The Rational Walk

Overpaying for an investment is undesirable but time can heal many wounds if the underlying business continues to perform well.

Psychological and social factors serve as complications for investors seeking to invest in declining companies, often referred to as "cigar butts".

All paywalls on The Rational Walk have been removed. This article is a listing of twelve recent comprehensive company write-ups available for download.

Some thoughts on Berkshire Hathaway's long term future twelve years after writing a comprehensive report on the company.

Using a continuous glucose monitor for two weeks made me think about the pros and cons of instant feedback in life and in markets.

Charlie Munger is determined to complete the transformation of a small newspaper publisher into a significant software company

Passive consumption of information is not enough to earn true wisdom. Leo Tolstoy advocated serious efforts to leverage what we learn from others. There are no shortcuts.

The dream of flying like birds has captivated human beings for thousands of years. In his new book, Richard Dawkins provides a fascinating account of the history of flight.

Tyler Technologies is one of the leading companies offering software and related services for public sector entities in the United States.

A book review of Damn Right! — Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger, published on Munger's 99th birthday.

Charlie Munger's bet on enterprise software for court systems has been overshadowed by Daily Journal's investment portfolio. The software business deserves more attention.

This article contains links to the top twenty articles of 2022 and discusses plans for the future of the Rational Reflections newsletter.

This post is a list of books that I read in the fourth quarter of 2022, most notably The Price of Time by Edward Chancellor and The Idiot by Fyodor Dostoevsky.

This profile examines the third largest private passenger auto insurer in the United States with a focus on its rivalry with Berkshire Hathaway's GEICO subsidiary.

This profile examines a leading industrial distributor with a multi-decade record of strong performance.

A stock split would have no effect on a Berkshire's intrinsic value, but could keep super-voting Class A shares in the hands of longtime shareholders.

“If you rise high in a corporation or elsewhere in life, you have a duty to be an exemplar. You have a duty to take less than you deserve, to set an example.”  — Charlie Munger

Never forget Lady Fortuna's influence: Good decisions can turn out poorly due to bad luck, and it is equally possible for terrible decisions to work out well due to good luck.

Berkshire Hathaway reported third quarter results on November 5, 2022. This article examines recent trends in the company's net operating income.

Ben Graham’s investing style was not one dimensional. In addition to bargain issues and special situations, Graham suggested relatively unpopular large companies as a source of ideas.

Twitter should consider implementing a charge for account verification that is based on number of followers. Verification is likely to be much more valuable for large accounts with greater ability and willingness to pay.

We examine Costco's impressive track record and consider whether future growth prospects are likely to justify today's lofty valuation.

I recently became a Costco member as part of my research on the company. In this article, I discuss how I easily recouped the $60 annual membership fee on my first visit.

Sol Price founded FedMart in 1954 and pioneered the concepts that still drive the business model of membership-based discount warehouses such as Costco to this day.