Warren's Commission

Berkshire Hath a Way, Milk's Comeback

A recent study indicates that the median investor puts in a hefty six minutes of research before buying a stock. I spent more time than that deciding how many dollars to put under my kids' pillows when they lost a tooth. There are some investors who are little more deliberate and painstaking when buying a stake in a business. That slow, old fashioned version of "doing your own research" can pay off. It certainly did for Warren Buffett, the Oracle of Omaha, as he steps down after 60 years as CEO of Berkshire Hathaway, one the most successful companies in the world. Let's just say Berkshire hath a way with investing. "Berkshire shares have skyrocketed 5,502,284% between when Buffett took over what was then a failing textile company in 1965 and the end of 2024." It's a sign of Buffett's steady and ubiquitous presence in his company and the broader investing community that it somehow came as something of a surprise when the 94 year-old announced he was relinquishing the CEO role. Andrew Ross Sorkin in the NYT (Gift Article): The Emotional Moment When Warren Buffett Announced His Departure. "Mr. Buffett, who turns 95 in August, is often described as a symbol of American capitalism. In truth, he is an outlier. He is more the conscience of capitalism, willing to speak uncomfortable truths about the system’s ills while others remained silent. (His public comments on issues like tariffs over the weekend are a prime example.) The billionaire always comes across as a gentleman, and in an age of distrust he has become a trusted figure. Fellow business moguls and government officials admire him because of his success, yes — Berkshire reported $89 billion in net profit last year, and it is one of the biggest buyers of U.S. Treasury bonds — but also because he has appeared unchanged by wealth. He lives in a modest house in Omaha, and for years drove his own car, including to the drive-through at McDonald’s."

+ "Buffett’s presence here has for decades created its own economic weather. Tens of thousands of people gather in Omaha for the company’s annual investor conference, which alone pumps at least $22 million into the local economy. The Buffett mystique draws curious tourists year-round, too." As Buffett Steps Down, Omaha Is Grateful—and a Little Worried. (In honor of Buffett, here's Peyton Manning yelling Omaha over and over.)

+ Philanthropic Thunder: Buffett is also known for giving away a lot of money and encouraging his wealthy counterparts to do the same. "Buffett has said previously that his three kids will distribute his remaining $147.4 billion fortune in the 10 years after his death."

+ As you probably know by now, not all billionaire stories are about clearly thought out decisions, successful businesses, and philanthropically minded offspring. NYT (Gift Article): Trump Sons’ Deals on Three Continents Directly Benefit the President. "A luxury hotel in Dubai. A second high-end residential tower in Jeddah, Saudi Arabia. Two cryptocurrency ventures based in the United States. A new golf course and villa complex in Qatar. And a new private club in Washington. In many cases these new deals promoted over the last week will personally benefit not only Eric Trump and Donald Trump Jr., but also President Trump himself." (Eric and Don Jr are gonna be able to buy all the dolls they want this Christmas.)

+ Trump Crypto Corruption Intensifies as Abu Dhabi Firm Invests $2 Billion.

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Are You Seeing What I'm Seeing?

It's not so much that other people don't see things they way you do. It's that they don't see the things you see at all. Oakdale, Calif is a couple hours from NextDraft HQ. But I'm guessing I don't have a lot of subscribers in the town where traditional news sources have been abandoned. NYT (Gift Article): It Was Just a Rumor on Facebook. Then a Militia Showed Up. "Now, in place of longtime TV pundits and radio hosts, residents turn to a new sphere of podcasters and online influencers to get their political news. Facebook groups for local events run by residents have replaced the role of local newspapers, elevating the county’s “keyboard warriors” to roles akin to editors in chief. Of the 80 Oakdale residents The New York Times spoke to for this article, not a single one subscribed to a regional news site, The New York Times, The Wall Street Journal or The Washington Post. Oakdale is not alone: Between news deserts expanding in rural areas and a growing distrust of national outlets, the town’s shift toward new sources of information is becoming commonplace in small communities across the country." It's a big deal. And it's only getting worse.

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Lactose In Tolerance

"Americans’ milk drinking has been on the decline for decades. Between 1975 and 2024, the country’s per capita milk consumption dropped by 47%, according to USDA data. It’s the kind of dragged-out downslide that suggests more than just a slump, but the steady drift toward cultural obsolescence. But the tides may be shifting. Suddenly, milk’s half-century-long flop era is showing signs of reversal." It's partly about protein and plants, but like it always is when it comes to milk, it's also about politics. Why everybody’s drinking milk again.

+ The politics of milk never stops. A couple decades ago, raw, unpasteurized milk was mostly popular among Whole Foods shopping, boxy Volvo-driving, hippy-clinging lefties who liked to use it wash down the personal blend of GORP they custom mixed by scooping just the right ratio of organic, artisanal, raw pumpkin seeds, sun-dried chia-powdered chard, carob-covered banana chips, and all-natural sugarless, tasteless granola from fairtrade plastic grocery bins into their hemp-based reusable shopping bag. At the time, reversing this trend would have seemed like milking a duck, but in a condensed period of time, this group’s love for raw milk evaporated and an entirely different group of voters, let’s call them the Milk Men—intolerant of everything but lactose—were chugging the raw stuff double-fisted on the hood of a gun-racked, gas-converted Tesla cybertruck—partly to quench thirst, partly to own the libs, and partly because the milk mustache hid the fact they couldn’t grow a natural one—and were milking legislatures to allow unpasteurized goods to bypass science and adopt a new American socio-dietary movement: Teat to Table. Fraught Milk?

4

Blood is Thicker Than Plotter

"The real reason why you informed on me is that you hate me … And what you hate me for is your own gnawing sense of inferiority. Your suspicion that I was the Unabomber at last gave you your opportunity to get a crushing revenge on big brother for being smarter and more capable than you are." A very interesting story of brotherhood and misanthropy (with a quite ominous subhead). NYT (Gift Article): The Unabomber’s Brother Turned Him In. Then Spent 27 Years Trying to Win Him Back. "Ted Kaczynski, whose anti-tech rants are finding a new generation of readers, shunned the brother who called the F.B.I. in an effort to halt his campaign of violence."

5

Extra, Extra

Port of Call My Broker: "The tariffs themselves are a shock to the system, and the shock is echoed and amplified across the entire chain. Even if there is resolution, it will take nine to 12 months to work out these bumps." The Atlantic (Gift Article): Don’t Look at Stock Markets. Look at the Ports. The latest tariff announced by Trump targets the film industry. But so far, details are as scarce as logic. White House Says “No Final Decisions” Have Been Made on Movie Tariffs. (No initial decisions have been made either.)

+ Alcatraz Razzmatazz: In another social media weekend rant, Trump said he will reopen Alcatraz for the 'most ruthless and violent' prisoners. (Wait, I thought he hated staying in San Francisco...)

+ No Holds Barred: "Israel's security cabinet has approved a plan to expand its military offensive against Hamas which includes the 'capture' of Gaza and the holding of its territory."

+ Extensive Collection: "There are some five million borrowers whose loans are in default, many of whom haven’t made regular payments since the pandemic. Millions more are on the cusp of default, according to the Education Department." Collections Coming for Millions of Student-Loan Borrowers.

+ RegurgiNation: Robert Reich on Trump's apparent plans for a military parade to celebrate his birthday. George Washington would have thrown up. (At this point, Washington would've already puked enough to fill the Delaware...)

+ Offsprings Eternal: Sovereignty edged out Journalism in the 151st Kentucky Derby. (Continuing Journalism's 2025 losing streak.) Every horse that ran in this year's Kentucky Derby is a descendant of Secretariat. Take that, Elon.

+ Spur of the Moment: "There is no signature style, no 'Showtime' to his name. The beauty in Popovich entering this pantheon is the adaptability of his approach." Gregg Popovich's legacy in the NBA is every bit as big as Warren Buffett's legacy in investing. Gregg Popovich's legacy: Behind the beauty of the Spurs coach's greatness.

+ The Conman and The Conclave: Over the weekend, Trump, asked if he has to 'uphold the Constitution,' said, "I don't know.'" Also, "the messaging app that President Donald Trump’s former national security advisor was seen using during a Cabinet meeting last week is temporarily suspending services following reports it was hacked." Meanwhile, Catholic leaders criticized Trump for posting apparent AI photo of himself as the pope. (It's gonna take a lot of puffs of smoke to get through the next four years, folks.)

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Bottom of the News

"Racers often buy or inherit burros from owners who run out of money, time or patience. Others adopt burros that were corralled by the federal government to prevent overpopulation. Novices easily can rent an ass to try it out for kicks." Burro racing wins over runners in backcountry ode to mining history.

+ The Onion: ICE Opens New Supermax Detention Center For Most Hardened Toddlers.