#34 - Turkey Week 🦃

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Happy Black Friday! I hope you got a heavy dose of food and football yesterday. This week Warren Buffett released an estate planning letter, tariffs owned the headlines, and a recap on the November public Freedom Fund.

Market Recap

• Warren Buffett’s Recent Estate Letter

  • Buffett converted 1,600 Berkshire Hathaway Class A shares into 2.4m Class B shares to donate to family foundations, including 1.5m shares to the Susan Thompson Buffett Foundation and 300,000 shares each to three other family foundations.

  • His three children will to oversee and distribute his wealth one day and that future decisions should not be tied by his "dead hand" but managed by those with a clear understanding of philanthropic needs.

  • He reiterated his lifelong philosophy against dynastic wealth, pushing for equal opportunity and societal contributions through the redistribution of wealth to those less fortunate.

• North American Trade Tariff Angers Neighbors

  • President-elect Donald Trump proposed a 25% tariff on all imports from Mexico and Canada. All based on concerns over illegal immigration and fentanyl trafficking, Trump also pledged a 10% tariff on Chinese imports to address drug-related chemicals.

  • The tariffs threaten to disrupt the U.S.-Mexico-Canada Agreement and increase costs for industries reliant on cross-border supply chains, such as automotive manufacturing, potentially driving up consumer prices.

  • Mexican and Canadian leaders criticized the tariff plans, warning of retaliation and potentially escalating trade conflicts and impacting U.S. exporters. Whether this is a negotiation tactic or not, all eyes will be on tariffs for the foreseeable future.

• Deloitte’s 2024 Holiday Shopping Survey: Consumer Spending and Trends

  • Consumers plan to spend $650 during Black Friday-Cyber Monday, a 15% year-over-year increase, with Gen Z and millennials driving growth through online shopping.

  • 48% of shoppers plan to buy gifts for themselves, with an average self-spend of $280. Many respondents are waiting for at least 50% discounts, reflecting a strong focus on value amid higher holiday prices.

  • 36% of surveyed shoppers plan to make purchases using "Buy Now, Pay Later" services during Black Friday-Cyber Monday, reflecting the growing appeal of flexible credit payment options in managing holiday spending.

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Freedom Fund Portfolio

• November 2024 Portfolio Recap:

  • Total Value - $24,196.86

  • Total Return Since Inception - 25.29%

  • November Dividends - $31.90

  • Monthly Recap:

    • This month I added more shares of $SCHB, $TER, $EVLV, $APLE, $PLTR, and started a new position in $DE. I completely exited my $LAND position.

    • Shopify and Palantir were the big ring leaders in the portfolio this month moving up over 40% post earnings call earlier in the month.

    • The only position in December with earnings scheduled is the rescheduled call for Evolv Technology.

• Friday Freedom Fund Purchase:

  • 6 shares of $EVLV - Evolv Technology

  • 3 shares of $SCHB - Schwab US Broad Market ETF

  • 1 share of $TER - Teradyne

• Position News:

  • $EVLV - Evolv Announces Resolution of FTC Inquiry

    • Evolv Technology faced a Federal Trade Commission (FTC) inquiry regarding allegations about their past marketing claims for their AI-based security systems. While the FTC did not question the effectiveness of Evolv’s core technology, it scrutinized how the company had described its products in historical marketing materials.

    • Evolv resolved the issue without admitting wrongdoing or facing financial penalties. The company agreed to offer a contract cancellation option to a small subset of K-12 education customers (about 4% of their total installations). Additionally, Evolv committed to improving marketing transparency and established a new Brand Integrity Program to refine future messaging.

Freedom Fund Background: I created the Freedom Fund as a public brokerage account back in October of 2022 to share that anyone with a social security # and a bank account can begin their investing journey by investing a couple hundred dollars a week. Every week and month I post on X (@GrahamInvesting) public updates about the purchases, exits, dividends, and growth of the fund if you want to follow in real time. The biggest obstacle people have to investing is just getting started so I decided to start a new account at $0 to start from nothing with you.

I am thankful for the 77 subscribers that have been reading in the first year of the Gazette. In my 34th week since starting this newsletter I have really enjoyed compiling market trends and writing down my thoughts on investing. What I really enjoy the most is the engagement from you all every week whether that’s discussing buying a certain stock, getting your budget in check, or just sharing articles you find.

Thanks for investing your time reading this and look forward to bringing you more financial news every week.

-Graham (@GrahamInvesting)

Disclaimer: Graham’s Gazette provides information and resources related to investing, financial topics, and personal growth for educational and entertainment purposes only. The content presented is not intended to be construed as financial advice. Readers are encouraged to conduct their own research and consult with qualified professionals before making any financial decisions. Graham’s Gazette and its creators do not assume any responsibility for the accuracy or completeness of the information provided nor do they guarantee any specific results from such use of information.