SVB – the narrative and the numbers


Any guess who said this? “It’s important to note we have a high-quality very liquid balance sheet, which I know there will be lots of questions about; strong capital levels; a seasoned management team, which we experienced navigating challenging markets and adding a lot of new people with deep experience as well; and a consistent focus on our long-term business strategy. So when you … Read on

I love Charlie Munger


He sits next to Warren B, swaying his head as WB waffles away, and then delivers the knockout punch waffle waffle waffle Charlie, anything you’d like to say about EBITDA? “every time you see EBITDA just replace it with the phrase Bullsh*t earnings” Go, Charlie! But now there’s a new villain on the accounting slippery … Read on

I’ve got an investment proposition for you


You give me £112,000 and I’ll give you £30 every 3 months Ok, I won’t actually give you £30, I’ll give it to you “notionally” Haha very funny – don’t you think I know how to calculate return on investment? That’s a paltry 0.1% return. On what planet do you think that would interest me? … Read on

Microsoft was first out of the Mega-cap tech gates with their results,


What do you think? Hopefully a little more than the “thought” applied by the first-level thinkers to whom this headline applies MICROSOFT RISES 4% AFTER 2Q ADJUSTED EPS BEATS ESTIMATE And are now nursing an 6% loss in 24 hours on this, “great business”… Anyway, this is what their slides showed: Revenue +2%Operating income -8%Diluted … Read on

Of the Top 10 movies of all time, only Titanic is a “true” story


The rest are about blue people in forests, dinosaurs, cartoon lions, fast cars, and superheroes I’ve only struggled my way through a few of them because – no surprise for a Value investor – Fantasy is not my genre What I do remember from the Titanic, is there weren’t enough lifeboats Only 20 – able … Read on