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.
Soul in the Game: The Art of a Meaningful Life
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”.
Shadow Banned
The Rational Walk is no longer on Twitter after thirteen years of using the platform. Readers should consider subscribing to Rational Reflections to receive new content.
Kidney Failure and the Dialysis Industry
This article is the first in a series about the dialysis industry. It was originally published on Rational Reflections, an email newsletter published by The Rational Walk.
The Benefits of Zooming Out
If you are a long-term investor, it is pointless to update the quotes for your portfolio on a daily basis. There is simply too much day-to-day noise to make this exercise meaningful.
The Trouble with FIRE
Financial independence enabling early retirement is a worthy goal, but there are important considerations that are often ignored by the FIRE movement.
Trillions: The Pioneers of Passive Investing
The rise of passive investing is the topic of Robin Wigglesworth’s recent book, Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever.
Business Lessons from Tom Murphy
We can learn a great deal about business and capital allocation by studying Tom Murphy’s long and successful career in broadcasting.
What I’ve Been Reading
This post is a list of books that I read in the first quarter of 2022, most notably two classic titles by Leo Tolstoy: War & Peace and Anna Karenina.
Necessary Inefficiency
Optimization is generally positive but it can be taken too far. When the cost of redundancy is low and the cost of falling short is high, accepting redundancy can make sense.
A Shot to Save the World
The underlying science that made COVID-19 vaccines possible is the product of decades of painstaking research, well described in “A Shot to Save the World”.
What Does Buffett See in Alleghany?
Berkshire Hathaway has agreed to acquire Alleghany for $11.6 billion. The offer values Alleghany at 1.26x book value. This article examines the specifics of the deal.
Berkshire’s Directors Have Skin in the Game
Most corporate directors have minimal skin in the game. Berkshire Hathaway is a notable exception. This article looks at the ownership interest of each Berkshire director.
Berkshire’s Future Depends on Voting Control
Berkshire Hathaway’s dual class share structure concentrates voting power with Class A shareholders. This advantage will become much more important in the future.