Burgundy Blog

Is Japan Our Future?

The VIEW from BURGUNDY Our latest issue of The View from Burgundy, titled “Is Japan Our Future? Investing in Deflationary Times,” is now available! As bottom-up value investors, we look for quality companies that can be purchased at discounted prices no matter where they may be domiciled – and we have successfully invested in Europe,… Continue reading “Is Japan Our Future?”

Japan: One Year Later

It has been one year since the Great East Japan Earthquake. The earthquake and tsunami that followed killed over 15,000 people, rendered more than 320,000 homeless, and caused approximately US$200 billion in damage, making it the most expensive natural disaster in history. Japanese companies lost production capacity, faced serious supply chain disruptions and dealt with… Continue reading “Japan: One Year Later”

Sources of Volatility in Equity Markets

Since the world financial crisis began in mid-2008, high-quality investments have greatly outperformed lower-quality ones. It hasn’t been a straight line outperformance by any means, given the bouts of government risk subsidization that we have seen in 2009 and 2010, but it has been significant and persistent, especially in times of stress like October 2008… Continue reading “Sources of Volatility in Equity Markets”

Berkshire Hathaway’s Annual Shareholder Letter

Although we read a lot at Burgundy, there is little that is considered “mandatory” reading. Warren Buffett’s annual letter to shareholders might top the list. Not long after the letter to the shareholders of Berkshire Hathaway is posted online, a keen Burgundian will quickly forward the link to all members of the firm. For disciplined… Continue reading “Berkshire Hathaway’s Annual Shareholder Letter”

Where to Hide?

“Denial ain’t just a river in Egypt” – Mark Twain Looking for bright spots in the global economy is a difficult task at present. There is no sense in trying to sugarcoat the truth: the undesirable “Ds” of Debt, Deflation and Default (Denial could be a fourth) in Europe and around the world are significant… Continue reading “Where to Hide?”