Volume 9 – Number 3



In January of this year, Amazon, Berkshire Hathaway and JP Morgan Chase announced “they are partnering on ways to address healthcare for their U.S. employees, with the aim of improving employee satisfaction and reducing costs.”  This article announces that Atul Gawande has accepted a position as CEO for the partnership.  It is difficult to imagine a better person for the job.  We wish the partnership much success in tackling this most difficult assignment.  There is near universal agreement that our healthcare system has vast need for improvement at many levels.

Please be reminded that our portfolio currently holds investment positions in 2 of the 3 companies in the partnership, and, at one time, we also held a position in JP Morgan Chase.  We are more than pleased to find so many intersections between the wise and capable men involved in this project and Banyan Capital Management.

As you may remember, we spoke of Atul Gawande in last September’s newsletter.  While we find everything Gawande writes to be worthwhile, his book entitled Being Mortal is particularly worthwhile.


Annie Duke, former professional poker player, has written a wonderful book, Thinking In Bets: Making Smarter Decisions When You Don’t Have All The Facts.  This two hour audio of her interview with Shane Parrish is an acceptable substitute for the book.  Her insights are most valuable.


A little-known provision in the tax law passed late last year will create “Opportunity Zones” out of the nation’s most impoverished neighborhoods. Look for this to have an uplifting impact on those communities in the coming years.  This Forbes article explains how it works.


The title of Hans Rosling’s new book is Factfulness: Ten Reasons We’re Wrong About the World – and Why Things Are Better Than You Think.  Bill Gates, founder of Microsoft, claims it is “One of the most important books I’ve ever read – an indispensable guide to thinking clearly about the world.”  Need we say more?  In fact, we think so highly of this volume we are sending a copy to each of our clients.  Look for yours in the next week or so.





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  • It is not the ship so much as the skillful sailing that assures the prosperous voyage.

    — George William Curtis