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Greg Abel's management of Berkshire Hathaway's investment portfolio is still in its early stages, but his Q1 moves are beginning to reveal an investment philosophy that is distinct from Buffett's while remaining firmly within the value-oriented framework that defines Berkshire's culture. The more-than-tripling of …
Mastercard and Visa have spent two decades attempting to build meaningful positions in China's domestic payments market, with limited success. The combination of Alipay, WeChat Pay, and UnionPay has created a domestic payments ecosystem that is deeply embedded in Chinese consumer and merchant behaviour, …
Elon Musk has been predicting imminent full autonomy for Tesla vehicles since at least 2016. Each year that the prediction is not fulfilled, the gap between his public statements and the operational reality of the company's autonomous driving systems grows more visible and more …
In a market dominated by the AI trade, the autonomous driving narrative, and the premium valuations accorded to technology-adjacent stories, there is a contrarian case for companies that manage expectations conservatively, deliver on what they promise, and compound value through operational discipline rather than …
Dual-class share structures, in which founders retain shares with disproportionate voting rights, have become common in technology company IPOs since Google's 2004 listing. The argument for them is that technology companies require longInvestmenthorizons and unconventional decisions that public market short-termism would prevent under a …
Valuing SpaceX for a public market listing requires confronting the absence of close comparables. The company combines a satellite internet business that most closely resembles a telecommunications infrastructure operator, a launch services business that operates as aMonopolyin the most demanding mission categories, and a …
Dominion Energy's recent trading history is a useful lesson in how markets can mispriceAssetswhen the frame of reference is wrong. For much of the past three years, investors had evaluated Dominion through the lens of a utility that had sold its gas transmissionBusiness, exited …
The creation of the world's largest regulated electric utility through the NextEra-Dominion combination is not merely a financial engineering exercise. It is a strategic response to a demand shift of a magnitude the utility sector has not experienced since the electrification of American industry …
The relationship between oil prices and equity markets is not constant; it depends on the reason for the oil move. When oil falls because globalDemandis collapsing, lower energy prices are a symptom of economic weakness rather than a cause of financial market strength, and …
The False Claims Act, originally enacted during the Civil War to combat contractor fraud against the federal government, has in the modern era become the primary legal vehicle for enforcement against healthcare fraud. Its qui tam provision allows private individuals, typically current or former …
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