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Investors are dumping US assets. In an extreme scenario ("think the unthinkable"), could the U.S. be forced to introduce capital controls? (see article below). In reality, if you see this level of obscene, cultish, financial illiteracy, mass-delusion and lying, you should probably be very worried (click) (click) Senator Josh Hawley has reintroduced legislation that would ban members of Congress and their spouses from trading stocks while in office. While Nancy Pelosi is famous for her impeccable (insider) trading record, nowadays the Trump regime is taking this to the next level (click). (see article below) According to Lord Tytler, a Scottish Historian, the average age of the world's democracies is around 200 years. After two hundred years, the nations collapse due to various economic policies and be followed by a dictatorship. Lord Tytler identified "Eight Stages of a Democracy", from beginning to end. The eight stages go from bondage to spiritual faith; from spiritual faith to great courage; from courage to liberty; from liberty to abundance; from abundance to complacency; from complacency to apathy; from apathy to dependence, and finally from dependence back to bondage. Where are we now ?
 "Buying Gold" searches on Google
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Are empty shelves coming to America? If yes, Winmark (WINA US) might be a good investment. They provide franchise licenses for re-sale concepts. Think pre-used teenager clothes, kids clothes, toys, sporting goods and female business apparel and accessoirs (click). The idea is like in cars: if new ones get more expensive/scarse, old ones appreciate in value and market makers in used cars can earn alot of money (for awhile). If re-sellers are getting rich, more people want to become re-sellers. And Winmark might sell more licenses. What´s better: Winmark is a very good business in normal times (>250% ROIC).  It´s Berkshire Meeting Week. You can follow the AGM live (here) on Saturday from 2:30pm CET. Chris Bloomstran´s annual Semper Augustus Letter (see below) is a fantastic preparation. He thinks Berkshire A share should be worth USD 807k (B-Shares USD 539).  Michael Mauboussin is the Chuck Norris of Investment / Valuation writing. Kevin Gee has now made a "MauboussinGPT", a promt-able interphase to check and make sense of all his papers, books, interviews, etc. Very cool ! (click)
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Is Margin Call the best Wall Street Movie of all times? In times of "market crisis", streaming numbers shoot up (see article above)
Snap-On provides specialist tools for professionals. The stock has compounded at 15% p.a. for the last 2 decades (see podcast below)
SAP shares have outperformed the DAX by 80% over the last 2 years. Performance is mostly driven by multiple expansion
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All-eyes are on the Vatican these days. In cinemas, streaming services and real life. Fun Fact: 12% of the total population work in finance (107 of 882). Surpassing Luxembourg’s 10%. The Vatican also has the most Bloomberg terminals per capita of any country with 17 for 882 people (source). 
Durable Assets: 8 of the 12 founding members of the Football League in 1888 are still among the Top 20 All-time English Clubs
Enjoy the Weekend !
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