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.
Railroader: The Unfiltered Genius of Hunter Harrison
The Value of Hard Work
Recent “quiet quitting” headlines mostly represent click-bait, but the decline in social mores regarding work ethic still have negative implications.
George Risk Industries
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
Dempster Mill Manufacturing Company, one of Warren Buffett’s early investments, was very profitable but profoundly influenced his approach to turnaround situations.
Berkshire Hathaway’s Distorted Quarterly Results
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 Automobile Industry
The United States has experienced a rapid acceleration of inflation recently. This article examines the automobile industry, a sector experiencing higher than average inflation.
The Value of Repetition
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.
A Tale of Three Acquisitions
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.
Overcoming Initial Resistance
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.
Wealth Clarifies
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.
Selecting Companies to Research
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?
What I’ve Been Reading
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: The Art of a Meaningful Life
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.
Throwing Sand in the Gears
Sometimes, it is a good idea to purposely “throw sand in the gears” in order to force yourself to slow down during bear markets. This is necessary to avoid mistakes.
Enduring Inflation
Recent research suggests that inflation, adjusted for methodology changes, is getting close to the peak of the early 1980s, casting doubt on the sufficiency of the Fed’s response.
The High Cost of Poverty
Politicians and economists seem baffled by low consumer confidence in the midst of low unemployment. One explanation is that rampant inflation is hammering the poor.
Irrational … Compared to What?
Consumer behavior can often seem crazy. But if a successful company is built around “irrational” behavior, chances are that you might be missing something important.
The Case for Mad Money
If reading Benjamin Graham represents “vaccination” against speculation, then having a small “mad money” account could be a form of “variolation”.