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The Rational Walk

The Rational Walk
Apple’s Dystopian iPad Video When Steve Jobs spoke about the intersection of liberal arts and technology, he did not envision...
9 months ago
121
9 months ago
When Steve Jobs spoke about the intersection of liberal arts and technology, he did not envision crushing symbols of art and culture.
The Rational Walk
Free Articles! A selection of fifteen formerly paywalled articles
10 months ago
The Rational Walk
The Digest #197 Interest rates, Passive investing, Ben Graham as a young man, Daniel Kahneman, Ken Langone, Lawrence...
10 months ago
117
10 months ago
Interest rates, Passive investing, Ben Graham as a young man, Daniel Kahneman, Ken Langone, Lawrence Cunningham, Reed Hastings, Steve Eisman
The Rational Walk
The Odyssey Homer's epic poem tells the story of how Odysseus struggled to return home after the Trojan War. It...
9 months ago
116
9 months ago
Homer's epic poem tells the story of how Odysseus struggled to return home after the Trojan War. It is one of the greatest stories in history.
The Rational Walk
The Dividend Signal Mature technology companies are establishing regular quarterly dividends. Is this a positive or...
10 months ago
109
10 months ago
Mature technology companies are establishing regular quarterly dividends. Is this a positive or negative development for shareholders?
The Rational Walk
Thomas Jefferson’s Advice to His Nephew Two letters from Thomas Jefferson to his nephew, Peter Carr, illustrate Jefferson's views on...
9 months ago
106
9 months ago
Two letters from Thomas Jefferson to his nephew, Peter Carr, illustrate Jefferson's views on education, ethics, religion, and many other subjects.
The Rational Walk
The Digest #206 The Trust Deficit, EU Regulations, Medicare Advantage scams, Munger soldiered on, The cult of...
7 months ago
104
7 months ago
The Trust Deficit, EU Regulations, Medicare Advantage scams, Munger soldiered on, The cult of Silicon Valley, Self-esteem and outer scorecards, MMT's founder is worried about deficits
The Rational Walk
The Berkshire Hathaway Playbook Competition tends to eliminate high profits resulting from business models that have worked...
a year ago
103
a year ago
Competition tends to eliminate high profits resulting from business models that have worked spectacularly well. Will Berkshire's playbook continue to perform well in the future?
The Rational Walk
The Digest #193 Dynamic pricing, Greenback emissions, Berkshire Hathaway Energy, Working too hard, Ozempic's effect...
11 months ago
102
11 months ago
Dynamic pricing, Greenback emissions, Berkshire Hathaway Energy, Working too hard, Ozempic's effect on the brain, Race and cardiovascular disease, Inflation's effect on insurance pricing
The Rational Walk
Dollar General: Value or Value Trap? I spent Labor Day weekend reading about this beaten down retailer. This article provides some...
a year ago
102
a year ago
I spent Labor Day weekend reading about this beaten down retailer. This article provides some initial thoughts about the company as well as the overall retail landscape.
The Rational Walk
The Digest #198 Thoughts on risk, Berkshire recap, Graham's first investment, Marks on debt, Electricity demand, How...
9 months ago
101
9 months ago
Thoughts on risk, Berkshire recap, Graham's first investment, Marks on debt, Electricity demand, How to spend your days, AI and productivity
The Rational Walk
Daily Journal: The Canary in the Coal Mine? Daily Journal and Berkshire Hathaway have little in common aside from Charlie Munger's influence....
9 months ago
100
9 months ago
Daily Journal and Berkshire Hathaway have little in common aside from Charlie Munger's influence. Recent development at Daily Journal raise concerns.
The Rational Walk
Will Berkshire Hathaway Pay a Dividend? Investors have been debating the dividend question for decades. So far, shareholders have been well...
12 months ago
100
12 months ago
Investors have been debating the dividend question for decades. So far, shareholders have been well served by Warren Buffett's reluctance to send out dividend checks.
The Rational Walk
The Digest #192 Unpopular large companies, Dopamine culture, Buffett's cheapest stock, Investing in vertical SaaS,...
11 months ago
100
11 months ago
Unpopular large companies, Dopamine culture, Buffett's cheapest stock, Investing in vertical SaaS, The bear case for China, Chris Davis, Michael Mauboussin
The Rational Walk
Daily Journal Annual Meeting Notes A reader has generously shared his notes from the Daily Journal annual meeting which took place in...
8 months ago
99
8 months ago
A reader has generously shared his notes from the Daily Journal annual meeting which took place in Los Angeles on February 15, 2024.
The Rational Walk
Poor Charlie’s Almanack My thoughts on the new edition with a focus on inconsistency avoidance, one of the twenty-five...
10 months ago
99
10 months ago
My thoughts on the new edition with a focus on inconsistency avoidance, one of the twenty-five psychological tendencies that can cause human misjudgment.
The Rational Walk
Paid Subscriptions The reasons behind my decision to discontinue paid subscriptions.
10 months ago
The Rational Walk
What I’ve Been Reading This post is a list of books that I read in the first quarter of 2024, most notably The Diary of...
10 months ago
98
10 months ago
This post is a list of books that I read in the first quarter of 2024, most notably The Diary of Anne Frank, Endurance, Crime and Punishment, and the Iliad.
The Rational Walk
The Magic of Compounding The magic of compounding was evident when I recently compared my lifetime gross wage income to my...
7 months ago
97
7 months ago
The magic of compounding was evident when I recently compared my lifetime gross wage income to my current net worth.
The Rational Walk
The Digest #201 Daily Journal, The Oresteia, Elon's compensation, TSMC, Banks in disguise, Reading about stupidity,...
8 months ago
95
8 months ago
Daily Journal, The Oresteia, Elon's compensation, TSMC, Banks in disguise, Reading about stupidity, Zweig on Ben Graham's continued relevance, 3G Capital, Morgan Housel, Christopher Tsai
The Rational Walk
Hesiod’s Works and Days One of the oldest surviving books provides advice that is just as relevant to our lives today as it...
9 months ago
95
9 months ago
One of the oldest surviving books provides advice that is just as relevant to our lives today as it was 2,700 years ago.
The Rational Walk
Charlie Munger (1924 – 2023) A life well lived
a year ago
The Rational Walk
Burlington Northern Santa Fe — 2023 Results Warren Buffett is concerned about the performance of Berkshire's railroad
11 months ago
The Rational Walk
The Digest #180 Berkshire Hathaway Energy, John Neff and Peter Lynch on investing, Charlie Munger on parenting,...
a year ago
92
a year ago
Berkshire Hathaway Energy, John Neff and Peter Lynch on investing, Charlie Munger on parenting, Damodaran on key person risk, Microsoft's IPO, Howard Marks and Annie Duke on risk
The Rational Walk
The Digest #208 Biden's Withdrawal and Limits of Gaslighting, The CrowdStrike Crash, Munger and Franklin, Steve Jobs...
7 months ago
90
7 months ago
Biden's Withdrawal and Limits of Gaslighting, The CrowdStrike Crash, Munger and Franklin, Steve Jobs in 1983, Microsoft deep dive, Marks on risk, Luca Delanna on ergodicity, Guadalcanal
The Rational Walk
Prometheus Bound This article presents a discussion of "Prometheus Bound", a play by the Greek Tragedian Aeschylus...
8 months ago
90
8 months ago
This article presents a discussion of "Prometheus Bound", a play by the Greek Tragedian Aeschylus dating back to the fifth century BC.
The Rational Walk
The Digest #177 Remembering Charlie Munger
a year ago
The Rational Walk
Finding Your Life’s Work The majority of people never find their "life's work", yet the premise of paying hundreds of...
a year ago
89
a year ago
The majority of people never find their "life's work", yet the premise of paying hundreds of thousands of dollars for a college degree assumes that they will.
The Rational Walk
The Digest #200 Jefferson's advice to his nephew, Inside a Baby Berkshire, Windows Copilot, Hot utility stocks,...
9 months ago
89
9 months ago
Jefferson's advice to his nephew, Inside a Baby Berkshire, Windows Copilot, Hot utility stocks, Appnesia, Stress and heart disease, Steve Jobs, Flying Cars, Dunkirk, Napoleon
The Rational Walk
The Other Side of the Trade Reflections on trying to profit from the technical problems that caused Berkshire Hathaway and other...
8 months ago
87
8 months ago
Reflections on trying to profit from the technical problems that caused Berkshire Hathaway and other stocks to temporarily crash on June 3, 2024.
The Rational Walk
The Trust Deficit My thoughts on the severe deficit of trust facing the United States on its 248th birthday and the...
7 months ago
87
7 months ago
My thoughts on the severe deficit of trust facing the United States on its 248th birthday and the urgent need to correct course.
The Rational Walk
By diverse means we arrive at the same end Montaigne's Essays: Book 1, Chapter 1
a year ago
The Rational Walk
The Digest #187 Damage repair, Claude Shannon, Elon Musk's pay, Intellectual obesity, Apple Vision Pro, Ignoring the...
a year ago
84
a year ago
Damage repair, Claude Shannon, Elon Musk's pay, Intellectual obesity, Apple Vision Pro, Ignoring the market, Damodaran data updates, Apple packaging, Samsung, Big Pharma
The Rational Walk
The Digest #191 The dopamine loop, Berkshire Hathaway's annual report recap, Tom Gayner's letter to Markel...
11 months ago
84
11 months ago
The dopamine loop, Berkshire Hathaway's annual report recap, Tom Gayner's letter to Markel shareholders, Investing lessons from Earnest Shackleton, Google's Gemini AI goes off the rails
The Rational Walk
What I’ve Been Reading Thoughts on the books I read in Q4 2023
a year ago
The Rational Walk
Berkshire Hathaway Annual Meeting Questions Berkshire Hathaway's 2024 annual meeting will be held in Omaha on May 4. This article includes five...
10 months ago
84
10 months ago
Berkshire Hathaway's 2024 annual meeting will be held in Omaha on May 4. This article includes five potential questions for the Q&A session.
The Rational Walk
The Digest #195 BHE Investor Conference, United States vs. Apple, Ajit Jain interview, Flaws in medical studies,...
11 months ago
83
11 months ago
BHE Investor Conference, United States vs. Apple, Ajit Jain interview, Flaws in medical studies, Pursuing happiness, Mitsubishi Corporation, Robert Cialdini interview
The Rational Walk
Berkshire Hathaway’s 2024 Proxy Statement This article contains commentary on Berkshire Hathaway's latest proxy statement focusing on skin in...
11 months ago
83
11 months ago
This article contains commentary on Berkshire Hathaway's latest proxy statement focusing on skin in the game, repurchase activity, and stock based compensation.
The Rational Walk
Biden’s Withdrawal and the Limits of Gaslighting President Biden's withdrawal from the election is the culmination of months of gaslighting by the...
7 months ago
82
7 months ago
President Biden's withdrawal from the election is the culmination of months of gaslighting by the Democratic Party and allies in the mainstream media.
The Rational Walk
The Digest #204 Buffett buys more Occidental, Daily Journal annual meeting notes, Experts vs. Imitators, Slowing...
8 months ago
82
8 months ago
Buffett buys more Occidental, Daily Journal annual meeting notes, Experts vs. Imitators, Slowing down time, Return of meme stocks, The U.S. Constitution, Gouverneur Morris, Cleopatra
The Rational Walk
The Digest #190 Berkshire Hathaway's Annual Report, Liberty SiriusXM, Catastrophic risk, Tesla's lead designer, Ben...
a year ago
80
a year ago
Berkshire Hathaway's Annual Report, Liberty SiriusXM, Catastrophic risk, Tesla's lead designer, Ben Graham's summer on a farm, Income taxes, Interviews of Bruce Berkowitz and Howard Marks, and more...
The Rational Walk
The Digest #176 Found Money, OpenAI drama, GLP-1 drug studies, Estée Lauder, Heart valve technology, Edwin Land,...
a year ago
80
a year ago
Found Money, OpenAI drama, GLP-1 drug studies, Estée Lauder, Heart valve technology, Edwin Land, John Oliver skewers dollar stores, Apple regrets, The Great Books Journal
The Rational Walk
A Seamless Web of Deserved Trust Trust is earned over many years. Seamless trust requires decades.
a year ago
The Rational Walk
The Digest #186 Macintosh at 40, Coffee Can Investing, Haslams on Pilot, Vision Pro's missing apps, Investment...
a year ago
79
a year ago
Macintosh at 40, Coffee Can Investing, Haslams on Pilot, Vision Pro's missing apps, Investment checklists, Shane Parrish interviews Tom Gayner, Novo Nordisk, Howard Marks on interest rates
The Rational Walk
Two Sides of the Same Coin Savings and consumption are joined at the hip. The more we consume during our working years, the...
a year ago
78
a year ago
Savings and consumption are joined at the hip. The more we consume during our working years, the longer it will take to achieve financial independence.
The Rational Walk
Endurance The amazing story of Shackleton's legendary voyage to the Antarctic and how his 28 men survived...
a year ago
78
a year ago
The amazing story of Shackleton's legendary voyage to the Antarctic and how his 28 men survived shipwreck, ice floes, and constant danger.
The Rational Walk
The Oresteia The Oresteia is a trilogy produced by Aeschylus in 458 BC. Trapped in a cycle of lawless savagery,...
8 months ago
78
8 months ago
The Oresteia is a trilogy produced by Aeschylus in 458 BC. Trapped in a cycle of lawless savagery, mankind finds its way toward due process and justice.
The Rational Walk
The Iliad Homer's epic poem has much to teach us about human nature if we first take the time to gain an...
10 months ago
77
10 months ago
Homer's epic poem has much to teach us about human nature if we first take the time to gain an understanding of Greek mythology.
The Rational Walk
Buffett Accelerates Gifts to Family Foundations For the second year in a row, Warren Buffett has made gifts to four family foundations in excess of...
a year ago
77
a year ago
For the second year in a row, Warren Buffett has made gifts to four family foundations in excess of the annual commitments pledged in 2006.
The Rational Walk
Improving Disclosure for Public Companies The Securities and Exchange Commission could improve disclosure and transparency by implementing...
11 months ago
77
11 months ago
The Securities and Exchange Commission could improve disclosure and transparency by implementing three simple proposals.
The Rational Walk
The Digest #188 Manufacturing time, Apple Vision Pro, Access journalism, Henry Ford's $5/hr wage, Sharing investment...
a year ago
76
a year ago
Manufacturing time, Apple Vision Pro, Access journalism, Henry Ford's $5/hr wage, Sharing investment ideas, Insurance brokerages, Katalin Karikó’s autobiography, John Randolph of Roanoke
The Rational Walk
Berkshire Hathaway’s 2024 Q&A Session Warren Buffett answered over thirty questions in a five hour marathon session in the first annual...
9 months ago
75
9 months ago
Warren Buffett answered over thirty questions in a five hour marathon session in the first annual meeting after Charlie Munger's death.
The Rational Walk
The Limits of the 25th Amendment The 25th Amendment is intended to clarify Presidential succession procedures, but it has severe...
7 months ago
75
7 months ago
The 25th Amendment is intended to clarify Presidential succession procedures, but it has severe limits that should be acknowledged.
The Rational Walk
The Digest #209 Berkshire's conservatism, Weschler's IRA, National Indemnity, A Defense of Andrew Left, Inflation...
6 months ago
75
6 months ago
Berkshire's conservatism, Weschler's IRA, National Indemnity, A Defense of Andrew Left, Inflation hammers the poor, Felony convictions as footnotes, Immanuel Nobel, Eisenhower and D-Day
The Rational Walk
Thucydides Thucydides is best known for his extensive history of the Peloponnesian War which took place between...
6 months ago
74
6 months ago
Thucydides is best known for his extensive history of the Peloponnesian War which took place between 431 - 404 BC.
The Rational Walk
The Digest #189 Fifteen years, Eisenhower's farewell, A tribute to Charlie Munger, A profile of Wang Chuanfu, Forty...
a year ago
73
a year ago
Fifteen years, Eisenhower's farewell, A tribute to Charlie Munger, A profile of Wang Chuanfu, Forty hours in the Vision Pro, Fairfax Financial, Parks America, Howard Marks, Danny Myer
The Rational Walk
The Digest #184 Ed Thorp: A Man for All Markets, Howard Marks on easy money, Active patience, Activist investing,...
a year ago
73
a year ago
Ed Thorp: A Man for All Markets, Howard Marks on easy money, Active patience, Activist investing, Damodaran's 2024 data update, Michael Ovitz, Live Oak, Red Bull, Capital allocation
The Rational Walk
Berkshire Hathaway Energy Selected highlights from the 2023 EEI Financial Conference
a year ago
The Rational Walk
Progressive is Firing on All Cylinders Progressive resumed aggressive growth in the first quarter of 2024 while reporting a strong combined...
10 months ago
The Rational Walk
The Digest #194 Poor Charlie's Almanack, Ben Graham, GAAP accounting, John Templeton, AI dystopia, Inflation,...
11 months ago
72
11 months ago
Poor Charlie's Almanack, Ben Graham, GAAP accounting, John Templeton, AI dystopia, Inflation, Bloomstran on Berkshire, Intuitive Surgical, The lessons of history
The Rational Walk
Inflation Expectations There's no reason for anyone to care what I think about inflation and interest rates, but readers...
11 months ago
72
11 months ago
There's no reason for anyone to care what I think about inflation and interest rates, but readers should pay close attention to Warren Buffett's statements and actions.
The Rational Walk
Free Articles! All articles older than six months are now free to read.
a year ago
The Rational Walk
The Digest #212 Berkshire Hathaway at $1 Trillion, Warren Buffett's Canvas, Dollar General, Mr Market Miscalculates,...
5 months ago
70
5 months ago
Berkshire Hathaway at $1 Trillion, Warren Buffett's Canvas, Dollar General, Mr Market Miscalculates, Competing in Search, The American Dream, Li Lu, Deep Dive into AI, The Impact of Debt, and more ...
The Rational Walk
Buffett Continues to Avoid Long-Term Bonds Berkshire's longstanding aversion to fixed-maturity investments has not changed in response to...
a year ago
70
a year ago
Berkshire's longstanding aversion to fixed-maturity investments has not changed in response to higher interest rates.
The Rational Walk
The River of Doubt The amazing story of Theodore Roosevelt's death defying trek through the unmapped rivers and jungles...
a year ago
69
a year ago
The amazing story of Theodore Roosevelt's death defying trek through the unmapped rivers and jungles of the Amazon River basin.
The Rational Walk
The Digest #179 Guard your time, Tributes to Charlie Munger, Social media traps, The margin of illusion, AI...
a year ago
69
a year ago
Guard your time, Tributes to Charlie Munger, Social media traps, The margin of illusion, AI colonoscopies, Advice on tipping, Alcohol and cardiovascular risks, Nicomachean ethics
The Rational Walk
The Digest #196 Daniel Kahneman (1934 — 2024), Biglari Holdings, Classical education, Sports gambling, Ackman on...
10 months ago
68
10 months ago
Daniel Kahneman (1934 — 2024), Biglari Holdings, Classical education, Sports gambling, Ackman on Disney's proxy war, Lessons from Paul Graham, Dunbar's number
The Rational Walk
The Digest #215 Ajit Jain's Berkshire sales, Dollar Stores, Jobs vs Cook on Innovation, Robert Caro, Fact checking...
5 months ago
68
5 months ago
Ajit Jain's Berkshire sales, Dollar Stores, Jobs vs Cook on Innovation, Robert Caro, Fact checking Kamala Harris, Weaponizing political anger, Nick Sleep's letters, Howard Marks on risk
The Rational Walk
The Theban Plays The tragic life of Oedipus is the subject of The Theban Plays by Sophocles. The horrors of its plot...
5 months ago
68
5 months ago
The tragic life of Oedipus is the subject of The Theban Plays by Sophocles. The horrors of its plot has captivated audiences for nearly 2,500 years.
The Rational Walk
Warren Buffett on Inflation — Part 3 During periods of high inflation, capital-light businesses have important advantages. See's Candies...
a year ago
66
a year ago
During periods of high inflation, capital-light businesses have important advantages. See's Candies during the Great Inflation of the 1970s and early 1980s is a perfect case study.
The Rational Walk
What I’ve Been Reading This post is a list of books that I read in the second quarter of 2024, including Aeschylus,...
7 months ago
66
7 months ago
This post is a list of books that I read in the second quarter of 2024, including Aeschylus, Herodotus, the Odyssey, and American Scripture.
The Rational Walk
The Digest #213 Berkshire's Trillion Dollar Milestone, Will Buffett attempt to acquire Chubb?, Intel's Prospects,...
5 months ago
66
5 months ago
Berkshire's Trillion Dollar Milestone, Will Buffett attempt to acquire Chubb?, Intel's Prospects, Personal Bots, Bitcoin, AI vs. Reality, "Useless" Knowledge, Jay Bowen, Rudy Havenstein
The Rational Walk
The Digest #199 Daily Journal reduces leverage, iPad Pro vs. MacBooks, Independent platforms, Berkshire Hathaway's...
9 months ago
64
9 months ago
Daily Journal reduces leverage, iPad Pro vs. MacBooks, Independent platforms, Berkshire Hathaway's annual meeting, A long run perspective, the parent-therapy trap
The Rational Walk
The Digest #203 American Scripture, Prometheus Bound, Herodotus on wealth, Apple intelligence, NetJets, Value...
8 months ago
64
8 months ago
American Scripture, Prometheus Bound, Herodotus on wealth, Apple intelligence, NetJets, Value Investor's Club, Nietzsche's world view, Are wrist watches effeminate?, Seinfeld on writing
The Rational Walk
The Digest #214 September 11, 2001, Nixon vs JFK, Apple's future, Damodaran on decline, Berkshire's book value,...
5 months ago
64
5 months ago
September 11, 2001, Nixon vs JFK, Apple's future, Damodaran on decline, Berkshire's book value, Founder mode, Chasing dividends, Caro on LBJ, Peter Lynch, Epicureanism, Mt Everest
The Rational Walk
The Digest #211 Thucydides, Corporate life cycles, Ben Graham's first big win, Buffett's early lesson in activist...
6 months ago
64
6 months ago
Thucydides, Corporate life cycles, Ben Graham's first big win, Buffett's early lesson in activist investing, Perils of forecasting, Orwell's 1984, Guy Spier, Ben Thompson, Estée Lauder
The Rational Walk
Warren Buffett’s Evolving Estate Plan Warren Buffett has revised his will to leave his remaining assets at the time of his death to a new...
7 months ago
63
7 months ago
Warren Buffett has revised his will to leave his remaining assets at the time of his death to a new charitable trust run by his children.
The Rational Walk
The Sad Irons During the depths of the Great Depression, Lyndon Johnson was determined to electrify the Texas Hill...
a year ago
62
a year ago
During the depths of the Great Depression, Lyndon Johnson was determined to electrify the Texas Hill Country. Success was integral to his path to greater power.
The Rational Walk
The Digest #216 Trading Berkshire, The Theban Plays, The laws of economics, Fed fairy tales, Buffett's "retirement",...
5 months ago
61
5 months ago
Trading Berkshire, The Theban Plays, The laws of economics, Fed fairy tales, Buffett's "retirement", Caro's writing process, Buffett's ground rules, Sherwin Williams, Mysterious owls
The Rational Walk
Costco’s Director Compensation Charlie Munger's service on Costco's board makes the retailer's director compensation approach a...
a year ago
60
a year ago
Charlie Munger's service on Costco's board makes the retailer's director compensation approach a potential model for Berkshire Hathaway in the future.
The Rational Walk
The Cost of Corporate Security The assassination of UnitedHealthcare CEO Brian Thompson revealed corruption in society that...
2 months ago
60
2 months ago
The assassination of UnitedHealthcare CEO Brian Thompson revealed corruption in society that justifies higher corporate spending to protect executives.
The Rational Walk
The Digest #218 Books I read during Q3, Hurricane insurance claims, Berkshire's troubled railroad, Nike's troubles,...
4 months ago
59
4 months ago
Books I read during Q3, Hurricane insurance claims, Berkshire's troubled railroad, Nike's troubles, Doing what you love, Human aging, Ray Ozzie on intelligent machines, Aesop's Fables
The Rational Walk
The Digest #219 Roth IRA Conversions, Net-Nets, Margin of Safety, SpaceX's Triumph, The Dystopia of Smartphones, Sam...
4 months ago
59
4 months ago
Roth IRA Conversions, Net-Nets, Margin of Safety, SpaceX's Triumph, The Dystopia of Smartphones, Sam Zell, UK Bargains, Gregorys Coffee, Free Speech Under Assault, Dopamine and Addiction
The Rational Walk
In the Zone Biohacking can be taken too far, but the intelligent use of modern technology has the potential to...
9 months ago
56
9 months ago
Biohacking can be taken too far, but the intelligent use of modern technology has the potential to provide valuable insights about our health.
The Rational Walk
The Digest #182 Passive Investing, Low Trust Societies, Greg Abel in the spotlight, Capital allocation at Berkshire,...
a year ago
56
a year ago
Passive Investing, Low Trust Societies, Greg Abel in the spotlight, Capital allocation at Berkshire, Better habits for 2024, Amusing CPA stories, Ben Graham, Charlie Munger, Pernod Ricard
The Rational Walk
American Scripture A review of Pauline Maier's book, "American Scripture", which details the conditions leading up to...
8 months ago
56
8 months ago
A review of Pauline Maier's book, "American Scripture", which details the conditions leading up to the drafting of the Declaration of Independence.
The Rational Walk
The Digest #185 Capital Allocation, Progressive's strategy, Reading plans, Damodaran's free courses, Looking back at...
a year ago
55
a year ago
Capital Allocation, Progressive's strategy, Reading plans, Damodaran's free courses, Looking back at Alibaba's IPO, Chris Davis, Outsider CEOs, Shareholder activists, Oprah
The Rational Walk
Claim Checks Viewing money as "claim checks" that can be exchanged for goods and services is a very useful...
7 months ago
55
7 months ago
Viewing money as "claim checks" that can be exchanged for goods and services is a very useful concept.
The Rational Walk
The Digest #217 Berkshire Hathaway Acquires BHE Minority Interests, Measuring Competence, Greg Abel Interview, The...
4 months ago
54
4 months ago
Berkshire Hathaway Acquires BHE Minority Interests, Measuring Competence, Greg Abel Interview, The Fed's Inflationary Bias, Jimmy Carter at 100, Sam Altman, Bruno Leoni, Thermopylae
The Rational Walk
The Digest #205 Books I read in Q2, Buffett's estate plan, The magic of compounding, How to read a book, Portfolio...
7 months ago
54
7 months ago
Books I read in Q2, Buffett's estate plan, The magic of compounding, How to read a book, Portfolio rebalancing, Ben Graham in 1955, Sam Walton, LBJ, Robert Moses, The origins of language
The Rational Walk
The Digest #220 The Intelligent Investor, Antitrust and Big Tech, Berkshire Hathaway's Moat, Nuclear War Risks, The...
4 months ago
53
4 months ago
The Intelligent Investor, Antitrust and Big Tech, Berkshire Hathaway's Moat, Nuclear War Risks, The Invisible Man, AIG's Rise & Fall, Housing Prices, Barbary Wars, Speeches of Pericles
The Rational Walk
New Articles Moving to Newsletter Effective today, I will no longer post new articles to this website, rationalwalk.com. All new...
a year ago
52
a year ago
Effective today, I will no longer post new articles to this website, rationalwalk.com. All new articles will be posted on my Substack at newsletter.rationalwalk.com.
The Rational Walk
The Digest #183 Daily Journal, Apple, Costco, Moody's, Munger's wisdom, Tesla's narratives, Tim Urban on writing,...
a year ago
52
a year ago
Daily Journal, Apple, Costco, Moody's, Munger's wisdom, Tesla's narratives, Tim Urban on writing, Rivian, AI's morality, AI bubble?, How James Longstreet defied the South after the war
The Rational Walk
A Quarter Century of Investing Lessons learned from a quarter century of active investing, along with annual performance...
a month ago
The Rational Walk
The Thirty Second Mind Minds capable of deep concentration may soon be extinct.
a year ago
The Rational Walk
The Digest #170 The Precautionary Principle, GEICO Layoffs, Superlinear Returns, TIPS for Retirement, Rockefeller's...
a year ago
51
a year ago
The Precautionary Principle, GEICO Layoffs, Superlinear Returns, TIPS for Retirement, Rockefeller's advice to his son, Impact of GLP-1 agonists, Tesla's IPO, Conference call transcripts, and more ...
The Rational Walk
Herodotus Herodotus is often described as the father of history for his narrative of the Greco-Persian Wars of...
7 months ago
51
7 months ago
Herodotus is often described as the father of history for his narrative of the Greco-Persian Wars of the fifth century BC.
The Rational Walk
The Digest #210 Disinflation vs. Deflation, Zooming Out, Warren Buffett's Apple Sales, Teens without Smartphones,...
6 months ago
49
6 months ago
Disinflation vs. Deflation, Zooming Out, Warren Buffett's Apple Sales, Teens without Smartphones, Adam Wright, Joel Greenblatt, Robert Kierlin, Bruce Berkowitz, Jeremy Grantham
The Rational Walk
The Digest #202 George Washington on debt, Superinvestors of micro-caps, BYD, OXY/BHE joint venture, Imposter...
8 months ago
49
8 months ago
George Washington on debt, Superinvestors of micro-caps, BYD, OXY/BHE joint venture, Imposter syndrome, Decline of higher education, Howard Schultz, Cathie Wood, Robert Hagstrom
The Rational Walk
Berkshire Hathaway HomeServices The real estate brokerage industry will change due to a settlement in a key lawsuit. Berkshire...
11 months ago
47
11 months ago
The real estate brokerage industry will change due to a settlement in a key lawsuit. Berkshire Hathaway HomeServices was not a party to the agreement but its business model will still be affected.
The Rational Walk
Roth IRA Conversions For Early Retirees Roth IRA conversions could make sense for early retirees who are able to control their income and...
4 months ago
47
4 months ago
Roth IRA conversions could make sense for early retirees who are able to control their income and avoid falling into a high tax bracket.
The Rational Walk
What I’ve Been Reading This post is a list of books that I read in the third quarter of 2023, most notably Dominion by Tom...
a year ago
47
a year ago
This post is a list of books that I read in the third quarter of 2023, most notably Dominion by Tom Holland and The Path Between the Seas by David McCullough.
The Rational Walk
Soldier On In 1955, Charlie Munger's nine year old son died of leukemia, a disease with a nearly 100% death...
a year ago
47
a year ago
In 1955, Charlie Munger's nine year old son died of leukemia, a disease with a nearly 100% death rate at the time. How did he overcome his grief and endure in life?
The Rational Walk
Stepping into the River Just like no man steps into the same river twice, reading a worthwhile book multiple times continues...
3 months ago
46
3 months ago
Just like no man steps into the same river twice, reading a worthwhile book multiple times continues to yield new insights over the years.
The Rational Walk
The Digest #221 Bezos on Media Bias, Marks on Asset Allocation, Moral Hazard, Meta's AI Prospects, Vision Pro:...
3 months ago
46
3 months ago
Bezos on Media Bias, Marks on Asset Allocation, Moral Hazard, Meta's AI Prospects, Vision Pro: Success or Failure?, Berkshire in the 1960s, Whole Foods, Black Diamond, Merck, Wormholes
The Rational Walk
Donald Trump’s Resounding Victory Donald Trump won a decisive victory in his bid for a second term, securing not only a comfortable...
3 months ago
45
3 months ago
Donald Trump won a decisive victory in his bid for a second term, securing not only a comfortable majority in the electoral college but a likely majority in the national popular vote as well.
The Rational Walk
The Digest #222 Berkshire Hathaway's Q3 Results, BRK 2X Long Daily Target ETF, Presidential Election Polling, Online...
3 months ago
45
3 months ago
Berkshire Hathaway's Q3 Results, BRK 2X Long Daily Target ETF, Presidential Election Polling, Online Speech, Price Controls, Shakespeare's Caesar, Musk and SpaceX, Micro-Cap Investing
The Rational Walk
The Digest #226 Warren Buffett donates $1.15 billion to his family foundations
2 months ago
The Rational Walk
The Digest #178 Berkshire countersues Pilot's founders, Meta targeting teens, Title Insurance, Moats & capital...
a year ago
44
a year ago
Berkshire countersues Pilot's founders, Meta targeting teens, Title Insurance, Moats & capital allocation, CAVA's origin, VISA's history, Business lessons from Tom Murphy
The Rational Walk
What I’ve Been Reading This post is a list of books that I read in the fourth quarter of 2024, including Euripides, The...
a month ago
43
a month ago
This post is a list of books that I read in the fourth quarter of 2024, including Euripides, The Stoic Emperor, The Intelligent Investor, The Trail, and more.
The Rational Walk
Berkshire Hathaway Acquires BHE Minority Interests Berkshire Hathaway has acquired the remaining minority interests in BHE from the Scott family and...
4 months ago
43
4 months ago
Berkshire Hathaway has acquired the remaining minority interests in BHE from the Scott family and now is the sole owner of the energy company.
The Rational Walk
Measuring Competence Measuring competence is straight forward in many fields, such as carpentry and dentistry, but not as...
4 months ago
43
4 months ago
Measuring competence is straight forward in many fields, such as carpentry and dentistry, but not as clear when it comes to investing.
The Rational Walk
Concentrated Investments Many Berkshire Hathaway shareholders have a very large percentage of their net worth invested in the...
a year ago
43
a year ago
Many Berkshire Hathaway shareholders have a very large percentage of their net worth invested in the company. What are the risks of concentrated investments in general and Berkshire in particular?
The Rational Walk
The Digest #181 Antisemitism in America, Charlie Munger's uncommon sense, Les Schwab's business philosophy, Niccolò...
a year ago
43
a year ago
Antisemitism in America, Charlie Munger's uncommon sense, Les Schwab's business philosophy, Niccolò Machiavelli, internal vs. external goals, Safe withdrawal rates, Protecting your time
The Rational Walk
Real Estate Adventures Buying real estate can be intimidating and complicated. This article describes two experiences with...
11 months ago
42
11 months ago
Buying real estate can be intimidating and complicated. This article describes two experiences with realtors, one positive and one negative.
The Rational Walk
The Digest #224 Edith Hamilton on human stupidity, BHE's latest investor presentation, Berkshire's 13-F, Extending...
3 months ago
42
3 months ago
Edith Hamilton on human stupidity, BHE's latest investor presentation, Berkshire's 13-F, Extending human lifespan, Fastenal's success story, Buffett's early investments, IKEA's founder
The Rational Walk
Berkshire Hathaway’s 2023 Results — Overview This article provides a 30,000 foot overview of Berkshire Hathaway's results for 2023 with a focus...
12 months ago
42
12 months ago
This article provides a 30,000 foot overview of Berkshire Hathaway's results for 2023 with a focus on the components net operating earnings.
The Rational Walk
The Digest #227 Final Issue: Bitcoin at $100K, Buffett and Munger Unscripted, Blue Chip Stamps, Flawed CPI...
2 months ago
42
2 months ago
Final Issue: Bitcoin at $100K, Buffett and Munger Unscripted, Blue Chip Stamps, Flawed CPI Statistics, Ergodicity, The End of Shame, Notre Dame, Online Censorship, Healthcare Costs
The Rational Walk
The Digest #207 Claim Checks, Herodotus, Berkshire at record highs, Folly of certainty, Advance Auto Parts, Flawed...
7 months ago
42
7 months ago
Claim Checks, Herodotus, Berkshire at record highs, Folly of certainty, Advance Auto Parts, Flawed memories, Lost knowledge, Todd Combs, Walter Schloss, Bob Noyce, Nietzsche, Lincoln
The Rational Walk
Just Hold the Goddamn Stock! Charlie Munger's solution to estate planning at Berkshire was simple: Just Hold the Goddamn Stock!...
5 months ago
41
5 months ago
Charlie Munger's solution to estate planning at Berkshire was simple: Just Hold the Goddamn Stock! Unfortunately, his advice is not easy to follow.
The Rational Walk
The Digest #223 Corporate Taxes, Election Gambling in 1916, Berkshire's Cash, Treasury Inflation Protected...
3 months ago
41
3 months ago
Corporate Taxes, Election Gambling in 1916, Berkshire's Cash, Treasury Inflation Protected Securities, Market Prices as Political Predictors, The Three Indias, Semiconductor Progress
The Rational Walk
The Digest #174 Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle's international ambitions,...
a year ago
41
a year ago
Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle's international ambitions, The AI Gold Rush, 100th anniversary of Hitler's beer hall putsch, The Federalist Papers
The Rational Walk
The Digest #225 A Dangerous Interregnum, Trump's Energy Policy, Damodaran on ESG, Buffett in 1970, Inflation's Role...
3 months ago
40
3 months ago
A Dangerous Interregnum, Trump's Energy Policy, Damodaran on ESG, Buffett in 1970, Inflation's Role in Trump's Victory, Taxes in Retirement, James J. Hill, IKEA, F. A. Hayek, Shakespeare
The Rational Walk
The Digest #165 Buffett on Inflation, Dollar General, Due Diligence, Personal Libraries, The role of AI in drug...
a year ago
40
a year ago
Buffett on Inflation, Dollar General, Due Diligence, Personal Libraries, The role of AI in drug discovery, Small-cap opportunities, and interviews of Peter Brown, Bill Gross, Chris Bloomstran.
The Rational Walk
Berkshire Hathaway’s Q3 2023 Results — Manufacturing, Service, and Retailing A review of Berkshire's large collection of non-insurance operating businesses, with a focus on...
a year ago
39
a year ago
A review of Berkshire's large collection of non-insurance operating businesses, with a focus on results in Q3 2023 as well as a longer term view.
The Rational Walk
Berkshire Hathaway Energy’s Uncertain Future Warren Buffett's concerns about the regulatory climate for the utility industry has negative...
11 months ago
39
11 months ago
Warren Buffett's concerns about the regulatory climate for the utility industry has negative implications for PacifiCorp and BHE's other subsidiaries.
The Rational Walk
Superinvestor Portfolio Changes — Q3 2023 A few observations based on recent 13F filings, with a focus on Berkshire Hathaway, Dollar General,...
a year ago
37
a year ago
A few observations based on recent 13F filings, with a focus on Berkshire Hathaway, Dollar General, Markel, and Semper Augustus.
The Rational Walk
Musical Chairs at Dollar General Investors were euphoric when Dollar General brought back its former CEO less than a year after his...
a year ago
36
a year ago
Investors were euphoric when Dollar General brought back its former CEO less than a year after his retirement. A sober look at the situation reveals significant concerns.
The Rational Walk
The Year in Review Growth in 2023, top articles, and plans for the future
a year ago
The Rational Walk
Too Clever by Half! The temptation to trade in the stock market can be overwhelming, especially when prices are moving...
12 months ago
35
12 months ago
The temptation to trade in the stock market can be overwhelming, especially when prices are moving quickly. It's useful to ask, "What would Charlie Munger say?"
The Rational Walk
The Digest #166 The media landscape, Dollar General's meltdown, The written word, Damodaran on Instacart, The human...
a year ago
34
a year ago
The media landscape, Dollar General's meltdown, The written word, Damodaran on Instacart, The human condition, Herb Kelleher, Merger arbitrage, and more.
The Rational Walk
The Digest #173 Berkshire's Q3 earnings, Munger on retailing, SBF's strange philosophy, Rob Henderson on reading,...
a year ago
34
a year ago
Berkshire's Q3 earnings, Munger on retailing, SBF's strange philosophy, Rob Henderson on reading, Howard Marks on a full return world, Morgan Housel on writing that sells, Cities on Mars
The Rational Walk
The Digest #175 Pseudonyms on social media, Superinvestor portfolios, Apple Vision Pro, Gates on AI, 40% discount...
a year ago
34
a year ago
Pseudonyms on social media, Superinvestor portfolios, Apple Vision Pro, Gates on AI, 40% discount rates, Evolving moats, Jay Gould, Garry Tan, Milton Friedman, Ayn Rand, Steve Ells
The Rational Walk
Berkshire Hathaway’s Q3 2023 — Overview A high level overview of third quarter results and year-to-date repurchase activity.
a year ago
The Rational Walk
Warren Buffett’s Canvas Berkshire Hathaway continues to evolve as Warren Buffett celebrates his 93rd birthday with no signs...
a year ago
31
a year ago
Berkshire Hathaway continues to evolve as Warren Buffett celebrates his 93rd birthday with no signs of putting down his paintbrush anytime soon.
The Rational Walk
A Dangerous Interregnum President Biden's decision to allow Ukraine to fire American missiles deep into Russian territory...
3 months ago
29
3 months ago
President Biden's decision to allow Ukraine to fire American missiles deep into Russian territory risks plunging the world into crisis in the finals months of his administration.
The Rational Walk
The Digest #161 Feynman on knowledge, TransDigm's controversial business model, Costco's history, The Ozempic/Wegovy...
a year ago
29
a year ago
Feynman on knowledge, TransDigm's controversial business model, Costco's history, The Ozempic/Wegovy band-aid; Plus insights from Todd Combs, Michael Burry, Joel Tillinghast, and Lee Ainslie.
The Rational Walk
The Digest #167 TIPS for Retirement, BYD vs. Tesla, Katalin Karikó's vindication, Teledyne, Helzberg Diamonds,...
a year ago
29
a year ago
TIPS for Retirement, BYD vs. Tesla, Katalin Karikó's vindication, Teledyne, Helzberg Diamonds, Interviews of Marc Andreessen and Shane Parrish, David Senra's review of Jimmy Buffett's autobiography
The Rational Walk
GEICO Prioritizes Profits Over Market Share Berkshire Hathaway's auto insurer has returned to consistent profitability in 2023 but at the price...
a year ago
29
a year ago
Berkshire Hathaway's auto insurer has returned to consistent profitability in 2023 but at the price of ceding market share that will be costly to regain in the future.
The Rational Walk
American Prometheus The tragic story of J. Robert Oppenheimer encompasses far more than science and politics. It is a...
a year ago
28
a year ago
The tragic story of J. Robert Oppenheimer encompasses far more than science and politics. It is a cautionary tale of human nature that holds timeless lessons.
The Rational Walk
What I’ve Been Reading This post is a list of books that I read in the third quarter of 2024, including Thucydides,...
4 months ago
28
4 months ago
This post is a list of books that I read in the third quarter of 2024, including Thucydides, Sophocles, Persian Fire, Hillbilly Elegy, and more.
The Rational Walk
The Limits of an Inner Scorecard Having an "inner scorecard" can be liberating and foster independent thinking, but ultimately human...
a year ago
28
a year ago
Having an "inner scorecard" can be liberating and foster independent thinking, but ultimately human beings must also subject themselves to the judgment of key people in their lives.
The Rational Walk
Negative Lollapalooza Effects Sharing ideas can have benefits but there are also psychological risks. This article applies lessons...
a year ago
26
a year ago
Sharing ideas can have benefits but there are also psychological risks. This article applies lessons from Charlie Munger's psychology of human misjudgment to investing.
The Rational Walk
Pilot’s Founders vs. Berkshire Hathaway Warren Buffett's reputation as a straight shooter is called into question by the Haslam family in a...
a year ago
26
a year ago
Warren Buffett's reputation as a straight shooter is called into question by the Haslam family in a dispute over the valuation of their remaining 20% interest.
The Rational Walk
A Very Strange Public Offering The story of the initial offering of Berkshire Hathaway's Class B stock is an excellent example of...
a year ago
26
a year ago
The story of the initial offering of Berkshire Hathaway's Class B stock is an excellent example of Warren Buffett's unconventional approach toward his business partners.
The Rational Walk
The Digest #160 Steve Jobs in his own words, Risk free rates, Saving for a home, Buffett's investments in Japan,...
a year ago
26
a year ago
Steve Jobs in his own words, Risk free rates, Saving for a home, Buffett's investments in Japan, Flawed memories, Podcast interviews with Rudy Havenstein, Doomberg, Paul Graham, and Guy Spier.
The Rational Walk
The Digest #169 Apple Watch, Musical Chairs at Dollar General, IPOs, Impact Investing, Buffett in 1988, Mapping the...
a year ago
25
a year ago
Apple Watch, Musical Chairs at Dollar General, IPOs, Impact Investing, Buffett in 1988, Mapping the human brain, Interviews of Nassim Taleb, Jensen Huang, John and Patrick Collison, and more ...
The Rational Walk
The Digest #168 Charles F. Feeney's philanthropy, Howard Marks makes the case for credit, Spin-offs, Birkenstock's...
a year ago
25
a year ago
Charles F. Feeney's philanthropy, Howard Marks makes the case for credit, Spin-offs, Birkenstock's IPO, Costco's clothing, Todd Combs interview, Equifax, and more ...
The Rational Walk
The Berkshire Hathaway MBA Studying Warren Buffett, Charlie Munger, and Berkshire Hathaway's history can provide a level of...
a year ago
25
a year ago
Studying Warren Buffett, Charlie Munger, and Berkshire Hathaway's history can provide a level of fluency in business and investing rivaling a costly MBA degree.
The Rational Walk
Berkshire Hathaway’s Q2 2023 Results Thoughts on Berkshire Hathaway's second quarter results with a focus on GEICO, BNSF, HomeServices,...
a year ago
25
a year ago
Thoughts on Berkshire Hathaway's second quarter results with a focus on GEICO, BNSF, HomeServices, Clayton Homes, Apple, and share repurchases.
The Rational Walk
The Digest #155 Early Retirement, Chris Davis on Berkshire's future, Howard Marks on market cycles, Threads vs....
a year ago
25
a year ago
Early Retirement, Chris Davis on Berkshire's future, Howard Marks on market cycles, Threads vs. Twitter, Costco takes the high road, James Cameron, GEICO in the 1970s
The Rational Walk
The Digest #172 Pilot's Founders vs. Berkshire, I Bonds, Ted Weschler interview transcript, Expanding circles of...
a year ago
24
a year ago
Pilot's Founders vs. Berkshire, I Bonds, Ted Weschler interview transcript, Expanding circles of competence, Damodaran on Tesla, Thompson on AI, Charlie Munger, Chris Davis
The Rational Walk
The Digest #158 Claude Shannon's mighty mouse, Ben Graham's father, Doomberg quits Twitter, FASB segment disclosure...
a year ago
24
a year ago
Claude Shannon's mighty mouse, Ben Graham's father, Doomberg quits Twitter, FASB segment disclosure rules, Podcasts on old annual reports, Henry Ford's road trips, Jony Ive, Sal Kahn
The Rational Walk
Insurance Loss Reserve Estimates The ability to accurately estimate loss reserves is a core competency for any well-run insurance...
a year ago
24
a year ago
The ability to accurately estimate loss reserves is a core competency for any well-run insurance company. Progressive provides a useful case study in loss reserving practices.
The Rational Walk
Three Lessons A few life lessons based on observations over a half century.
a year ago
The Rational Walk
A Mind at Play Claude Shannon is most famous for his groundbreaking work related to information theory, one of many...
a year ago
24
a year ago
Claude Shannon is most famous for his groundbreaking work related to information theory, one of many subjects discussed in his fascinating biography.
The Rational Walk
The Digest #164 Howard Marks on intelligent risks, Li Lu's amazing life story, Damodaran on streaming, Thompson on...
a year ago
24
a year ago
Howard Marks on intelligent risks, Li Lu's amazing life story, Damodaran on streaming, Thompson on Charter vs. Disney, Taleb's favorite literary works, Buffett's Japanese investments, and more ...
The Rational Walk
The Digest #159 Montaigne on Lying, Berkshire's Q2 results, Equity risk premiums, Taking useful notes, Abandoning...
a year ago
24
a year ago
Montaigne on Lying, Berkshire's Q2 results, Equity risk premiums, Taking useful notes, Abandoning books, How Threads was built, BYD challenges Tesla, Katalin Karikó's inspiring life
The Rational Walk
Coffee Can Investing Sometimes an investing approach that is not necessarily "rational" from an economic perspective can...
a year ago
24
a year ago
Sometimes an investing approach that is not necessarily "rational" from an economic perspective can produce superior results when one accounts for human nature.
The Rational Walk
Thoughts on Israel’s 9/11 On October 7, 2023, Israel suffered a terrorist attack that took an estimated 1,200 lives, the vast...
a year ago
23
a year ago
On October 7, 2023, Israel suffered a terrorist attack that took an estimated 1,200 lives, the vast majority of whom were civilians.
The Rational Walk
Buffett Resumes Occidental Purchases Berkshire spent $246.4 million to acquire 3.9 million OXY shares between October 23 and October 25.
a year ago
The Rational Walk
The Digest #171 American Prometheus, Buffett buys more OXY, Share repurchases, Lessons from Todd Combs, The nature...
a year ago
23
a year ago
American Prometheus, Buffett buys more OXY, Share repurchases, Lessons from Todd Combs, The nature of risk, Damodaran on markets, Keynes on the Treaty of Versailles, Attia on longevity
The Rational Walk
The Power of Investment Journals Writing down the rationale for investment decisions is a prerequisite for success. This articles...
a year ago
22
a year ago
Writing down the rationale for investment decisions is a prerequisite for success. This articles explores lessons I learned dating back to 2009.
The Rational Walk
The Digest #163 Corporate taxes, Berkshire's clean energy investments, Isaacson's biography of Elon Musk, ESPN's...
a year ago
22
a year ago
Corporate taxes, Berkshire's clean energy investments, Isaacson's biography of Elon Musk, ESPN's future, Nvidia, AI, Interpreting medical studies, Why Doomberg left Twitter, Jimmy Buffett, and more...
The Rational Walk
Warren Buffett on Inflation — Part 2 Inflation took the auto insurance industry by surprise in the 1970s, impacting Berkshire's auto...
a year ago
22
a year ago
Inflation took the auto insurance industry by surprise in the 1970s, impacting Berkshire's auto insurance business as well as nearly bankrupting GEICO.
The Rational Walk
My Years with General Motors General Motors, under the leadership of Alfred P. Sloan, capitalized on the mistakes of Henry Ford...
a year ago
22
a year ago
General Motors, under the leadership of Alfred P. Sloan, capitalized on the mistakes of Henry Ford in the 1920s to become the dominant American automaker.
The Rational Walk
The Digest #156 Flawed clinical studies, AI and employment, Anonymous wealth, Age of the universe, 19th century...
a year ago
21
a year ago
Flawed clinical studies, AI and employment, Anonymous wealth, Age of the universe, 19th century anarchy, Buffett and Japan, Claude Hopkins, Benjamin Franklin
The Rational Walk
Initial Public Offerings A company that is in the process of selling shares to the public for the first time must navigate a...
a year ago
21
a year ago
A company that is in the process of selling shares to the public for the first time must navigate a minefield of competing interests.
The Rational Walk
The Digest #162 Volcker on inflation, Parametric insurance, The futility of guidance, Corporate governance reform,...
a year ago
21
a year ago
Volcker on inflation, Parametric insurance, The futility of guidance, Corporate governance reform, Keeping a notebook, Singleton and Teledyne, The pros and cons of cancer screening
The Rational Walk
Warren Buffett on Inflation — Part 1 This article presents lessons learned regarding investing in bonds based on Warren Buffett's...
a year ago
20
a year ago
This article presents lessons learned regarding investing in bonds based on Warren Buffett's commentary in his final partnership letters written in 1969 and 1970.
The Rational Walk
The Use of Letters As Mark Twain said, a person who won't read has no real advantage over a person who can't read. It...
a year ago
20
a year ago
As Mark Twain said, a person who won't read has no real advantage over a person who can't read. It makes no sense to refuse to learn vicariously.
The Rational Walk
There’s Always a Reason Enduring business models in competitive industries exist for good reasons. Dollar stores provide an...
a year ago
19
a year ago
Enduring business models in competitive industries exist for good reasons. Dollar stores provide an important option for customers chronically short on cash.
The Rational Walk
The Digest #157 Munger on windowless dorms, Damodaran on country risk, Disney's brand, Working without working, The...
a year ago
19
a year ago
Munger on windowless dorms, Damodaran on country risk, Disney's brand, Working without working, The comfort crisis, Fairfax, Markel, Vision Pro's breakthrough, iPhone hacks
The Rational Walk
Will Progressive’s Growth Strategy Pay Off? The auto insurer continues to add customers but posted disappointing results in the second quarter...
a year ago
19
a year ago
The auto insurer continues to add customers but posted disappointing results in the second quarter due to catastrophe losses and inadequate pricing.
The Rational Walk
Wealth vs. Income Early retirees are often misunderstood when it comes to their financial status. Being in a position...
a year ago
16
a year ago
Early retirees are often misunderstood when it comes to their financial status. Being in a position to deal with "social debt" requires conservatism and a substantial financial reserve.
The Rational Walk
Primary Sources Consulting primary sources represents table stakes for intelligent investors and responsible...
a week ago
9
a week ago
Consulting primary sources represents table stakes for intelligent investors and responsible citizens.
The Rational Walk
Staying the Course It is much easier for "know nothing" investors to stick with a dollar cost averaging program in the...
a week ago
6
a week ago
It is much easier for "know nothing" investors to stick with a dollar cost averaging program in the long run.
The Rational Walk
Berkshire Hathaway’s Culture in 2050 By mid-century, changes in Berkshire Hathaway's voting control could make a breakup of the...
8 hours ago