Letter

Gustavo Ballvé on April 10th, 2016

Perhaps you’ve heard this story before: the underdogs, the forgotten players, the “outdated” coach and the little guy vs the established, richer, perennial favorite teams. When it goes well, it is the type of story that becomes a feel-good, teary-eyes Hollywood film or – OK, maybe AND these days – a HBS case study. Leicester’s coach, Claudio Ranieri, has just written an open letter called We Do Not Dream. Great stuff. Make your day a little bit better. I know there are already more than a few interesting analyses of Leicester’s success this year; you can google it after the letter gives you a reason to do it.

Read more about “We do not dream”

Quoting Buffett, Munger and Klarman – and others of different areas – is sure to get our attention. When that letter is written by an NBA head coach as a send-off from his job, that is simply impressive.

Read more about Unusual letter to “investors” by former 76ers coach Sam Hinkie

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 February 25th, 2015

Another article to foster even more anticipation for Buffett’s 50th anniversary letter to Berkshire Hathaway shareholders. We’d love to guarantee that we will read it with the normal independence and skepticism, but we’d probably be lying – it is too big a landmark for the world’s most interesting company.

Read more about We just can’t wait for the 2015 Berkshire letter to shareholders

Gustavo Ballvé on March 1st, 2013

Yes, the 2012 Berkshire Hathaway letter is out (in PDF). You know you’ll print this right away (or send it to your e-reader) and read it over the weekend… or even tonight. Good reading!

Read more about 2012 Berkshire Hathaway letter to shareholders

Gustavo Ballvé on December 23rd, 2012

It’s been a while since my last post, mainly because of a lot of work – but also because of another worthy task: raising money for a school in the community of Loharano in Madagascar. Moving on to a subject that caused way more noise than called for: Buffett’s US$ 1.2 billion buyback of BRK/A shares. The fact that he bought it from one selling shareholder and that he raised the share price limit had some writers overreacting. Links inside.

Read more about Buffett’s buy-back

Gustavo Ballvé on February 29th, 2012

We dive a little deeper in Berkshire’s annual report. As we’ve argued before, it’s another chapter in a body of work that can be read strictly with an investing “hat” – or, more usefully, with many hats (business, corporate governance, communications, recruiting/incentives etc.). This one is interesting in many regards: succession, Berkshire’s strategy and goals, IBM, insurance float, share repurchases, the state of the US economy and more. We also link to the transcript of CNBC’s 3-hour special “Ask Warren”.

Read more about Notes on Buffett’s 2011 letter to shareholders

Gustavo Ballvé on February 25th, 2012

UPDATE: The 2012 Berkshire Hathaway annual report is out – the latest chapter in a history of value investing lessons that Warren Buffett started back in 1959. Read the past letters and this year’s for much more than insights on value investing and valuable information on Berkshire itself, and you will be richer for it.

Read more about 2012 Berkshire annual report

Gustavo Ballvé on May 12th, 2011

“The Most Important Thing”, a book by Oaktree’s Howard Marks, was published last week in print (it has been out on Kindle for a while) and we’d like to tackle it soon. The Dealbook article has a quick Q&A with Mr. Marks, but much more useful is the link they’ve provided to all the memos Mr. Marks has written.

Read more about Reading list: Howard Marks

Gustavo Ballvé on April 15th, 2011

It’s rare to see such candid evaluations of a company’s problems, even in internal communications. In a memo sent in early February 2011, Stephen Elop doesn’t really hold anything back and tells Nokia employees the harsh truth: the company has fallen behind in innovation, accountability, product line and most other factors. In fact, he puts it in much harsher fashion… We’d like to thank the reader who sent us this letter. Keep the suggestions coming!

Read more about Nokia’s CEO calls it like he sees it

Back to top