can watch it LIVE, for the first time, through Yahoo Finance. Let us hope for good questions!

Read more about The Berkshire Hathaway 2016 annual meeting starts in 15 minutes

Gustavo Ballvé on April 29th, 2016

I am in Omaha, NE, for my fourth Berkshire Hathaway annual shareholders meeting. Stay tuned for more.

Read more about 4th time is the charm: Berkshire Annual Meeting 2016

Gustavo Ballvé on February 27th, 2016

I have just finished reading Berkshire Hathaway’s 2015 10-K. The letter to shareholders by Warren Buffett (edited by Carol Loomis) is brilliant, as usual. I have written here about how these two “walk their talk” (Buffett and Munger), and this 51st letter to Berkshire shareholders is another fine example. The section on Productivity is mandatory reading, especially so for Brazilians.

Read more about Berkshire Hathaway 2015 annual report + Munger Residences

Gustavo Ballvé on November 22nd, 2015

I highlight an HBR article called The Overvaluation Trap, about behavioral issues that can emerge when a company’s price is so high that management cannot, “in the absence of amazingly good luck”, be able to perform to such lofty expectations. The resulting decisions can have catastrophic consequences for the companies involved – and for their investors.

Read more about The behavioral traps of overvaluation

Gustavo Ballvé on November 17th, 2015

In a return of reader-suggested stories – keep them coming! – we explore an specific example of how “some moats are harder to cross” using a Financial Times story on Elsevier, RELX Group’s scientific journal publishing unit. According to the FT, it is “the business the Internet couldn’t kill”.

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Gustavo Ballvé on October 31st, 2015

My notes on Guy Spier’s book, The Education of a Value Investor. The book is much better for beginners, but there are very interesting tidbits for experienced investors. Some of what he shared about productivity and about finding a group of people you both admire and trust so you can debate ideas with them resonated a lot with things I had been thinking about, or doing, without necessarily having an idea of where it could lead to.

Read more about Notes on Guy Spier’s Education of a Value Investor

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