Berkshire Hathaway director Chris Davis: "Every investor, if they're honest, will say that their biggest mistakes were what they sold."
"I first bought Amazon in 2002, but I sold it in 2004."
"I'm trying to really learn and think about how can I improve results, over the next twenty years, by being more willing to hold." (h/t @Ritholtz)
The Bay Area housing market
LEFT: Home price shift between spring 2024 to spring 2025
RIGHT: Home price shift between spring 2025 to spring 2026
Spillover from the AI Boom into housing was a little stronger a year ago in San Jose than now—however, it's the opposite in San Francisco—with much more upswing this year. Oakland is weaker—buyers have gained leverage there.
via ResiClub Terminal
During World War II, Hitler was convinced that Americans lacked the will to fight and that any who did would be quickly overwhelmed.
When early reports arrived from the battles in North Africa, German observers noted that Americans fought differently from the Europeans.
Rather than charging aggressively and risking heavy infantry casualties, U.S. forces relied on overwhelming firepower—staying at a distance and expending vast quantities of artillery with little hesitation. Thanks to unmatched industrial production and logistics, fresh supplies were always available.
This approach allowed relatively smaller American units to wear down much larger and well-entrenched enemy forces.
In contrast, German and other European doctrines often emphasized aggressive maneuver and were sometimes more willing to accept high casualties to achieve objectives or preserve key equipment.
This material-heavy American style surprised many Germans, including Hitler, who had long dismissed U.S. soldiers as soft and lacking in fighting spirit. He believed soldiers were cheap and expendable; he discovered too late that Americans fought to conserve lives by expending machines and ammunition instead.
It was one of many reasons for Germany’s defeat—perhaps the hardest for some foreigners to fully understand.
Americans place a high value on the lives of our soldiers. Equipment and shells could always be replaced.
NEW: Three bears race across the ski slope at Northstar California Resort near Lake Tahoe.
What appears to be a female bear and her two cubs were seen running in front of skiers at the resort.
According to wildlife experts, bears in the area at this time of year are typically in a period of "winter torpor," a lighter form of hibernation, and sometimes wake up and move around.