Workfiles
Each weekly letter is the short version. The workfile is the full report behind it: every valuation tool run on the company, the warning signs, the debt, the insiders, what would make the call wrong, and what was considered and rejected. Each one is dated, and when something it named happens, it gets a dated addendum rather than a rewrite.
Prices then and now, and the letter behind each one, are on the record.
The landlord under Caesars Palace, the Venetian and the MGM Grand, at about 9.7 times cash earnings and below book value, with a 7.7% dividend. It collected 100% of its rent in 2020, when Strip gaming revenue fell 43%. Interest rates and the sale of Caesars, its largest tenant, are the open questions.
Added to Lennar on October 6 as Berkshire's stake reached 12% of the company: below book at 0.85x, with orders and margins both falling. The case rests on how Lennar came through 2008 and on what Berkshire's filings show. No filing says why it is buying. A short seller's report on its spinoff Millrose is unresolved.
A steel company with 247 straight quarterly dividends, priced at about 12 to 14 times earnings against 20 for Nucor, after borrowing $2 billion to buy its way into precast concrete. New debt, a tax credit that flatters earnings and a steel cycle are the catch; its October 15 report is the first test.
The largest US natural gas producer, priced at 11 times earnings while the copper and uranium stocks chasing the same AI-power-demand story trade at 19 to 148 times. The CEO sold $15.0M in stock this year — the SEC filing shows the sales ran on a trading plan set up five months earlier.
A regulated airport monopoly that fell 32% in a week when the Mexican government cut its fees in 2023 — and has earned 46%+ on equity every year since. The protection is monopoly cash flow: nobody can build a competing airport next to Monterrey's.
Cheap on the measures that fit an insurer — 1.25x book on a 16.9% return on equity, 7.4x earnings — with softening insurance prices as the main risk. A call on price, not on where rates go next.
Below book at 0.89x, with Berkshire buying more while underwater — the same quarter it bought a rival builder outright for $6.8B. A contrarian bet on housing, not a Graham bargain.
A contrarian turnaround after a 40%+ fall, backed by a cluster of insider buying — explicitly not a low-risk Graham bargain.
Nixon's 1971 surcharge, Canada's Third Option, and what is different in 2026: the trade data, the tariffs, the pipelines and the BC election.
Informational only, not a recommendation. Each workfile states its own date of value and sources; prices move after that date.