VALUEx

VALUEx is a private conference for a group of investors & friends in Klosters and Omaha hosted by @gspier #VALUEx #VALUExBRK

[Matthew Stafford @mstafford]

Alaska + cake 🎂

At first I thought this was a daft idea, "Come to Alaska on your way home!" said my pal (another @VALUExZH'er).

But then, when else am I going to get the chance to stay at their lake house and venture into the mountains?

[Julia La Roche @JuliaLaRoche]

New in-studio pod with the absolutely brilliant Michael Howell @crossbordercap! This was such a fun episode.

https://t.co/AJViS2Lp3s

[Guy Spier 🇮🇱 🇺🇦 🇨🇭🇬🇧🇮🇷🇦🇪 @GSpier]

@dunne_insights @FT I never fully understood why driver emotion is such a big part of the Ferrari experience until this moment.

$RACE

[Mohnish Pabrai @MohnishPabrai]

I delivered this new talk on “Mental Models for Exceptional Capital Allocation” twice in April 2026. Both are similar, but not identical. This is the one given @Columbia_Biz on 4/21/26. The one given @UNOmaha on 4/30/26 was posted a few days ago. Enjoy!

https://t.co/XUJJJwOg91

[Guy Spier 🇮🇱 🇺🇦 🇨🇭🇬🇧🇮🇷🇦🇪 @GSpier]

I am determined to live my life this way.

Thank you Charlie Munger and Epictetus for setting an example I can follow.

[Guy Spier 🇮🇱 🇺🇦 🇨🇭🇬🇧🇮🇷🇦🇪 @GSpier]

What a moment

[David Park @investingdpark]

“McDonald’s, providing first jobs to millions of teenagers, many troubled, over the years, has successfully taught most of them the one lesson they most need: to show up reliably for responsible work.

Then I usually go on to say that if the elite campuses were as successful as McDonald’s in teaching sensibly, we would have a better world.”
- Charlie Munger

[Tilman Versch | Good Investing @goodinvestingc]

What does Warren Buffett's Berkshire Hathaway $BRK.A $BRK.B have to do with Charlottesville, Virginia?

Ted Weschler is the link here! Ted manages roughly 6% of Berkshire's public equity portfolio.

Ted is based in this lovely university town in Virginia.

Before getting a job offered by Warren Buffett, he founded a public and private equity cross-over company. Later, he also ran his public partnership from Charlottesville.

His office was or maybe still is located above the the New Dominion Bookshop in Charlottesville's downtown mall.

Fun fact: The restaurant next to the bookshop is called Tilman's. I have to try it next time I am back in town!

After staying in Charlottesville for a few days, I can definitely understand why Ted likes it here. It is a charming town with high living standard.

If you are keen to learn more about Ted, please give this podcast a listen. Highly recommended: https://t.co/NqwimAHIqq

[Mohnish Pabrai @MohnishPabrai]

I very much enjoyed my banter with @ShaanVP. This was our third conversation and I think the best one:

https://t.co/WiYhvLtfpI

[Daniel Gladiš @danielgladis]

The Markel Reunion was a very enjoyable event. It was much more intimate than the Berkshire annual meeting and offered much better access to Markel’s key executives. I gained a lot of useful information. Markel is a very good company with an excellent corporate culture and leadership that is easy to trust. Many thanks to Tom Gayner for the personal invitation. It is a great honor for me. $MKL

[Tilman Versch | Good Investing @goodinvestingc]

Let me introduce you to one Omaha legend: Jim Ross from the airport bookstore.

Jim's store has been one of the backbones of the Berkshire AGM over the last decades.

Book signings at the airport were only one of the activities he hosted every year.

He also supported countless events, like the legendary book signing at Warren Buffett's favourite Dairy Queen with books.

Since the airport is under construction, Jim is a bit logistically constrained.

But 2027 his new book store should be finished. We already brainstormed some ideas what could work next year.

If you want to get to know Jim better, you got to listen to this:
https://t.co/Izc4CBpqwj

Or watch this video where he got portrayed by Becky Quick https://t.co/wzUYKGqdKT

Whenever you land in Omaha, please make sure to say hi to Jim!

[Guy Spier 🇮🇱 🇺🇦 🇨🇭🇬🇧🇮🇷🇦🇪 @GSpier]

Trump’s “failing New York Times” $NYT is not failing.

Revenue went from $2.4bn in 2023 to $2.6bn in 2024. Adjusted operating profit rose 16.8% to $455m. In Q4 2025 revenue rose 10.4%, and digital-only subscription revenue jumped 13.9%.

It has made the transition to digital, and it is growing profitably.

It still carries the authority of a newspaper of record. It sets the agenda. Most of the rest just follow. And in an age of AI slop, the premium on that established position likely gets stronger, giving it a growing moat.
That’s exactly why Nicholas Kristof can write all the blood libels he likes, and the NYT will happily publish them. The editors don’t care and they don’t need to care.

Certainly - sue them. And cancel your subscription.

But it is going to take a lot more than a few crooked journalists to take it down. That might be impossible anyway.

Better question to ask is why the progressive, woke-left eventually seems to capture the cultural high ground so spectacularly well.

Why is it that so many institutions: The universities, civil rights organisations, NGO's, and of course the @nytimes are to the left of left.

Instead of just complaining about it, perhaps it is time for others to figure out how to establish footholds within places like the New York Times, and make them more “fair and balanced”.

@VividProwess @yudapearl @clairlemon @EliLake @DavidDeutschOxf

[Brett G @brettgardner_10]

Looking forward to this presentation on compounders by Paul Johnson, who co-wrote Pitch the Perfect Investment (https://t.co/lTuDNFyNa2), The Enduring Value of Roger Murray (https://t.co/cF38pCST2N), and others!

https://t.co/K4vItySOAY

[Luca Dellanna @DellAnnaLuca]

"If you want to truly understand Coca-Cola’s decisions, you must not stop at 'Coca-Cola made this decision.' You must ask which specific people inside Coca-Cola made the decision, based on what information, under what constraints, and according to what incentives.

Similarly, if you want to truly understand the human brain, you must go beyond 'the brain made this decision.' You must ask which specific systems within the brain produced the outcome, what information they had, what information they lacked, and what local rules they followed."

An excerpt of my upcoming newsletter issue ↓

[Brett G @brettgardner_10]

I loved Eric's talk and can't wait for his book!

[Luca Dellanna @DellAnnaLuca]

Aggregate data surfaces symptoms, not root causes.

Solving business problems requires anecdotes from direct conversations, not just data reports.

♻️ https://t.co/O8KE3m8bp8

[Guy Spier 🇮🇱 🇺🇦 🇨🇭🇬🇧🇮🇷🇦🇪 @GSpier]

"If you have to walk through the streets crying for a few hours every day as part of soldiering through then go ahead and cry away."

But you can't quit.

Post my GBM / glioblastoma diagnosis I understand Charlie Munger's words so much better that I did before.

"The iron rule of life is that everybody stuggles. Everybody has some tough stretches."

CNBC Cures.

[VALUEx @VALUExZH]

🙏😍

[Daniel Gladiš @danielgladis]

A fantastic lineup of speakers, once again put together by my friend Guy Spier.
VALUExBRK 2026 | Bill Ackman, Mohnish Pabrai, Tom Gayner, Chris Bloomstr... https://t.co/2PRI5Mneb8 prostřednictvím @YouTube
@GSpier

[VALUEx @VALUExZH]

And to close — Guy Spier brought Chantal, Mariana, and David onstage.

Because the team, not the host, makes the day happen.

https://t.co/3WWi7Fbt3I

[VALUEx @VALUExZH]

ALUExBRK 2026 is now online — filmed in Omaha during Berkshire weekend.

This year’s event featured conversations on Berkshire Hathaway, Buffett & Munger, AI, capital allocation, permanent capital, entrepreneurship, and lessons from decades in markets with talks by

@BillAckman, @MohnishPabrai, @EricMarkowitz , @ChrisBloomstran, @DellAnnaLuca and others

[VALUEx @VALUExZH]

Mohnish Pabrai — AI, India, Dakshana, and a Charlie Munger Story

Why fear and greed will keep creating opportunity. The Dakshana sewing-machine story.

And the legendary Munger "tell him about the blonde" story from the California Club.

@MohnishPabrai