Matt Roll
@mattsnotes.com
engineering @ stripe
interested in hard work and good books
interested in hard work and good books
Picked up the dog from where he was boarding.
Now to hope the jet lag isn’t too bad, and to start getting back into routines for the new year.
Now to hope the jet lag isn’t too bad, and to start getting back into routines for the new year.
January 4, 2026 at 3:53 PM
Picked up the dog from where he was boarding.
Now to hope the jet lag isn’t too bad, and to start getting back into routines for the new year.
Now to hope the jet lag isn’t too bad, and to start getting back into routines for the new year.
Customs was way quicker than I remember. The line moved quickly and all I had to do was stand in front of a camera for two seconds while it scanned and verified me. Didn’t have to show my passport.
Uber ride home was quiet, just what I needed after a whirlwind of a trip.
Uber ride home was quiet, just what I needed after a whirlwind of a trip.
January 4, 2026 at 3:53 PM
Customs was way quicker than I remember. The line moved quickly and all I had to do was stand in front of a camera for two seconds while it scanned and verified me. Didn’t have to show my passport.
Uber ride home was quiet, just what I needed after a whirlwind of a trip.
Uber ride home was quiet, just what I needed after a whirlwind of a trip.
16 hours later we are back in NYC. Currently in a long customs and immigration line, slowly inching our way closer to home.
Can’t wait to see my dog.
Can’t wait to see my dog.
January 4, 2026 at 11:10 AM
16 hours later we are back in NYC. Currently in a long customs and immigration line, slowly inching our way closer to home.
Can’t wait to see my dog.
Can’t wait to see my dog.
We forgot that there are *two* security checks coming back from India to the US - one regular and one at the gate which is more strict. You can’t take any water on the plane and you have to take your shoes off.
We boarded just as final call was sounding.
We boarded just as final call was sounding.
January 4, 2026 at 11:10 AM
We forgot that there are *two* security checks coming back from India to the US - one regular and one at the gate which is more strict. You can’t take any water on the plane and you have to take your shoes off.
We boarded just as final call was sounding.
We boarded just as final call was sounding.
We took a Trev taxi to IGI airport through South Delhi. The mansions there are really something. I saw a couple with courtyards on the roof.
January 4, 2026 at 11:10 AM
We took a Trev taxi to IGI airport through South Delhi. The mansions there are really something. I saw a couple with courtyards on the roof.
Ate lunch in Hauz Khas with cousins and now chai and dinner at Nani’s house before heading to the airport for a 16 hour flight back to NYC.
January 3, 2026 at 12:55 PM
Ate lunch in Hauz Khas with cousins and now chai and dinner at Nani’s house before heading to the airport for a 16 hour flight back to NYC.
Already the income from the insurance companies exceeds what they would have made from the same investment in the textile company.
“we believe it is an added factor of strength to have these two unrelated sources of earnings rather than to be solely exposed to the conditions of one industry”
“we believe it is an added factor of strength to have these two unrelated sources of earnings rather than to be solely exposed to the conditions of one industry”
January 3, 2026 at 12:45 PM
Already the income from the insurance companies exceeds what they would have made from the same investment in the textile company.
“we believe it is an added factor of strength to have these two unrelated sources of earnings rather than to be solely exposed to the conditions of one industry”
“we believe it is an added factor of strength to have these two unrelated sources of earnings rather than to be solely exposed to the conditions of one industry”
“Our investment in the insurance companies reflects a first major step in our efforts to achieve a more diversified base of earning power.”
Love a good diversified base of earning power.
Love a good diversified base of earning power.
January 3, 2026 at 12:45 PM
“Our investment in the insurance companies reflects a first major step in our efforts to achieve a more diversified base of earning power.”
Love a good diversified base of earning power.
Love a good diversified base of earning power.
Ok now things get interesting.
Apparently he purchased two insurance companies in March 1967. These companies did well, and Buffett put the earnings back into the capital pool to enable continued investment in diversified securities.
Apparently he purchased two insurance companies in March 1967. These companies did well, and Buffett put the earnings back into the capital pool to enable continued investment in diversified securities.
January 3, 2026 at 12:45 PM
Ok now things get interesting.
Apparently he purchased two insurance companies in March 1967. These companies did well, and Buffett put the earnings back into the capital pool to enable continued investment in diversified securities.
Apparently he purchased two insurance companies in March 1967. These companies did well, and Buffett put the earnings back into the capital pool to enable continued investment in diversified securities.
Their labor situation is tough. Their contract requires them to raise wages, and candidates are hard to find.
“…relatively fewer job applications being received from persons possessing the requisite training and skills.”
They were forced to close another plant this year.
“…relatively fewer job applications being received from persons possessing the requisite training and skills.”
They were forced to close another plant this year.
January 3, 2026 at 12:45 PM
Their labor situation is tough. Their contract requires them to raise wages, and candidates are hard to find.
“…relatively fewer job applications being received from persons possessing the requisite training and skills.”
They were forced to close another plant this year.
“…relatively fewer job applications being received from persons possessing the requisite training and skills.”
They were forced to close another plant this year.
Additionally, manufacturing costs were materially higher due to smaller batches and smaller orders (worse economies of scale).
To mitigate these headwinds they begin an investment in more niche product lines.
To mitigate these headwinds they begin an investment in more niche product lines.
January 3, 2026 at 12:45 PM
Additionally, manufacturing costs were materially higher due to smaller batches and smaller orders (worse economies of scale).
To mitigate these headwinds they begin an investment in more niche product lines.
To mitigate these headwinds they begin an investment in more niche product lines.
The down market caused them to decrease production, which in turn forced them to let go of skilled labor. He acknowledges that “abnormally high training costs will be incurred before we again run full.”
New materials (polyester) available from other firms are taking demand away from cotton products
New materials (polyester) available from other firms are taking demand away from cotton products
January 3, 2026 at 12:45 PM
The down market caused them to decrease production, which in turn forced them to let go of skilled labor. He acknowledges that “abnormally high training costs will be incurred before we again run full.”
New materials (polyester) available from other firms are taking demand away from cotton products
New materials (polyester) available from other firms are taking demand away from cotton products
If I were an investor in this business I would be starting to get worried. These are not the updates of a winning business. More a business trying to stay afloat in a depressed, highly competitive market.
January 3, 2026 at 12:45 PM
If I were an investor in this business I would be starting to get worried. These are not the updates of a winning business. More a business trying to stay afloat in a depressed, highly competitive market.
1967
Textile business continues to struggle. Buffet cites drop in demand across almost all divisions and a sharp drop in prices.
Textile business continues to struggle. Buffet cites drop in demand across almost all divisions and a sharp drop in prices.
January 3, 2026 at 12:45 PM
1967
Textile business continues to struggle. Buffet cites drop in demand across almost all divisions and a sharp drop in prices.
Textile business continues to struggle. Buffet cites drop in demand across almost all divisions and a sharp drop in prices.
The first mention in these letters of the master plan:
“As you have been advised previously, the Company has been searching for suitable acquisitions within, and conceivably without, the textile field.”
“As you have been advised previously, the Company has been searching for suitable acquisitions within, and conceivably without, the textile field.”
January 3, 2026 at 12:45 PM
The first mention in these letters of the master plan:
“As you have been advised previously, the Company has been searching for suitable acquisitions within, and conceivably without, the textile field.”
“As you have been advised previously, the Company has been searching for suitable acquisitions within, and conceivably without, the textile field.”
Financial strength is what allows you to weather hard times. True for personal finances as well as business finances.
January 3, 2026 at 12:45 PM
Financial strength is what allows you to weather hard times. True for personal finances as well as business finances.
“It has always been among the goals of Berkshire Hathaway to maintain a strong financial condition. Indeed, it has been this practice that has enabled the Company to survive in the light of the highly cyclical nature of its business.”
January 3, 2026 at 12:45 PM
“It has always been among the goals of Berkshire Hathaway to maintain a strong financial condition. Indeed, it has been this practice that has enabled the Company to survive in the light of the highly cyclical nature of its business.”
1966
More details on how they are trying to revitalize a struggling textile business. This may turn out to be a theme.
More details on how they are trying to revitalize a struggling textile business. This may turn out to be a theme.
January 3, 2026 at 12:45 PM
1966
More details on how they are trying to revitalize a struggling textile business. This may turn out to be a theme.
More details on how they are trying to revitalize a struggling textile business. This may turn out to be a theme.
1965
Playing on hard mode, and exhibiting a high level of integrity and transparency. Even though he didn’t have to pay taxes this year due to loss carryovers, he still computed net earnings taking into account what they likely would have paid in taxes.
I would have appreciated this as an investor
Playing on hard mode, and exhibiting a high level of integrity and transparency. Even though he didn’t have to pay taxes this year due to loss carryovers, he still computed net earnings taking into account what they likely would have paid in taxes.
I would have appreciated this as an investor
January 3, 2026 at 12:45 PM
1965
Playing on hard mode, and exhibiting a high level of integrity and transparency. Even though he didn’t have to pay taxes this year due to loss carryovers, he still computed net earnings taking into account what they likely would have paid in taxes.
I would have appreciated this as an investor
Playing on hard mode, and exhibiting a high level of integrity and transparency. Even though he didn’t have to pay taxes this year due to loss carryovers, he still computed net earnings taking into account what they likely would have paid in taxes.
I would have appreciated this as an investor
Doing a small outing in Gurgaon this morning. Interesting to contrast the infrastructure here to Delhi proper.
Gurgaon has much better roads, and people mostly follow the lanes. Also hi-tech buildings sporting global logos like Microsoft, Salesforce, PWC.
Gurgaon has much better roads, and people mostly follow the lanes. Also hi-tech buildings sporting global logos like Microsoft, Salesforce, PWC.
January 3, 2026 at 6:05 AM
Doing a small outing in Gurgaon this morning. Interesting to contrast the infrastructure here to Delhi proper.
Gurgaon has much better roads, and people mostly follow the lanes. Also hi-tech buildings sporting global logos like Microsoft, Salesforce, PWC.
Gurgaon has much better roads, and people mostly follow the lanes. Also hi-tech buildings sporting global logos like Microsoft, Salesforce, PWC.
But India does not have dryers. You take your clothes out of the washing machine and hang them up to dry, which means clean clothes have a turnaround time of at least one day.
January 2, 2026 at 12:13 PM
But India does not have dryers. You take your clothes out of the washing machine and hang them up to dry, which means clean clothes have a turnaround time of at least one day.
India has one of the best ubiquitous payment systems in the world, UPI. Anyone can pay anyone else via zero-cost digital bank to bank transfer. It’s incredible and supports almost 500 million people.
January 2, 2026 at 12:13 PM
India has one of the best ubiquitous payment systems in the world, UPI. Anyone can pay anyone else via zero-cost digital bank to bank transfer. It’s incredible and supports almost 500 million people.
India has 10-minute grocery and household goods delivery (Blinkit), but no hot showers.*
* I was able to get a long hot shower in a 5 star hotel, but even wealthy people have to turn on their hot water heater 10 minutes before getting in the shower and it only delivers about 3 minutes of hot water.
* I was able to get a long hot shower in a 5 star hotel, but even wealthy people have to turn on their hot water heater 10 minutes before getting in the shower and it only delivers about 3 minutes of hot water.
January 2, 2026 at 12:08 PM
India has 10-minute grocery and household goods delivery (Blinkit), but no hot showers.*
* I was able to get a long hot shower in a 5 star hotel, but even wealthy people have to turn on their hot water heater 10 minutes before getting in the shower and it only delivers about 3 minutes of hot water.
* I was able to get a long hot shower in a 5 star hotel, but even wealthy people have to turn on their hot water heater 10 minutes before getting in the shower and it only delivers about 3 minutes of hot water.
India has Uber and other native ride share apps, but no traffic rules. People don’t respect lanes and there aren’t really traffic lights, so you just weave around and in general try to get what you are going. There is a lot of starting and stopping because everyone is also doing that.
January 2, 2026 at 12:00 PM
India has Uber and other native ride share apps, but no traffic rules. People don’t respect lanes and there aren’t really traffic lights, so you just weave around and in general try to get what you are going. There is a lot of starting and stopping because everyone is also doing that.