Some links

Warren Buffett’s 2018 letter to the Shareholders

A very interesting and comprehensive annual fund letter from Semper Augustus (h/t ValueInvesting World)

Zillow,the US Real Estate online classified leader, tries to become THE one stop shop for online real estate.

Morgan Housel has a very smart collection of the “different kinds of stupid”

The UK Value Investor has a look at HSBC

Good write up on Pershing Square Holdings and Central Securities

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