Is This The End For America’s Mom-And-Pop Stores? - Coronavirus has continued to ravage small businesses across the United States, including town favorites such as 38-year-old toy store The Dragon’s Nest in Newburyport, Massachusetts.
This Financial Times article (might be behind a paywall but if you google “is this the end for America’s mom-and-pop-stores”, then click on the article and answer some survey questions from Google then you should be able to read it) tells the story of a mom-and-pop toy store and the challenges local businesses face during coronavirus.
In addition to threats from online competition like Amazon and coronavirus, The Dragon’s Nest also faces economies-of-scale challenges that big companies like Walmart have but small businesses don’t. For example, Legos are a favorite toy for kids to play with but the manufacturer of legos, The Lego Group, requires a minimum order of $15,000 per year which can be a lot of capital for a small toy store to have tied up in a year for just one toy.
There have been many small businesses who have survived many recessions including the Great Recession but the coronavirus unfortunately has been too much to bear from all kinds of small businesses ranging from toy stores to restaurants to barber shops.
Big corporations have already had big advantages over small businesses for reasons such as economies of scale but another big advantage that has come to be of paramount importance during the coronavirus recession has been access to capital. It’s been very difficult for small businesses to get access to affordable capital, yet alone any capital at all, and this will likely continue to push the US economy into a continuing trend of a smaller percentage of small businesses compared to big chains.
The Big Cycle of the United States and the Dollar Part 1 and The Big Cycle of the United States and the Dollar Part 2 - This month’s best read of the month is a history of the United States empire and how it started to slowly gain power starting in the late 1800’s to how it began to eventually become the dominant country in the world right after World War II.
It is written by Ray Dalio who I’ve written about before due to his vast knowledge and experience of markets and economic history.
Ray focuses on the short-term debt cycles that happened in the US starting from 1930 and leading up to today in part 2 and in part 1 he discuses the US dollar and the economic war from 1930–1939 which led to the shooting war from 1939–1945.
Here are some great quotes I’ve highlighted below from both parts:
“Deflationary depressions are debt crises caused by there not being enough money in the hands of debtors to service their debts. They inevitably lead to the printing of money, debt restructurings, and government spending programs that increase the supply of, and reduce the value of, money and credit. The only question is how long it takes for government officials to make this move.
In the case of the Great Depression, it took from the October 1929 peak to Roosevelt’s March 1933 action to make the move. From that point until the end of 1936 — the year the Federal Reserve tightened monetary policy and caused the recession of 1937–38 — the stock market returned over 200%, and the economy grew at an average real rate of about 9%!”
“In China, Mao Zedong’s death in 1976 led Deng Xiaoping to come to power in 1978, which led to a shift in economic policies that included capitalist elements like private ownership of businesses, the development of debt and equities markets, entrepreneurial technological and commercial innovations, and even the flourishing of billionaire capitalists — all under the strict control of the Communist Party. This shift in Chinese leadership and approaches, while seemingly insignificant at the time, was going to germinate into the biggest single force to shape the 21st century.”
“During this period [from 1990 to 2008] debt and non-debt liabilities like pension and healthcare liabilities grew a lot in the US and debts were used to finance speculations leading up to the dot-com bubble of 2000 and the mortgage bubble of the mid-2000s that led to busts that were stimulated out of by the creation of more money and debt. These debt cycles are both undesirable and understandable because there is a tendency to favor immediate gratification over long-term financial safety, particularly by politicians.
Most people pay attention to what they get and not where the money comes from to pay for it, so there are strong motivations for elected officials to spend a lot of borrowed money and make a lot of promises to give voters what they want and to take on debt and non-debt liabilities that cause problems down the road. That was certainly the case in the 1990–2008 period.”
What Will Certain Activities and Industries Look Like in a Post Coronavirus World - Sean Stannard-Stockton is the President and Chief Investment Officer of Ensemble Capital. I have been attending some of his firm’s virtual conference calls and reading a lot of his writing lately and I’ve found that he has a very bright way of thinking about markets, companies and the economy.
In this blog post on Ensemble Capital’s website, Sean discusses some of the changes that may take place in the future following the coronavirus pandemic. He writes about the obvious ramifications and the less obvious ramifications of remote life, supply chains, e-commerce, digital payments, health care, housing and the baby boom.
Sean demonstrates some very good ideas of the second order consequences that can happen as he mentions different scenarios that could likely happen.
For example, first order thinking may lead one to believe that the coronavirus will decrease miles driven by car a lot because people will stay home and travel less, and they will also work from home more instead of doing to the office.
But interestingly car sales increased a lot in China following the reopening of their economy after they got the coronavirus under control and it is possible that car sales can increase in the US due to people using public transportation less and taking more local vacations once the economy opens up as opposed to taking vacations that would require flying on crowded airplanes.
Therefore, predicting how certain activities will play out in a post coronavirus world aren’t as obvious as they may seem at first and do require some deeper thought.
The Three Sides of Risk - Morgan Housel has mentioned before how our life experiences can have a strong effect on our risk tolerance but in this great article Morgan gives an actual experience of his own that has had a huge effect on the risks he takes in investing.
The story was very well written and suspenseful as it had my eyes glued the whole time. In the end, we learn the 3 sides of risk which are:
1. The odds you will get hit.
2. The average consequences of getting hit.
3. The tail-end consequences of getting hit.
And after reading this we cant help but reflect on our own personal experiences and how those have affected our own risk tolerance.
Money, Credit and Debt - Last month I wrote about the first chapter from a new book that Ray Dalio is writing for my Best Reads of the Month about the changing world order and what makes an empire rise and fall. As much as I tried to refrain from adding another piece of writing by Ray Dalio in back to back months, this month he came out with another chapter in the book that was a lot better than the first chapter so I couldn’t resist adding it.
In this chapter, Ray talks about what money, credit and debt are; the vital role they play in economies; how they influence the short-term debt cycle (recessions) and the long-term debt cycle and he also discusses the different types of backing that countries use for money and why they use them.
The US dollar is currently the world’s reserve currency today but it wasn’t always the world’s reserve currency which we learned in chapter 1. The reserve currency used to be the British pound but coming out of World War II the U.S. had the strongest economy and it more importantly owned the majority of the gold in the world. This set the tone for the U.S. dollar to become the world’s reserve currency and it also ushered in the end of the previous long term debt cycle and the start of a new long term debt cycle that is still going on today.
In 1944 the US dollar would be backed by gold until a large amount of government spending in the U.S. throughout the 1960's led to countries trading in their dollars to redeem gold so the U.S. started to quickly run out of gold. This then led to the closing of the gold window by Richard Nixon in 1971 which meant the dollar would no longer be backed by gold. This established a new monetary system which is the one that we use today — Fiat money.
Ray Dalio expands on this and goes into even more in depth in chapter 2 of his new book The Changing World Order.
Here are some other interesting takes from the chapter:
“This whole 1971–1991 cycle, which affected just about everyone in the world, was the result of the US going off the gold standard. It led to the soaring of inflation and inflation-hedge assets in the 1970s, which led to the 1979–1981 tightening and a lot of deflationary debt restructuring by non-American debtors, falling inflation rates, and excellent performance of bonds and other deflationary assets in the 1980s. The entire period was a forceful demonstration of the US having the world’s reserve currency — and the implications for everyone around the world of how that currency was managed…. After the 1980s debt restructurings were completed in the 1990s new global increase in money, credit, and debt began again, which again produced a prosperity that led to debt-financed purchases of speculative investments that became the dot-com bubble, which burst in 2000. That led to an economic downturn in 2000–2001 that spurred the Federal Reserve to ease money and credit, which pushed debt levels to new highs and created another prosperity that turned into another and bigger debt bubble in 2007, which burst in 2008, which led the Fed and other reserve currency countries’ central banks again eased, leading to the next bubble that just recently burst.”
“History has shown us that we shouldn’t rely on governments to protect us financially. On the contrary, we should expect most governments to abuse their privileged positions as the creators and users of money and credit for the same reasons that you might do these abuses if you were in their shoes. That is because no one policy maker owns the whole cycle. Each one comes in at one or another part of it and does what is in their interest to do at that time given their circumstances at the time.”
“Central banks want to stretch the money and credit cycle to make it last for as long as they can because that is so much better than the alternative, so, when “hard money” and “claims on hard money” become too painfully constrictive, governments typically abandon them in favor of what is called “fiat” money. No hard money is involved in fiat systems; there is just “paper money” that the central bank can “print” without restriction. As a result, there is no risk that the central bank will have its stash of “hard money” drawn down and have to default on its promises to deliver it. Rather the risk is that, freed from the constraints on the supply of tangible gold or some other “hard” asset, the people who control the printing presses (i.e., the central bankers working with the commercial bankers) will create ever more money and debt assets and liabilities in relation to the amount of goods and services being produced until a time when those who are holding the enormous amount of debt will try to turn them in for goods and services which will have the same effect as a run on a bank and result in either debt defaults or the devaluation of money.”
The Changing World Order - Ray Dalio is the chief investment officer of Bridgewater which is the largest hedge fund in the world with $160B in assets under management as of 2019. He is also a best-selling author of the book Principles and he has written many informative research papers on his website about the economy and markets.
Most recently, he has been studying empires and how they rise and fall. He just started to publish his ideas into a book that he has been posting on his LinkedIn page chapter by chapter. He aims to publish one chapter a week and so far the introduction and the first chapter have been posted.
Ray sees that there are various factors that affect whether an empire will rise or fall with some of these factors being more important than others. Eight of the factors he finds are education, competitiveness, technology, economic output, share of world trade, military strength, financial center strength and reserve currency with education being a leading indicator and the reserve currency being a lagging indicator. The reason the reserve currency is a lagging indicator is because it is the last indicator to show whether an empire is rising or falling. For example: the United States was rising in all of the other factors throughout the late 1800’s and early 1900’s but it wasn’t until 1944 (after World War II) that the dollar became the reserve currency of the world since the U.S. held 80% of the world’s gold after the war.
As one factor - whether it be education, competitiveness, military strength or any of the others - starts to improve (decay) it can create a flywheel effect for the empire to rise (fall). For example: better education leads to a better understanding of how to manufacturer goods and engineer systems and this leads to better technology and ultimately to a stronger financial center as more countries from abroad want to loan and invest their capital in the country that is rising and has the prospect for greater returns.
Below are links to the introduction and the 1st chapter. In the introduction, Ray introduces what led him to want to do this research and also how he did the research and how it will help him and Bridgewater.
In the first chapter, Ray discusses a lot of the factors that lead a country to rise and fall and he uses examples from the last 3 empires which were the Dutch Empire, the British Empire and the current one which is the United States Empire. He also mentions the current rising empire which is China.
It’s a great read and I look forward to the remaining chapters.
How Will You Measure Your Life - Clayton Christensen was a consultant and a professor at Harvard Business School. He is the author of many books including The Innovator’s Dilemma, The Innovator’s Solution, Competing Against Luck, and others including How Will You Measure Your Life which is related to what this month’s Best Read of the Month is based on.
Clayton gave a speech about personal life to Harvard students of the graduating class of 2010 at their request. The students were worried because when they entered Harvard in 2006 the economy was doing very well but just as they were graduating and getting ready to enter the job market, a lot changed.
The economy in 2010 was starting to just pull out of the worst economic period since the Great Depression and although it was starting to recover, it wasn’t obvious at the time. So in order to help those students navigate that tough time they looked to Clayton for guidance and he didn’t disappoint.
Clayton gives a lot of practical advice that can be learned from their business studies but applied to their personal lives. He talks about culture, work, marriage, children, faith, work and more.
Here are some quotes I enjoyed reading:
“On the last day of class, I ask my students to turn those theoretical lenses on themselves, to find cogent answers to three questions: First, how can I be sure that I’ll be happy in my career? Second, how can I be sure that my relationships with my spouse and my family become an enduring source of happiness? Third, how can I be sure I’ll stay out of jail? Though the last question sounds lighthearted, it’s not. Two of the 32 people in my Rhodes scholar class spent time in jail. Jeff Skilling of Enron fame was a classmate of mine at HBS. These were good guys — but something in their lives sent them off in the wrong direction.”
— — — — —
“Over the years I’ve watched the fates of my HBS classmates from 1979 unfold; I’ve seen more and more of them come to reunions unhappy, divorced, and alienated from their children. I can guarantee you that not a single one of them graduated with the deliberate strategy of getting divorced and raising children who would become estranged from them. And yet a shocking number of them implemented that strategy. The reason? They didn’t keep the purpose of their lives front and center as they decided how to spend their time, talents, and energy.”
— — — — —
“Had I instead spent that hour each day learning the latest techniques for mastering the problems of autocorrelation in regression analysis, I would have badly misspent my life. I apply the tools of econometrics a few times a year, but I apply my knowledge of the purpose of my life every day. It’s the single most useful thing I’ve ever learned. I promise my students that if they take the time to figure out their life purpose, they’ll look back on it as the most important thing they discovered at HBS. If they don’t figure it out, they will just sail off without a rudder and get buffeted in the very rough seas of life. Clarity about their purpose will trump knowledge of activity-based costing, balanced scorecards, core competence, disruptive innovation, the four Ps, and the five forces.”
The Coolest Things I Learned in 2019 - The beginning of the New Year is when a lot of writers write about some of the coolest or best or biggest ideas that they learned during the previous year. I read a lot of these articles because they are a great way for one to learn a lot of new ideas. There is a lot one can learn during a year but there are usually only a couple of ideas that really have an impact on the way we think.
One author who I’ve included on my Best Reads of the Month list before wrote a great one of these articles for 2019. His article is called The Coolest Things I Learned in 2019 and is written by David Perell.
I included some interesting ideas that I learned from David’s post below by starting off with one by Kobe Bryant.
What Kobe Bryant Reads:
“I made a point of reading the referee’s handbook. One of the rules I gleaned from it was that each referee has a designated slot where he is supposed to be on the floor. If the ball, for instance, is in place W, referees X, Y, and Z each have an area on the court assigned to them.
When they do that, it creates dead zones, areas on the floor where they can’t see certain things. I learned where those zones were, and I took advantage of them. I would get away with holds, travels, and all sorts of minor violations simply because I took the time to understand the officials’ limitations.”
Between 2011 and 2013, China used 50% more cement than the United States in the 20th century.
Of the world’s 100 highest bridges, 81 are in China, including some unfinished ones.
In 2016 alone, China added 26,100 bridges on roads, including 363 “extra large” ones with an average length of about a mile, government figures show.
China opens around 50 high bridges each year. The entire rest of the world opens ten.
China also has the world’s longest bridge, the 102-mile Danyang-Kunshan Grand Bridge, a high-speed rail viaduct running parallel to the Yangtze River, and is nearing completion of the world’s longest sea bridge, a 14-mile cable-stay bridge skimming across the Pearl River Delta, part of a 22-mile bridge and tunnel crossing that connects Hong Kong and Macau with mainland China.
How Organizations Get Rich - This month’s best read is from a speech given by Jared Diamond in 1999 titled How to Get Rich but it’s not about how individuals get rich. It’s about how businesses or countries can get rich by implementing two ideas.
Jared looked through history which is really just a large amount of experiments of what works and what doesn’t work over time to find out why some groups of people got rich and why some didn’t. Jared found some examples which include a German beer company, a Japanese food company, and the countries that make up Europe, China and Tasmania to demonstrate how it happens.
The two ideas are:
The appropriate use of fragmentation
Unity within groups and not being isolated
“We can extract from human history a couple of principles. First, the principle that really isolated groups are at a disadvantage, because most groups get most of their ideas and innovations from the outside. Second, I also derive the principle of intermediate fragmentation: you don’t want excessive unity and you don’t want excessive fragmentation; instead, you want your human society or business to be broken up into a number of groups which compete with each other but which also maintain relatively free communication with each other. And those I see as the overall principles of how to organize a business and get rich.”
Three Big Things: The Most Important Forces Shaping The World - I’ve recommended Morgan Housel’s articles many times and this time is no different. He wrote another great article; this one being on the big things that will shape the world over the next several decades.
These 3 forces are: demographic shifts, wealth inequality, and access to information.
Big shifts have always had major effects on the world and as Morgan Housel writes, “An irony of studying history is that we often know exactly how a story ends, but have no idea where it began.”
What are the 3 major shifts that affected the 1900's? They were World War 1, the Great Depression and World War 2 with Morgan adding extra emphasis in this article on World War 2 since it is most likely that that war had the biggest effect on how the rest of the century turned out.
Morgan goes into more depth on his reasons why and he also goes into more depth on how and why demographic shifts, wealth inequality, and access to information will all have the biggest force on the rest of this century.
Markets Are Eating the World - In this article Taylor Pearson discusses the evolution of markets and how improvements in technology have had such a big impact on the changes in markets. One big technological change to markets was the invention of money which had a huge effect on markets because it allows a wider range of people to trade with each other. Another big change we are all familiar with is the internet which probably had the biggest effect on the markets that we interact with today.
The internet opened up a much wider range of sellers/buyers and a much wider range of goods to be traded. Before the internet there was no eBay which allows people to buy and sell rare collectibles such as baseball cards from people 1000’s of miles away.
EBay led to the invention of PayPal which allows buyers to get the items they buy a lot quicker because before PayPal the most common way of making payments to sellers was by personal check or certified check. It took days before the check arrived at the seller’s mailbox and if you sent a personal check it took even more days because the seller then would wait for the personal check to clear their bank.
PayPal’s great idea of creating a way to make payments online led others later on to follow suit and create others ways to pay online such as Zelle, Venmo (now owned by PayPal), and eventually Bitcoin and cryptocurrency which uses a blockchain to process payments.
Taylor also discusses in this article how blockchain can have a huge impact on corporations and markets in the future but one of my favorite parts was his discussion on the impact that the invention of the mechanical clock had on markets and people’s worklife.
The Future of Electric Cars v.s. ICE Cars - Vitaliy Katsenelson is the CEO of Investment Management Associates based out of Colorado. He has done a lot of great writing on his investing blog which can be found at www.contrarianedge.com. I’ve read a lot of his articles in addition to all of his emails that he sends out periodically.
His most recent post is the most interesting and best one that I’ve read so far.
Vitaliy has written a little bit about Tesla and the electric car in the past since he put down a deposit for the Tesla 3 but in this article he really goes into depth on where he sees the EV industry and the oil industry progressing to, how an electric vehicle actually works compared to an ICE car, the future of self-driving cars, his thoughts on Elon Musk, the future of Tesla and a lot more.
I highly recommend reading it. Since it is such a long article (45 pages), Vitaliy lets you subscribe by email so you can read 1 chapter a day or he also sends you an email with the full pdf if you want to read the full paper at once. I started out reading one chapter a day but it was so interesting that after a couple of chapters I just printed the whole report, sat down and finished the rest.
Leverage Points: Places to Intervene in a System - A system is a set of things working together as parts of a mechanism or an interconnecting network. Whether you recognize it or not there are systems all around us. Even in places that you may not even realize at first glance.
Some places that we encounter that have systems which may not be so obvious at first are local government services such as sanitation, the ATM machine that spurts out your cash, the water that runs through your faucets, the daily operations of the company we work for, the distribution of produce to your local supermarket and how some of the macroeconomic decisions are made that affect your mortgage rate.
In this interesting article written by Donella Meadows who is known for her two influential books The Limits to Growth and Thinking in Systems: A Primer, Donella focuses on leverage points in systems. Leverage is a way of getting more with less so when Donella is discussing leverage points she is looking for ways to intervene in a system that give a larger output but have a smaller input.
The Psychology of Prediction - The future is uncertain and making predictions are hard yet we all need to make some predictions in order to better prepare for it. If you think predictions are easy then you are in denial. Predictions involve a lot of known and unknown information, bias, and moving variables that can result in your prediction to change from one outcome to another over the course of a couple hours or days depending on the time frame and on the new information that becomes available.
In this month’s Best Reads of the Month, Morgan Housel describes 12 of the common flaws, errors, and misadventures that happen inside people’s heads when they make predictions.
Here are some parts that I found insightful:
“It is hard to think of the history of the twentieth century, including its large social movements, without bringing in the role of Hitler, Stalin, and Mao Zedong. But there was a moment in time, just before an egg was fertilized, when there was a fifty-fifty chance that the embryo that became Hitler could have been a female. Compounding the three events, there was a probability of one-eighth of a twentieth century without any of the three great villains and it is impossible to argue that history would have been roughly the same in their absence. The fertilization of these three eggs had momentous consequences, and it makes a joke of the idea that long-term developments are predictable.”
“Credibility is not impartial: Your willingness to believe a prediction is influenced by how much you need that prediction to be true. If you tell me you’ve found a way to double your money in a week, I’m not going to believe you by default. But if my family was starving and I owed someone money next month that I don’t have, I would listen. And I would probably believe whatever crazy prediction you have, because I’d desperately want and need it to be right.”
“Predicting the behavior of other people relies on understanding their motivations, incentives, social norms and how all those things change. That can be difficult if you are not a member of that group and have a different set of life experiences.”
The Most Important Internet Trends - The picture above is just one of many fascinating trends from a presentation that Mary Meeker gives every year based on her deep research and analysis of what is going on throughout the internet. Mary Meeker is the general partner at the venture capital firm Bond Capital.
In 2008, adults in the USA spent 2.7 hours per day on the internet but ten years later they now spend 6.3 hours per day. Internet usage in this statistic pertains to all devices such as mobile, desktop/laptop, and all others.
This statistic shows how much the internet has affected all of us since 6 hours a day is about 25% of all of our days. This is a lot when you consider that another 7–8 hours a day are used for sleeping.
In her presentation, Mary Meek also shows the enormous influence technology companies have on the world now that 7 of the world’s 10 most valuable companies are tech companies which include Microsoft, Amazon, Apple, Alphabet, Facebook, Alibaba, and Tencent. Also discussed are trends on internet advertising, interactive gaming, customer acquisition costs, e-commerce and more.
Rani Molla does a good job summarizing some interesting ideas from Mary’s presentation on Vox and then links to the presentation on the most important internet trends of the year at the end.
A Great Collection of Book Summaries and Ideas - I usually recommend an article or a blog post each month for my Best Reads of the Month but this month I am going to do something different. I am recommending a whole website because there are so many great ideas and articles from this site that I have been reading these past couple of weeks.
The website is actually based on an idea that I had for my own website. The creator, Blas Moros, has read an enormous amount of books and does a fabulous job taking some of the best ideas from each book and creating summaries. There are loads of great summaries on his website from some of my favorite books such as Sapiens by Yuval Noah Harari, The Laws of Human Nature by Robert Greene, Meditations by Marcus Aurelius, Thinking Fast and Slow by Daniel Kahneman, and Seeking Wisdom: From Darwin to Munger by Peter Bevelin.
Since we tend to forget a lot of what we read over the years, this website makes for a great tool to help remind us of the important ideas from some of our favorite books. It also makes for a great website if you are unsure if you should start reading a book. You could read the synopsis and the reader reviews but reading blas’ summaries makes for a great compliment.
A Collection of Wisdom from Warren Buffett - Warren Buffett is an iconic name in the investment business. Many investors from just starting out to the most experienced have looked to him for advice on not just investing, but life advice as well. He is full of useful wisdom that can help anyone live a better all-around life.
Every single year Warren holds his company’s annual shareholder meeting in his hometown of Omaha, Nebraska where 40,000–50,000 people travel from all over the world to attend. This last Saturday, May 5th, was the company’s most recent annual meeting so I decided to add a couple of documents filled with wisdom from Warren Buffett for April’s Best Reads of the Month.
The first document, which can be found as a downloadable link in the "LR Downloads" section, is one that I just came across today, May 7th, and just started reading. It is filled with loads of questions and answers with Warren Buffett throughout his life on various topics such as investment valuation, oil, charity, career, education and so much more. I want to give a huge thank you to Nick Webb who is listed on the last page for going through all the hard work to compile 566 pages of wisdom all in one place and a huge thank you to Whitney Tilson who Nick gives credit to for compiling a majority of the content in Nick’s pdf through note taking.
Warren has had a huge influence on my life and so many others, so if you aren’t familiar with him then there is a lot to learn in these documents. In addition to the compilation of frequently asked questions to Warren, I’ve posted a video to the most recent Berkshire Hathaway annual meeting where Warren and his longtime investment partner, Charlie Munger, fielded questions from the audience; Warren Buffett’s most recent letter to shareholders; a link to a website filled with all of Warren’s letter to shareholders and a compilation of content put together by CNBC with loads of advice from interviews they had with Warren over many decades.
Hope you enjoy!
Warren Buffett FAQ: https://www.mikegorlon.com/fileshare
Most Recent Shareholder Meeting (Video): https://www.youtube.com/watch?v=VCwIAnjAqiM
Most Recent Shareholder Meeting (Notes): https://www.investopedia.com/5-takeaways-from-the-berkshire-hathaway-annual-meeting-4686363
2018 Letter to Shareholders (Published Feb 2019): http://www.berkshirehathaway.com/letters/2018ltr.pdf
Link to all of Warren’s Letters to Sharholders: http://www.berkshirehathaway.com/letters/letters.html
Compilation of Content from CNBC: https://buffett.cnbc.com/warren-buffett-archive