Luckin Coffee IPO: Here We Go Again

Benjamin Graham argued that a long-term investor will almost never participate in an initial public offering (IPO) because the animal spirits that are triggered by the IPO will almost never coincide with sensible pricing. Warren Buffett elaborated on this concept by saying that, if there are over ten thousand publicly traded companies in the world, the odds that the best deal out of any of them is the company going public is extremely slim. I think he went even further and said that he has never before invested in an initial public offering on behalf of Berkshire Hathaway.

I have been close attention to Luckin Coffee, the Chinese-based coffee startup that is opening … Read the rest of this article!

Walter Schloss: Learning From The Master

Walter Schloss is on the short list of the most interesting investors I’ve ever studied on Wall Street. He worked under Ben Graham himself, and struck out on his own once he saw the outsized attention that Warren Buffett was receiving under Graham’s tutelage and realized that his best life outcome would result from striking out on his own rather than living under the shadow of what would become the most high-profile investor that the world had ever seen.

Schloss developed an offbeat investment strategy that consisted of buying gobs of cheap stocks (at one point, he owned several hundred stocks in his partnership, causing Warren Buffett to joke that his favorite story … Read the rest of this article!

The Kelly Blazek Kerfuffle, Walt Disney, And Second Chances


Add this to the list of things I’ve been thinking about but haven’t reached a conclusion—whether the “fall” of Kelly Blazek is a good thing or a bad thing for our civilization.

For those of you who haven’t followed the news: Kelly Blazek is a professional woman in Cleveland, OH that runs a job bank with over 7,000 contacts. For most of her life, she has enjoyed an impeccable reputation for helping job seekers find work and for being someone whose job has truly improved the welfare of others. Although, until a week ago, 99.99% of Americans did not know who she was, she could go to bed at night knowing that her … Read the rest of this article!

When Professionals Fail In Their Personal Lives


To any remaining readers of this site—

I apologize for my unexpected hiatus from the site—hopefully I’ll get some good updates up in the next week or so. My absence has been due to primarily two things:

1. I’ve spent the past few works participating in legal work that doesn’t just affect me. Normally, if it’s just my own schoolwork, I don’t mind going at about a 75% effort level so that I can have time for pet projects and hobbies. If I am the only one who can potentially be “harmed”, then I don’t mind the tradeoff. But when I’m working on stuff that involves other people, then I need to try … Read the rest of this article!

Warren Buffett’s Weakest Link Quote

“One of the things you will find, which is interesting and people don’t think of it enough, with most businesses and with most individuals, life tends to snap you at your weakest link. So it isn’t the strongest link you’re looking for among the individuals in the room. It isn’t even the average strength of the chain. It’s the weakest link that causes the problem. It may be alcohol, it may be gambling, it may be a lot of things, it may be nothing, which is terrific. But it is a real weakest link problem. When I look at our managers, I’m not trying to look at the guy who wakes up at … Read the rest of this article!