VALUEx retweeted
Excited for this course. We'll build an equity analyst that gets to know our criteria and improves over time.
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Fifteen years ago I went to my friend @GSpier's VALUEx conference in Klosters, Switzerland. Three days surrounded by investors who get genuinely excited about the same boring, overlooked businesses that I love. My kind of people. I loved it so much that six months later I shamelessly borrowed the format and started my own version in Vail.
Over the years, many of the people who first came to Vail to share investing ideas have become close friends. I didn't organize the conference to make friends, but looking back, that's been one of the greatest gifts it has given me.
Batteries can't fly.
To carry a plane across an ocean you'd need a battery heavier than the plane โ which is why aviation is the corner of the energy transition no one has cracked.
Flight still needs a dense liquid fuel; the only open question is whether you can make it without oil, at a price that keeps flying within reach.
A few weeks ago I went to see a Swiss company betting it can โ Metafuels โ at its scale-up outside Zurich.
๐ค Made with AI
VALUEx retweeted
There are two things at play in this discourse. One is the idea that sudden and disorderly cuts created harm, and itโs legitimate.
Another is the idea that once you start supplying aid, you enter an irreversible and eternal obligation to supply that aid and youโre a criminal if you change your mind, and not only I think itโs illegitimate, but also comes with pernicious second-order adjustments (โwhy should I start helping others, if it comes with such terms?โ)
.@elonmusk says that no one can name a person who died from his aid cuts. In fact, I've met the kids who are dying, and I've talked to the families who lost children. In my columns, I've cited many, many names of people who have died because of Musk's aid cuts. A few examples:
*Yamah Freeman was a 23-year-old woman who died in childbirth because Musk cut funding for the diesel for ambulances in her part of Liberia. She couldn't get to a hospital and died as people were carrying her there. I talked to her parents and sister in their village.
*Gbessey Kiadu, age 1, died of malaria because of his cuts to malaria medication in Liberia. I talked to his mom in her village.
*Ibrahim Koroma, an infant, died of AIDS in Sierra Leone after he interrupted HIV supplies. I talked to health workers who cared for him.
*Achol Deng was an 8-year-old girl with HIV in South Sudan who died when Musk cut funding for the health care worker who provided her medicines. I talked to the healthcare workers.
I could go on and on. In almost every village you go to in South Sudan, Uganda, Liberia, Sierra Leone or other countries I reported in, you find people dying because of aid cuts. I challenge Musk: Come with me on a reporting trip, and we'll talk to these moms and dads, and you'll see the dying children themselves. I think if you see the kids whose lives are at stake, maybe you'll change your mind.
VALUEx retweeted
Great blog post by @vitaliyk on his friendship with @GSpier. The interview with @BeckyQuick (at the bottom of the post) is a must-listen!
investor.fm/guy-and-i/
VALUEx retweeted
The clearest 11 minutes I have heard on why the AI capex boom may not pay off. @ChrisBloomstran at the Zurich Project on the depreciation wall, ~$650B of off-balance-sheet SPV debt, and the circular financing between Nvidia, OpenAI, and the hyperscalers.
VALUEx retweeted
My talk at this year's VALUEx in Omaha (thank you again @GSpier for organizing and inviting me!)
youtube.com/watch?v=257h9G8_โฆ
VALUEx retweeted
This book is absolutely amazing. It offers a gripping account of key periods in modern European history. Itโs a long read, but the story moves along at a brisk pace.
VALUEx retweeted
I want to connect with people who are focused on:
1. Boring businesses over hype
2. Valuing a business on FCF, not Revenues or TAM
3. Investing based on research, not headlines
4. Long-term investing over chasing the next quarter
Who else is out there?
Wow. Government panic or not: things are moving at warp speed.
The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees.
The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance.
Access to all other Claude models is not affected.
We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible.
Read our full statement: anthropic.com/news/fable-mytโฆ
VALUEx retweeted
Alaska + cake ๐
At first I thought this was a daft idea, "Come to Alaska on your way home!" said my pal (another @VALUExZH'er).
But then, when else am I going to get the chance to stay at their lake house and venture into the mountains?
VALUEx retweeted
New in-studio pod with the absolutely brilliant Michael Howell @crossbordercap! This was such a fun episode.
youtu.be/g8S5ie5CfeI?si=JPEaโฆ
Replying to @dunne_insights @FT
I never fully understood why driver emotion is such a big part of the Ferrari experience until this moment.
$RACE โ at Reims, France
VALUEx retweeted
I delivered this new talk on โMental Models for Exceptional Capital Allocationโ twice in April 2026. Both are similar, but not identical. This is the one given @Columbia_Biz on 4/21/26. The one given @UNOmaha on 4/30/26 was posted a few days ago. Enjoy!
youtu.be/iir-07rEf5o?si=fPe7โฆ
I am determined to live my life this way.
Thank you Charlie Munger and Epictetus for setting an example I can follow.
Charlie Munger, the Stoic: "Life will have terrible blows in it. Horrible blows. Unfair blows. It doesn't matter. And some people recover and others don't."
"There, I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something. Your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion."
VALUEx retweeted
โMcDonaldโs, providing first jobs to millions of teenagers, many troubled, over the years, has successfully taught most of them the one lesson they most need: to show up reliably for responsible work.
Then I usually go on to say that if the elite campuses were as successful as McDonaldโs in teaching sensibly, we would have a better world.โ
- Charlie Munger
VALUEx retweeted
What does Warren Buffett's Berkshire Hathaway $BRK.A $BRK.B have to do with Charlottesville, Virginia?
Ted Weschler is the link here! Ted manages roughly 6% of Berkshire's public equity portfolio.
Ted is based in this lovely university town in Virginia.
Before getting a job offered by Warren Buffett, he founded a public and private equity cross-over company. Later, he also ran his public partnership from Charlottesville.
His office was or maybe still is located above the the New Dominion Bookshop in Charlottesville's downtown mall.
Fun fact: The restaurant next to the bookshop is called Tilman's. I have to try it next time I am back in town!
After staying in Charlottesville for a few days, I can definitely understand why Ted likes it here. It is a charming town with high living standard.
If you are keen to learn more about Ted, please give this podcast a listen. Highly recommended: youtu.be/z4pKKqfZyYc?si=CGnSโฆ
































