December 3rd, 2023
Estimated Reading Time: 5 minutes

Our Work

Investment Insights – Keith R. Schicker, CFA, Portfolio Manager

  • On Diversification: It’s okay to keep at least some of your eggs in one basket. [READ MORE]

Primary Sources

  • Minutes Of The Federal Open Market Committee: A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held in the offices of the Board of Governors on Tuesday, October 31, 2023, at 10:00 a.m. and continued on Wednesday, November 1, 2023, at 9:00 a.m. [FRB]
  • BERKSHIRE HATHAWAY INC. NEWS RELEASE: Warren E. Buffett converted 1,600 A shares into 2,400,000 B shares in order to give these B shares to four family foundations: 1,500,000 shares to The Susan Thompson Buffett Foundation and 300,000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation. [Berkshire]
  • Beige Book – November 29, 2023: This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials. [FRB]
  • Remarks By FDIC Chairman Martin Gruenberg On The Third Quarter 2023 Quarterly Banking Profile: The banking industry continued to show resilience in the third quarter. [FDIC]

The above chart shows the number and assets of banks on the FDIC’s “problem bank list” from 2008-2023.


Financial Markets

  • Wall Street’s ESG Craze Is Fading: Investors pulled more than $14 billion from sustainable funds this year. [WSJ]
  • The Clearest Sign Yet That Commercial Real Estate Is In Trouble: Lenders are issuing a record number of foreclosure notices related to risky property loans. [WSJ]
  • Just How Bad Is the US Cost-of-Living Squeeze? We Did The Math: It now requires $119.27 to buy the same goods and services a family could afford with $100 before the pandemic. Since early 2020, prices have risen about as much as they had in the full 10 years preceding the health emergency. [Bloomberg]
  • Almost No One Pays A 6% Real-Estate Commission—Except Americans: How the rest of the world buys and sells homes explained, in three charts. [WSJ]
  • The Biggest Delivery Business in the U.S. Is No Longer UPS or FedEx: Amazon is eclipsing both carriers, and the gap is growing. [WSJ]
  • Rolex, Patek Prices Hit Fresh Two-Year Lows: Subdial Index: Luxury watch prices decline again in October as supply climbs. [Bloomberg]

This bar graphs shows the increase in shopping sales during cyber week from 2022 to 2023.

Financial Planning

  • Monthly 50/30/20 Budget Calculator: Enter your monthly after-tax income into this free budget calculator to create a suggested budget. [NerdWallet]
  • Budgeting 101: How To Budget Money: Divide your income among needs, wants, savings and debt repayment, using the 50/30/20 budget. [NerdWallet]
  • Is It Cheaper To Rent Or Buy Property?: We crunch the house-price data across every American county—and make a surprising finding. [Economist]
  • Your Thanksgiving Costs, Broken Down: Prices for travel and holiday feasts are more manageable than last year. [WSJ]

Business Strategy

  • Permira Selects Banks For Golden Goose IPO: Listing of luxury trainer brand in Milan could come as soon as the first half of 2024. [Financial Times]

Life & Work

  • The Airports Where Planes Run On Time And Fares Are Low: These facilities performed the best on categories related to reliability and value in WSJ’s 2023 rankings. [WSJ]
  • What It Takes to Be in the 1%—of Taylor Swift Fans: Swifties listened to billions of the superstar’s songs for countless hours in 2023, and some even achieved their wildest dreams. [WSJ]
  • The T Predictor: What We’ll Be Obsessing Over In 2024: We asked 46 artists, filmmakers, chefs and other creative people to forecast next year’s cultural trends. (Spoiler: We’re all going to be wearing a lot of brown.) [NYT]
  • Black Friday Isn’t What It Used To Be: Big discounts, many of them online only, start appearing well before Thanksgiving and will run long after. Some people still go to the mall, though. [NYT]

The graph above shows the most-shopped days on Black Friday Weekend and the corresponding amount of shoppers. Traditional Black Friday leads with the most expected shoppers.

Zuckerman Investment Group, LLC (“ZIG”) is registered with the United States Securities and Exchange Commission (“SEC”) as an investment adviser. Such registration with the SEC does not imply any certain level of skill or training. It also does not imply that the Firm is recommended or approved by the United States government or any regulatory agency. The information contained in this email has not been filed with, reviewed by or approved by the SEC or any other United States regulatory or self-regulatory authority.

The information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including, but not limited to, warranties of performance, merchantability, and fitness for a particular purpose.

Zuckerman Investment Group, LLC may only transact business or render personalized investment advice in those states and international jurisdictions where it is registered, has notice filed, or is otherwise excluded or exempted from registration requirements. This is for information distribution only and should not be construed as an offer to buy or sell securities or to offer investment advice. Please refer to Zuckerman Investment Group, LLC’s ADV Part 2 (brochure) and Form CRS for additional information.

We have no responsibility for any information or policies of any other websites that may be accessible from this email via hyperlink. Zuckerman Investment Group does not endorse, sponsor, or promote any products or services offered by any website that may be linked to this email. If you access any other website through this email, you do so at your own risk. Parties may not reproduce this email in any form, nor reference it in any publication, without the express written consent of Zuckerman Investment Group, LLC.