Burton A. Johnson

Warren Buffett and Brett Favre's Big Mistake

Where's Mr. Rein's evidence that WB is losing it?

Burton A. Johnson, MD,JD
bajvalueinvesting.com

Warren Buffett's Stock Portfolio: Part I

Congratulations to Jae Jun for his his evaluation approach that is comprhensive but remarkably simple to understand.
The BDX Spider Graph, which is new to me, is a wonderful tool.
I hope Mr. Jun has a book or at least many more articles in mind.

Burton A. Johnson, MD, JD
BAJvalueinvesting.com

Reviewing Munger's The Psychology of Human Misjudgment - Part II

"Other people's triumphs and excellences belong to them.
Likewise, your possesions may have excellence, but
you yourself don't derive excellence from them."

Epictetus

Epictetus, as usual, got it right. He was a slave-turned-philosopher and tutor to the upper classes - Marcus Auralius was one of his star pupils. Epictetus limited himself to the pursuit of reality. He left probability and possibility in the lap of the gods, where they belong.
Mr. Munger and his pal WB have been in the reality business for decades.

Burton A. Johnson, M.D., J.D.

Staying in the Game: Why It's Important

If you are managing a baseball team and the other team scores 7 runs in the first inning, do you quit the field and lose by forfeit? Although it's probable you will lose if you stay; but there's still a possibility of winning.

Why would you sell the stock of a good company that you had bought at a discount to its business value if its price dropped 25-50% in a short period but the sustainability of its business advantage has not? Essentially ALL stocks swing through a wide range of value (+30 to -50%) EVERY YEAR, regardless of the economic cycle.

Analysts are very bright people who, while assidiously counting the leaves, disregard the forest and the trees in order to rationalize what the herd happens to be doing.

Beware of analysts bearing predictions.

Burton A. Johnson, MD, JD
President
Burton A. Johnson Portfolio Management, Inc.