VALUEx is a private conference for a group of investors & friends in Klosters and Omaha hosted by @gspier #VALUEx #VALUExBRK

Joined May 2011
136 Photos and videos
VALUEx retweeted
Replying to @mahmoudkhalel
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VALUEx retweeted
This book is absolutely amazing. It offers a gripping account of key periods in modern European history. It’s a long read, but the story moves along at a brisk pace.
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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?
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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-myt…
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VALUEx retweeted
Alaska cake 🎂 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?
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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
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VALUEx retweeted
I delivered this new talk on “Mental Models for Exceptional Capital Allocation” 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=fPe7…
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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."
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What a moment
Esta fue la reacción de este bebe al ver a su mamá por primera vez.🥹
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VALUEx retweeted
“McDonald’s, 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 McDonald’s in teaching sensibly, we would have a better world.” - Charlie Munger
A friend of mine used to say: “Show up on time, with a good attitude, and do what you said you’d do. That’s it. That’s 90% of winning in life." The older I get, the more I realize just how right he was.
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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=CGnS…
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VALUEx retweeted
The Markel Reunion was a very enjoyable event. It was much more intimate than the Berkshire annual meeting and offered much better access to Markel’s key executives. I gained a lot of useful information. Markel is a very good company with an excellent corporate culture and leadership that is easy to trust. Many thanks to Tom Gayner for the personal invitation. It is a great honor for me. $MKL
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Let me introduce you to one Omaha legend: Jim Ross from the airport bookstore. Jim's store has been one of the backbones of the Berkshire AGM over the last decades. Book signings at the airport were only one of the activities he hosted every year. He also supported countless events, like the legendary book signing at Warren Buffett's favourite Dairy Queen with books. Since the airport is under construction, Jim is a bit logistically constrained. But 2027 his new book store should be finished. We already brainstormed some ideas what could work next year. If you want to get to know Jim better, you got to listen to this: tlfraser.com/podcast-6 Or watch this video where he got portrayed by Becky Quick youtu.be/YfIDWbWFjTI?t=1155&… Whenever you land in Omaha, please make sure to say hi to Jim!
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Replying to @netanyahu
Trump’s “failing New York Times” $NYT is not failing. Revenue went from $2.4bn in 2023 to $2.6bn in 2024. Adjusted operating profit rose 16.8% to $455m. In Q4 2025 revenue rose 10.4%, and digital-only subscription revenue jumped 13.9%. It has made the transition to digital, and it is growing profitably. It still carries the authority of a newspaper of record. It sets the agenda. Most of the rest just follow. And in an age of AI slop, the premium on that established position likely gets stronger, giving it a growing moat. That’s exactly why Nicholas Kristof can write all the blood libels he likes, and the NYT will happily publish them. The editors don’t care and they don’t need to care. Certainly - sue them. And cancel your subscription. But it is going to take a lot more than a few crooked journalists to take it down. That might be impossible anyway. Better question to ask is why the progressive, woke-left eventually seems to capture the cultural high ground so spectacularly well. Why is it that so many institutions: The universities, civil rights organisations, NGO's, and of course the @nytimes are to the left of left. Instead of just complaining about it, perhaps it is time for others to figure out how to establish footholds within places like the New York Times, and make them more “fair and balanced”. @VividProwess @yudapearl @clairlemon @EliLake @DavidDeutschOxf
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VALUEx retweeted
"If you want to truly understand Coca-Cola’s decisions, you must not stop at 'Coca-Cola made this decision.' You must ask which specific people inside Coca-Cola made the decision, based on what information, under what constraints, and according to what incentives. Similarly, if you want to truly understand the human brain, you must go beyond 'the brain made this decision.' You must ask which specific systems within the brain produced the outcome, what information they had, what information they lacked, and what local rules they followed." An excerpt of my upcoming newsletter issue ↓
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VALUEx retweeted
I loved Eric's talk and can't wait for his book!
Sharing my favorite quotes from @EricMarkowitz's recent speech at VALUEx BRK 2026 on endurance and stewardship and the story of Hoshi Ryokan: Outlier of endurance boils down to stewardship. Stewardship is a philosophy of care. It removes the ego from every aspect of life with a total focus on simply serving those around us. It is a belief, a duty, and a moral ambition and obligation to cultivate and maintain the business's eternal health, which requires patience, restraint, and the utmost respect for the product/service. In 718 AD, a Buddhist monk named Taicho Daishi discovered a hot spring, but he did not claim it for himself, commercialize it, or profit from it. He adopted a young man and named him Zengoro Hoshi to help build a small inn around the flowing water. He asked for a promise that the spring would be protected for all future generations, so it could be preserved for weary and sick travelers seeking healing. Since then, 47 generations across 13 centuries, this oldest independently run hot spring hotel welcomes all customers, from "monks to emperors", from the poorest to the richest. It exists to serve everyone, not to maximize its shareholder value or to optimize for the highest-paying customer. Unsurprisingly, a business will go through struggles. Learn from water. Water adapts and finds a way. While one might be an owner of a business, stewardship is to be a caretaker, ensuring the business survives and thrives for the next generation, and a gardener, cultivating the property over time through good seasons and bad. When you treat a business not as something to be "built" or "grown," but instead approach it with care, with duty, and with love, you create the conditions for something that can outlast you. A society grows great when old men plant trees in whose shade they shall never sit. A steward's goal is to hand the business to the next generation in a better condition than when she inherited it. Ownership is temporary. Everything is temporary within our hands. You own nothing. You are simply passing it down. That is stewardship, a daily act of selfless love. Find your hot spring. Find the thing you believe is worth passing on. Take care of it. And who knows, maybe one day, long after we are all gone, your business will celebrate its 1,308th birthday, too.
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VALUEx retweeted
Aggregate data surfaces symptoms, not root causes. Solving business problems requires anecdotes from direct conversations, not just data reports. ♻️ Luca-dellanna.com/posts/qual…
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