Joe Koster @jtkoster
Sorfis Investments, LLC — Coastal Carolina University — All thoughts are my own opinions, not investment advice. valueinvestingworld.substack.com Chardon, Ohio Joined July 2010-
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Seth Klarman: "This Is a Bubble" | The Legendary Investor's Brutal AI Wa... youtu.be/AbZYb11A-Hw?is… via @YouTube
Weekly Summary: 06/05/2026 valueinvestingworld.substack.com/p/weekly-summa…
@EnergyCredit1 From last year, and seems relevant to your point… realclearscience.com/blog/2025/07/0…,
"The Earth is a very small stage in a vast cosmic arena. Think of the rivers of blood spilled by all those generals and emperors so that, in glory and triumph, they could become the momentary masters of a fraction of a dot. Think of the endless cruelties visited by the inhabitants of one corner of this pixel on the scarcely distinguishable inhabitants of some other corner, how frequent their misunderstandings, how eager they are to kill one another, how fervent their hatreds. Our posturings, our imagined self-importance, the delusion that we have some privileged position in the Universe, are challenged by this point of pale light. Our planet is a lonely speck in the great enveloping cosmic dark. In our obscurity, in all this vastness, there is no hint that help will come from elsewhere to save us from ourselves." - Carl Sagan 1994. Astronomer.
Hello, Moon. It’s great to be back. Here’s a taste of what the Artemis II astronauts photographed during their flight around the Moon. Check out more photos from the mission: nasa.gov/artemis-ii-mul…
That reminds me of this quote from Warren Buffett: “Don’t fear failure.... Don’t let it eat at you. Don’t look back. Just keep going. You’re going to have some things, but forget them. Go forward.” —Warren Buffett And also this one: “I must go forward where I have never been instead of backwards where I have.” —Winnie the Pooh
“Trends can reverse for no apparent reason with incredible celerity.” —Barton Biggs “Know thyself and know thy foibles. Study the history of your emotions and your actions. At the extreme moments of fear and greed, the power of the daily price momentum and the mood and passions of ‘the crowd’ are tremendously important psychological influences on you. It takes a strong, self-confident, emotionally mature person to stand firm against disdain, mockery, and repudiation when the market itself seems to be absolutely confirming that you are both mad and wrong. Also, be obsessive in making sure your facts are right and that you haven’t missed or misunderstood something.” —Barton Biggs
@ChrisBloomstran with another monumental effort writing this letter, after a great year for SAI in 2025.
Semper Augustus Investments Group: 2025 Annual Letter Both Sides Now: Cloud Delusions; Value at a Secular Plateau; And – Berkshire Hathaway: Going Out on Top valueinvestingworld.substack.com/p/semper-augus…
Thanks for sharing. Makes sense given some old Munger and Greenwald comments… valueinvestingworld.com/2013/12/a-13-h…
@JohnHuber72 I knew a guy who worked for Buffett in the immediate pre-Todd and Ted era. His summary of the Buffett buy algorithm was, “7x avg last 5 year EBIT.”
Interesting to think about this comment from Mark Leonard last year, given what's been happening lately. There are new AI concerns, and I don't yet have a position, but it's probably a reasonable data point when thinking through potential returns from here.
Mark Leonard commented on $CSU valuation in VERY blunt terms at the AGM: "So I am not a big fan of generating market rates of return. If you want to generate a 6% to 8% rate of return by buying an ETF, go for it, and we're part of those ETFs. And so obviously, our stock is
Just released on Latticework: Weekly Inspiration - Wisdom, Insights, and Ideas for Intelligent Investors latticework.com/p/weekly-inspi…
Sorfis 2025 Annual Letter to Clients sorfis.com/2025-year-end-… “And I’ll leave you my last bit of wisdom. There’s another proverb, it’s a Turkish proverb. ‘No road is long with good company.’ The essence of life is to surround yourself, as continuously as you can, with good company.” —Peter Kaufman
"Be always at war with your vices, at peace with your neighbours, and let each new year find you a better man." -Benjamin Franklin
“He who receives a benefit with gratitude repays the first installment on his debt.” —Seneca “All you need are these: certainty of judgment in the present moment; action for the common good in the present moment; and an attitude of gratitude in the present moment for anything that comes your way.” —Marcus Aurelius
Links - 11/27/2025 [subscribers] open.substack.com/pub/valueinves… “Do not indulge in dreams of having what you have not, but reckon up the chief of the blessings you do possess, and then thankfully remember how you would crave for them if they were not yours.” —Marcus Aurelius
John Malone at his finest… youtube.com/watch?v=tsA7y8…
Peter Kaufman: I’m the only person on Earth who can define Circle of Competence Here it is…
"[There's] this theme of ‘finding your own way.’ One of the most common mistakes that I see people make—whether you're talking about kids or adults—in the learning curve is trying to do it like someone else does it; whether it's your dad, or your hero, or Michael Jordan, or Tiger Woods, or whatever the sport is. There are people who are at the top, and you can try to do it like somebody else, but that's very different from trying to figure out the relationship to the art which is completely your own." —Josh Waitzkin
“Talking to management is not a perfect art. Management talks about what management wants to talk about. And they have, sometimes, their own agenda. But I think you can get a lot from the conversation around what’s the likely direction—both of where they’re taking the assets, what new bets are they going to make, and how much do they care about shareholder return. One of my favorite questions for a lot of the stocks we look at that haven’t done much in the market lately is ‘Why should we or anybody buy the stock here? What’s the plan for how you’re going to deliver value for your shareholders, especially because the last couple of years your stock really has lagged?’ You don’t have to agree with the answer, but hearing it shows you something about the caliber and character of management.” —Seth Klarman
Links - 08/03/2025 [subscribers] open.substack.com/pub/valueinves… “The winds and waves are always on the side of the ablest navigators.” —Edward Gibbon
Christopher Bloomstra... @ChrisBloomstran
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