Top Five Articles from March: Warren Buffett’s 90-10 Rule, the Sherlock Holmes of Accounting
In the annual shareholder letter for Berkshire Hathaway, Warren Buffett included some investing advice for his wife and her trustee — and the average person who is not an expert on stocks.
2. Eight Books that Changed the Way I Think About the World
From the origins of modern Wall Street to the political economy of 14th century France, here’s an off-the-cuff list of the books that have Charlie Henneman’s perspective and contributed to his understanding of the world.
Because of his track record in detecting the manipulation of financial results, Howard Schilit, CFA, has been called the Sherlock Holmes of accounting. Whereas most forensic accountants come in after the fact for the investigation and litigation, Schilit is the rare exception who comes in to detect accounting manipulation before it is widely discovered.
4. Why China Will Not Dominate the 21st Century
China breeds superlatives. It is the world’s most populous country; its Communist party is the planet’s biggest political movement; it contains half of the world’s pigs; and its citizens smoke 38 percent of the world’s cigarettes. But it is also very easy to be swept away by the apparent inevitability of China’s dominance. Author and historian Jonathan Fenby argues that despite China’s huge strengths, its manifold weaknesses will ensure it does not dominate the 21st century.
In the United States, state and local governments’ defined benefit pension plans are underfunded by more than $4 trillion, threatening the financial security of approximately 8 million retirees and 14 million workers, and taking a fiscal toll on states and municipalities.
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