Lucas Miller

InvestingThe most honest test of long-term judgment I know.

I invest because I love it. It’s where I practice what I teach, and try not to fool myself.

The first principle is that you must not fool yourself, and you are the easiest person to fool.
Richard Feynman

Approach

I look for wonderful, founder-led businesses that make the world better, buy them at a fair price, and sit with them for a long time. I aim to find one to three good ideas a year.

I invest through Berkeley Hathaway, a small friends-and-family partnership.

My five Ms

  • Model Can I understand it?
  • Mission Will it make the world better?
  • Moat Is its advantage lasting, and growing?
  • Management Are they honest, and do they act like owners?
  • Margin Is it priced below what it's worth?

For me, investing this way is a path to wisdom, happiness, and wealth.

Current project

Releasing November 10, 2026

The Augmented Investor

What happens to investor judgment when AI does more of the thinking? Interviews with 20 leading practitioners and decision-making researchers, plus a survey of practicing investors, distilled into evidence-based ways to protect investor cognition and maintain long-term edge. Will be released November 10 at MOI Global's Latticework in Chicago.

Conversations on investing