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    American Prometheus

    American Prometheus

    The tragic story of J. Robert Oppenheimer encompasses far more than science and politics. It is a cautionary tale of human nature that holds timeless lessons.

    The Rational Walk October 24, 2023October 24, 2023 Books Read more

    The Digest #170

    The Digest #170

    The Precautionary Principle, GEICO Layoffs, Superlinear Returns, TIPS for Retirement, Rockefeller’s advice to his son, Impact of GLP-1 agonists, Tesla’s IPO, Conference call transcripts

    The Rational Walk October 23, 2023October 27, 2023 The Digest Read more

    The Digest #169

    The Digest #169

    Apple Watch, Musical Chairs at Dollar General, IPOs, Impact Investing, Buffett in 1988, Mapping the human brain, Interviews of Nassim Taleb, Jensen Huang, John and Patrick Collison, and more …

    The Rational Walk October 18, 2023October 18, 2023 The Digest Read more

    Musical Chairs at Dollar General

    Musical Chairs at Dollar General

    Investors were euphoric when Dollar General brought back its former CEO less than a year after his retirement. A sober look at the situation reveals significant concerns.

    The Rational Walk October 17, 2023October 17, 2023 Investing, Premium Content Read more

    Initial Public Offerings

    Initial Public Offerings

    A company that is in the process of selling shares to the public for the first time must navigate a minefield of competing interests.

    The Rational Walk October 13, 2023October 13, 2023 Investing, Premium Content Read more

    Thoughts on Israel’s 9/11

    Thoughts on Israel’s 9/11

    On October 7, 2023, Israel suffered a terrorist attack that took an estimated 1,200 lives, the vast majority of whom were civilians.

    The Rational Walk October 12, 2023October 12, 2023 Journal Read more

    The Digest #168

    The Digest #168

    Charles F. Feeney’s philanthropy, Howard Marks makes the case for credit, Spin-offs, Birkenstock’s IPO, Costco’s clothing, Todd Combs interview, Equifax, and more …

    The Rational Walk October 11, 2023October 11, 2023 The Digest Read more

    Costco’s Director Compensation

    Costco’s Director Compensation

    Charlie Munger’s service on Costco’s board makes the retailer’s director compensation approach a potential model for Berkshire Hathaway in the future.

    The Rational Walk October 9, 2023October 9, 2023 Investing, Premium Content Read more

    The Digest #167

    The Digest #167

    TIPS for Retirement, BYD vs. Tesla, Katalin Karikó’s vindication, Teledyne, Helzberg Diamonds, Interviews of Marc Andreessen and Shane Parrish, David Senra’s review of Jimmy Buffett’s autobiography

    The Rational Walk October 5, 2023October 5, 2023 The Digest Read more

    What I’ve Been Reading

    What I’ve Been Reading

    This post is a list of books that I read in the third quarter of 2023, most notably Dominion by Tom Holland and The Path Between the Seas by David McCullough.

    The Rational Walk October 3, 2023October 3, 2023 Books Read more

    Three Lessons

    Three Lessons

    A few life lessons based on observations over a half century.

    The Rational Walk September 30, 2023September 30, 2023 Journal Read more

    The Digest #166

    The Digest #166

    The media landscape, Dollar General’s meltdown, The written word, Damodaran on Instacart, The human condition, Herb Kelleher, Merger arbitrage, and more.

    The Rational Walk September 27, 2023September 27, 2023 The Digest Read more

    Warren Buffett on Inflation — Part 3

    Warren Buffett on Inflation — Part 3

    During periods of high inflation, capital-light businesses have important advantages. See’s Candies during the Great Inflation of the 1970s and early 1980s is a perfect case study.

    The Rational Walk September 26, 2023September 26, 2023 Berkshire Hathaway, Premium Content Read more

    Warren Buffett on Inflation — Part 2

    Warren Buffett on Inflation — Part 2

    Inflation took the auto insurance industry by surprise in the 1970s, impacting Berkshire’s auto insurance business as well as nearly bankrupting GEICO.

    The Rational Walk September 23, 2023September 23, 2023 Berkshire Hathaway, Premium Content Read more

    There’s Always a Reason

    There’s Always a Reason

    Enduring business models in competitive industries exist for good reasons. Dollar stores provide an important option for customers chronically short on cash.

    The Rational Walk September 21, 2023September 21, 2023 Investing Read more

    The Digest #165

    The Digest #165

    Buffett on Inflation, Dollar General, Due Diligence, Personal Libraries, The role of AI in drug discovery, Small-cap opportunities, and interviews of Peter Brown, Bill Gross, Chris Bloomstran.

    The Rational Walk September 19, 2023September 19, 2023 The Digest Read more

    Warren Buffett on Inflation — Part 1

    Warren Buffett on Inflation — Part 1

    This article presents lessons learned regarding investing in bonds based on Warren Buffett’s commentary in his final partnership letters written in 1969 and 1970.

    The Rational Walk September 18, 2023September 18, 2023 Berkshire Hathaway, Premium Content Read more

    The Power of Investment Journals

    The Power of Investment Journals

    Writing down the rationale for investment decisions is a prerequisite for success. This articles explores lessons I learned dating back to 2009.

    The Rational Walk September 14, 2023September 14, 2023 Investing Read more
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    Recent Articles

    • The Digest #178November 30, 2023
      Berkshire countersues Pilot's founders, Meta targeting teens, Title Insurance, Moats & capital allocation, CAVA's origin, VISA's history, Business lessons from Tom Murphy
    • The Digest #177November 29, 2023
      Remembering Charlie Munger
    • Charlie Munger (1924 – 2023)November 28, 2023
      A life well lived
    • Buffett Accelerates Gifts to Family FoundationsNovember 22, 2023
      For the second year in a row, Warren Buffett has made gifts to four family foundations in excess of the annual commitments pledged in 2006.
    • The Digest #176November 21, 2023
      Found Money, OpenAI drama, GLP-1 drug studies, Estée Lauder, Heart valve technology, Edwin Land, John Oliver skewers dollar stores, Apple regrets, The Great Books Journal
    • The Digest #175November 16, 2023
      Pseudonyms on social media, Superinvestor portfolios, Apple Vision Pro, Gates on AI, 40% discount rates, Evolving moats, Jay Gould, Garry Tan, Milton Friedman, Ayn Rand, Steve Ells
    • Superinvestor Portfolio Changes — Q3 2023November 15, 2023
      A few observations based on recent 13F filings, with a focus on Berkshire Hathaway, Dollar General, Markel, and Semper Augustus.
    • Finding Your Life’s WorkNovember 14, 2023
      The majority of people never find their "life's work", yet the premise of paying hundreds of thousands of dollars for a college degree assumes that they will.
    • The Digest #174November 10, 2023
      Working Hard, Berkshire Q3 Recap, ProPublica attacks Buffett, Chipotle's international ambitions, The AI Gold Rush, 100th anniversary of Hitler's beer hall putsch, The Federalist Papers
    • Berkshire Hathaway’s Q3 2023 Results — Manufacturing, Service, and RetailingNovember 8, 2023
      A review of Berkshire's large collection of non-insurance operating businesses, with a focus on results in Q3 2023 as well as a longer term view.
    • The Digest #173November 7, 2023
      Berkshire's Q3 earnings, Munger on retailing, SBF's strange philosophy, Rob Henderson on reading, Howard Marks on a full return world, Morgan Housel on writing that sells, Cities on Mars
    • GEICO Prioritizes Profits Over Market ShareNovember 7, 2023
      Berkshire Hathaway's auto insurer has returned to consistent profitability in 2023 but at the price of ceding market share that will be costly to regain in the future.
    • Buffett Continues to Avoid Long-Term BondsNovember 6, 2023
      Berkshire's longstanding aversion to fixed-maturity investments has not changed in response to higher interest rates.
    • Berkshire Hathaway’s Q3 2023 Results — OverviewNovember 5, 2023
      A high level overview of third quarter results and year-to-date repurchase activity.
    • The Digest #172November 2, 2023
      Pilot's Founders vs. Berkshire, I Bonds, Ted Weschler interview transcript, Expanding circles of competence, Damodaran on Tesla, Thompson on AI, Charlie Munger, Chris Davis
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