Fall 2023 Client Update

David Meehan on November 3, 2023

When you see Compagnie de L’Odet on your statement, think “UMG at a discount.” And when you think of UMG, think “A royalty on global music consumption.” When people listen to a song, the artists and UMG are paid. It is an incredibly resilient and profitable business with a nice growth tailwind because of global smartphone proliferation and growth in subscriptions to streaming services such as Spotify, Apple Music, Youtube, Amazon, Pandora, Soundcloud, Tencent, etc. that offer unlimited listening of almost every song ever recorded for a modest monthly fee or free with advertisements.

Spring 2023 Client Update

David Meehan on May 1, 2023

Berkshire Hathaway Revisited. Berkshire Hathaway remains our largest individual holding (10-15%) outside of index funds in the Capital Appreciation and Outright Capital Appreciation portfolios and I’d like to provide an overview of the company so you can understand why we own it in size.  If you prefer the one-minute version, read the “reasons to own” below and skip to the planning section on page 11.