Rational Reflections is a newsletter offering the following content to subscribers:
- Weekly Digest includes commentary and links with a high signal-to-noise ratio.
- Business Profiles provide in-depth content on a specific company or industry.
- Articles cover a wide range of topics related to finance, philosophy, and books.
Twitter threads are series of tweets on a single subject. Follow on Twitter by clicking the button below.Follow @rationalwalk
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.
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.
Greg Abel has purchased 168 Class A shares of Berkshire Hathaway for $68.3 million. This article takes a look at Mr. Abel's decision in the context of his future role as CEO.
Interacting with someone who lies is hazardous, whether in personal or business life. What can we learn about dealing with liars from 16th century philosopher Michel de Montaigne?
This post is a list of books that I read in the third quarter of 2022, most notably The Last Warrior, a biography of Andrew Marshall and The Deficit Myth by Stephanie Kelton.
The larger-than-life figure of Hunter Harrison is impossible to avoid for anyone who follows the railroad industry. Railroader is an interesting book about a fascinating man.
Recent “quiet quitting” headlines mostly represent click-bait, but the decline in social mores regarding work ethic still have negative implications.
A small manufacturer is massively overcapitalized but controlled by the founder's family. Shareholders are welcome to go along for the ride but may never see a catalyst.
Dempster Mill Manufacturing Company, one of Warren Buffett’s early investments, was very profitable but profoundly influenced his approach to turnaround situations.
Accounting rule changes introduced in 2018 have distorted the analytical value of Berkshire Hathaway's quarterly net income. Operating income is a more useful measure.
The United States has experienced a rapid acceleration of inflation recently. This article examines the automobile industry, a sector experiencing higher than average inflation.
Exposing ourselves to timeless principles is beneficial. But we should not be so rigid as to discount the possibility that the world has changed, and we must keep an open mind.
Without a certain level of trust, our modern civilization would soon disintegrate into total chaos. This article takes a brief look at the role of trust in three acquisitions.
Even if you enjoy an activity once you are engaged in it, the first few steps can be uncomfortable. Fortunately, there are strategies that can help us get started.
Not being in control of your time seems like a bad thing, but this lack of control provides people with a compelling narrative to avoid doing things that they would rather not do.
Timeframe arbitrage is arguably the last major source of potential advantage for individual investors. If this is true, how can individuals best structure their research process?
This post is a list of books that I read in the second quarter of 2022, most notably two classic titles by Fyodor Dostoevsky: Crime and Punishment and The Brothers Karamazov
Soul in the Game is a difficult book to categorize. Is it a memoir? A book on stoicism? A book on classical music? It is none of these things in isolation, but all of these things in combination.