Weekend reading: finding a video poker bug

Every week I post weekend reading; something interesting I’ve stumbled on that is in some way related to value investing. This week’s weekend reading is two articles: finding a video poker bug and a much shorter article on Phil Ivey losing a court case against a casino.

Normally, I don’t post commentary on weekend reading, but in this case I thought it was worth it. I’m a big believer that you must find an edge in investing, and obviously there’s no place with less of an edge than a casino. But it’s crazy to me that for people who work hard enough to find that edge, the courts and casinos legally deny their winnings.

Weekend reading: Buffett’s 1976 letter re:Geico

Buffett’s letter to a reinsurance manager about Geico in 1976. Be sure to click on the “yellow” to read some additional notes and details. Really interesting to see how Buffett discussed Geico back in 1976 when the company was in distress. Buffett sees a business in temporary trouble but with a significant competitive advantage and pounces. Also interesting to see how he talks with one of his (at the time) top managers.