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

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
Wednesday, January 18, 2023Volume 4, Issue 3 Quote of the Week “People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other
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.
Friday, January 13, 2023Volume 4, Issue 2 Quote of the Week “When I was a kid at Woodrow Wilson High School in Washington, another kid and I started the Wilson Coin-Operated Machine Co. I was 15 years old. We put reconditioned
Tyler Technologies is one of the leading companies offering software and related services for public sector entities in the United States.
Friday, January 6, 2023Volume 4, Issue 1 Limited Control “The chief task in life is simply this: to identify and separate matters so that I can say clearly to myself which are externals not under my control, and which have to
A book review of Damn Right! — Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger, published on Munger’s 99th birthday.
Friday, December 30, 2022Volume 3, Issue 61 Quote of the Week “The trouble with market research is that people don’t think what they feel, they don’t say what they think, and they don’t do what they say.” — David Ogilvy Avoiding Fragility
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.
Friday, December 23, 2022Volume 3, Issue 60 Quote of the Week “Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have the effect of distracting them