Dollar General’s shares declined to a very undervalued level.

much of everything else, from mid- and small-capitalization shares to international and emerging markets are at much more reasonable levels.

The shares of too many publicly traded insurance companies are priced today as though the good times will roll on forever. Chaucer must have known insurance underwriting was a mediocre, cyclical industry.

We are overall quite optimistic about the business of Dollar General, and likewise its Dollar Tree competitor.

BNSF faced three distinct populist measures over the past couple years... The order raises costs for the rails and ultimately for their customers.

How do you make money owning Costco at today’s valuation? You likely don’t, at least for a long time.

The stock climbed further in 2024, rising 31% in price over the year, closing the year trading for more than 35x to earnings.

Rising deficits likely will result in higher-than-target inflation. Lenders to the Treasury, particularly price-sensitive lenders, will require higher interest rates.