Getting around to some delayed projects
December 1, 2025
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–I wasn’t in on Friday. Out doing some overdue repair work. Oh yes, cooling systems are being upgraded.
–Warren Buffet had been attracted to silver due to the supply/demand deficit. Charlie Munger was clearly miffed whenever the topic came up, because 1) he didn’t like owning things that don’t provide a stream of income and 2) he thought Buffet’s dabbling in silver didn’t have a chance in moving Berkshire’s needle because the market just isn’t large enough. The clip below is amusing:
Munger responding to a silver question: “I think it should be pointed out that you’re asking for the opinions of people who have not particularly distinguished themselves in this arena.” Buffet: “He was pointing at me.”
There are current rumors that someone wants delivery of 400 million ounces. Some time ago, Berkshire owned 129 million ounces. I can’t help but think that with Munger gone, and Buffet no longer having to publicly explain anything (“went quiet” on 10-Nov), is having a bit of fun in his retirement. At the start of September, spot silver was $40. As of this morning, Dec 1, silver is 57.60, a three-month gain of 45%. How do you like THAT, Charlie?
–Markets are starting December with some notable moves. As of this writing, bitcoin is printing 86.7k. On Friday it had recovered to just over 93k. Japan’s bond yields are making new highs, as Ueda strongly hints at a Dec hike. 10y JGB 1.86% today (from 1.62 at the start of Sept). The 20y is 2.88%, up 100 bps from the start of 2025. $/yen getting hit, currently 155.20. US equity futures are modestly lower with ESZ5 6823.5, -36.0. US 30y bond yield is 4.70%. up about 3 bps from Friday.
–ISM Mfg today for nov, expected 49.0 from 48.7 last.
