$GOOG $MSFT $META I don't like the capital expenditure binge that big tech is on. This doesn’t feel like a game I want to play. When buying these companies, I want capital light cash flow machines, but now they no longer seem to be or will be those businesses going forward.

Mythos is out and it’s expensive!

1.1. Question 28: What happened 1973 and 1974 when your investment firm lost over half? Charlie: Oh, that’s very simple. That’s very easy. That’s a good lesson. That’s a good question. What happened is the value of my partnership where I was running, went down by 50% in one year. Now the market went down by 40% or something. It was a once in 30 year recession. I mean monopoly newspapers are selling at 3 or 4 times earnings. At the bottom tick, I was down from the peak, 50%. You’re right about that. That has happened to me 3 times in my Berkshire stock. so I regard it as part of manhood. If you’re going to be in this game for the long pull, which is the way to do it, you better be able to handle a 50% decline without fussing too much about it. And so my lesson to all of you is conduct your life so that you can handle the 50% decline with aplomb and grace. Don’t try to avoid it. (applause) It will come. In fact I would say if it doesn’t come, you’re not being aggressive enough. 1.2. “I regard it as a part of manhood. If you’re going to be in this game for the long haul which is the way to do it. You better be able to handle a 50% decline without fussing too much. Conduct your life so you can handle a 50% decline with aplomb and grace. Don’t try to avoid it. It will come. And if it doesn’t come I’d say your not being aggressive enough”.

What a team, goddam

This isn’t your grandpas $BRK.B

The price of the brick is going up as they say

There’s a lot of misconceptions about what $V and $MA do. When you tap your card or phone, the terminal you tapped sends a message to your bank asking them to “hold” the money you were just charged. If they can then your payment is accepted and your bank “holds” the money ready for later. At the end of the day V and/or MA send a “bill” to your bank for all the payments made by their customers that day, your bank is given X hours to pay. When they transfer the money, V/MA takes their fee and then forwards the money to the merchants PSP/acquirer. If the transaction was in a currency different to the account holders main currency, usually V and MA handle the FX and just bill the bank in the account holders currency. More revenue here. If the customer is then dissatisfied with anything they can raise a dispute with their banks via rules defined by V and MA, who handle it. Everything I’ve described above is a HUGE convenience for everyone involved and actively protects consumers.

Let me tell ya, as someone who works in payments, the only companies worth owning long term are $V, $MA and the weird country specific payment infrastructure monopolies. Everyone else is in a fight for their lives, usually expressed by an ever decreasing take rate.

As I progress deeper into my thirties, birthdays remind me how important it is to enjoy your health and enjoy the time you have with your spouse and kids. It’s so precious.

The World Cup is going to be incredible for $MA

$MSFT’s moat must become Entra ID (formerly Active Directory), endpoint management, and data compliance. If an employee eventually uses an AI agent to do office tasks that data still needs to sit inside a secure, legally compliant corporate vault that IT can monitor and manage.

$SAF.PA at 4% FCF yield is honestly not a bad price for an excellent business

“Buffett told me [about $MCO ]: if the financial crisis didn’t kill it, nothing will,” says Hohn. “He made me pledge that if we ever sold our shares in Moody’s we would sell to each other.”

Chris Hohn’s full international portfolio as of end of March: $GE 18% $SAF.PA 16% $V 13% $AIR.PA 11% $DG.PA 10% $MCO 9% $FER.MC 8% $SPGI 8% $CP 5% $GOOGL 5% $AENA.MC 4% $CLNX.MC 3% $CNI 1% $SAP 1% $MSFT 1%

I admire Chris Hohn but Jesus Christ FT 😂

Adding to $SPGI and $MA with some fresh funds today. I also added a little to $MRSH. Thinking long term

Bet

Safe to say I won’t be touching any of these hot IPOs. In fact I’ll be treating them as toxic and radioactive

For 2025, $KNSL reported a 75.9% combined ratio and 29.3% ROE. Those are elite numbers.

Companies that pass the grandchildren inheritance test: $MCO $KO $LIN $V $CP $WM $XOM $CB $BRK.B