Not much happened in the dog days of late August, aside from Bitcoin rediscovering its mojo week before last as debasement returned to vogue.

I started penning this update with my recurring rant about the antics of the Trump Administration. The daily “war is over” rhetoric coming from the leader of the free world is super-annoying, especially since Iran and the U.S. remain more or less deadlocked, with the Strait of Hormuz closed and no oil flowing through it. But does this really matter anymore, at least to investors? Yes, higher oil prices are hurting consumers (see “Consumer confidence” below) and will rev

Mr Trump's announcement of 25% auto tariffs followed by others in the queue sent stocks spiralling down, and haven assets like gold higher.

“What gives you opportunities is other people doing dumb things ... In the 58 years we’ve been running Berkshire, I would say there’s...