Very excited to announce that my new book The Humble Investor is available for pre-order! See below for links to bookstores...

This week in value: Japan’s Value-Up All-Stars (Verdad) Warren Buffett steps down as chairman of Berkshire Hathaway: ‘Father Time always wins’ (CNBC) How Share Buybacks Can Create Compelling Value Trades (EFT) Is Markel the New Berkshire Hathaway Blueprint for Value Investors Post-Buffett? (Simply)

How private equity ended up in limbo ft.com/content/2b307c1e-cd98… via @ft

Share of Japanese Companies Below Book Value, June 2022 vs. June 2026 h/t @verdadcap

Prediction markets are breaking through. Wall Street is still catching up. Dan Rasmussen (@verdadcap): “The lack of investment I've noticed from mainstream investors in studying @PTetlock, in studying what's going on on @Kalshi... I think traditional investors are leaving a huge amount of edge on the table.”

LIVE on EVENTUAL 💸 Fed hikes! Will Warsh hit the ➕ again? 🌊 Blue Tsunami rising 🗳️ Roger Marshall on the rocks? & our interview with Dan Rasmussen at @verdadcap Co-hosted with the @Domahhhh nitter.net/i/broadcasts/1dKrProqj…

Small Caps in 2026: The Lottery & the Leftovers (2026 Sept) mailchi.mp/verdadcap/small-c… Great piece by @verdadcap.

It has been a bad mistake to avoid money-losing small caps $IWM @soberlook @verdadcap

"The entire financial economy is now balanced on the question of whether AI investments can live up to their lofty expectations. We continue to believe that finding other uncorrelated bets and owning a diversified portfolio should make for smoother sailing through whatever waters lie ahead." - @verdadcap

We recently released a new report, "Public to Private Equity in the United States: A Long-Term Look," which is an update to a report we published in 2020. A lot has changed since we last wrote about this topic, including the end of the period of “easy money,” a worsening environment for exits, increased access to capital for private companies, and a surge in capital needs for companies involved in artificial intelligence. Further, initiatives are in motion to potentially make private equity more broadly available to retail investors - with the pros and cons that might come with that. One statistic that stood out to me is that there are 592 unicorns valued at $1-3 billion versus 722 public companies with that valuation. So 45% of companies of that size are private. This would not have been the case a generation or two ago. This report should be of interest to allocators and to students who want to understand the context and evolution of equity markets in the U.S. There are a lot of data. morganstanley.com/content/da…

Great chart from @verdadcap that shows equity performance by sector based on prior year net issuance of capital, think IPOs, stock comp, less buybacks. Clear negative correlation amongst years of heavy stock issuance (like this year) and future stock returns. $SPCX $GOOG $AMZN

🚨 New pod alert! 🚨 This week on WSJ's Take On the Week, @miriamgottfried and guest host @aaronback are joined by Dan Rasmussen (@verdadcap) of Verdad Advisers to discuss the rally in small-cap stocks. Listen: on.wsj.com/3LBGo5Q

Share issuance and returns via @verdadcap

Are small-cap stocks in an AI-fueled bubble? Dan Rasmussen (@verdadcap) of Verdad Advisers joins @miriamgottfried and @aaronback on WSJ’s Take On the Week to discuss the disconnect in current market valuations and if value investing still works. Listen🎧: on.wsj.com/3LBGo5Q

“The returns always come later than people thought.” @verdadcap joins @ckaiwu on the latest Intangible Economy to discuss: ✅ How 40%+ of private equity became software ✅ Why recurring revenue may not be the moat investors thought ✅ Private credit vs. private equity ✅ Whether AI CapEx is becoming a crowded bet ✅ Why being right about AI may not mean being right on the investment ✅ The old-school value opportunity Dan sees in Japan