Warren Buffett
Berkshire Hathaway · Since 1965
Compounded book value at 19.8% over six decades. Wrote the most-read shareholder letters in commercial history. Defined the language of modern value investing.
A short, dignified note on why AMORDAD exists, who it honors, and what it promises.
Bloomberg costs roughly twenty-four thousand dollars a year per terminal. The institutional research it supplies is good. The retail tools that have emerged in its place are not.
What sits between — what a serious individual investor, a finance student, a family-office associate actually needs — has, until recently, been simply unavailable. Not because the work was impossible. Because the work was uneconomical.
AMORDAD was built on a single conviction: the wisdom of value investing, distilled across sixty years of Berkshire's letters and the writings of the masters who came after, should not be a luxury good. It should be available to anyone who takes the work of investing seriously.
The technology that makes that possible is recent. The patience required to apply it correctly is not. Both, we believe, should sit in the same product.
Six investors. Six doctrines. Each gave their working life to the proposition that a business is worth what its future cash flows are worth — and that the patient owner is rewarded.
Compounded book value at 19.8% over six decades. Wrote the most-read shareholder letters in commercial history. Defined the language of modern value investing.
Buffett's partner of sixty years. Architect of the lattice of mental models. The voice that taught a generation to invert before they invested.
Concentrated value investing with activist optionality. Twenty-years of compounded returns built on six-to-eight names at a time — and the patience to wait.
The European answer to American activism. Built TCI on infrastructure monopolies, capital discipline, and a willingness to challenge boards that compounded value poorly.
Charlie Munger's chosen heir in the practice of deep, patient, single-industry concentration. Manages the Munger family money. Holds positions for decades.
Margin of Safety, the book that has sold for thousands of dollars secondhand. Built Baupost into one of the most consistent absolute-return shops in modern finance.
Three commitments to anyone who pays for our work.
The letters can be negative. We will tell you when the famous stock is overpriced. We will tell you when the business has changed for the worse. The verdict belongs to the analysis, not the marketing.
Every analysis is framed in twenty-year scenarios. We do not respect the quarter. We do not chase the headline. The horizon, as Buffett said, is forever.
Plain prose. Numbered paragraphs. No jargon for jargon's sake. Anyone literate in English should be able to read an AMORDAD letter and understand the verdict.
With a single business. Read closely. Valued honestly.