When Jeff Bezos recently purchased the Washington Post, one of the factors that surprised many was that its pension scheme had a surplus of over $1 billion. In 1975, Warren Buffett submitted a memo to the then CEO of the company, Katherine Graham on the risks of pension promises and the investment strategy that should be followed. The link below is to the full text.
We are approaching the third anniversary of the launch of the Chawton Global Equity Income Fund. It has been an eventful period with plenty thrown at us. However, the fund and the firm have proved resilient in these testing conditions.
One of the greatest problems facing equity fund managers is convincing investors that business fundamentals are far less volatile than share prices and, at the same time, providing comfort that their manager is invested in the right companies.