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Observations of a New Costco Member

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.

The Rational Walk October 18, 2022January 27, 2023 Company Analysis Read more

Weekly Digest – October 14, 2022

Friday, October 14, 2022Volume 3, Issue 50 Quote of the Week “In the short term, [inflation] is good for borrowers and not for lenders. Once a lender begins anticipating it, that equation changes, because he’s going to say, ‘I expect inflation,

The Rational Walk October 14, 2022January 27, 2023 Weekly Digest Read more

The Story of FedMart

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.

The Rational Walk October 12, 2022January 27, 2023 Investing Read more

Greg Abel’s Bet on Berkshire Hathaway

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.

The Rational Walk October 7, 2022February 4, 2023 Berkshire Hathaway Read more

Weekly Digest – October 7, 2022

Friday, October 7, 2022Volume 3, Issue 49 Quote of the Week “Remember that it is not he who gives abuse or blows, who affronts, but the view we take of these things as insulting. When, therefore, anyone provokes you, be assured

The Rational Walk October 7, 2022January 27, 2023 Weekly Digest Read more

Lies and Deception

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?

The Rational Walk October 1, 2022October 1, 2022 Journal Read more

Weekly Digest – September 30, 2022

Friday, September 30, 2022Volume 3, Issue 48 Quote of the Week “To lie deliberately is to blaspheme — the liar commits deceit, and thus injustice. And likewise to lie without realizing it. Because the involuntary liar disrupts the harmony of nature

The Rational Walk September 30, 2022January 27, 2023 Weekly 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 2022, most notably The Last Warrior, a biography of Andrew Marshall and The Deficit Myth by Stephanie Kelton.

The Rational Walk September 28, 2022September 29, 2022 Book Reviews Read more

Union Pacific Corporation

Operating efficiency gains and aggressive repurchases have delivered attractive returns to shareholders over the past decade. Will these trends continue?

The Rational Walk September 26, 2022January 29, 2023 Company Analysis Read more

Weekly Digest – September 23, 2022

Friday, September 23, 2022Volume 3, Issue 47 Quote of the Week “There are certain undertakings, moreover, that are not so much great as they are prolific, and thus lead to many fresh undertakings. Not only ought you to avoid those that

The Rational Walk September 23, 2022January 27, 2023 Weekly Digest Read more

Railroader: The Unfiltered Genius of Hunter Harrison

Railroader: The Unfiltered Genius of Hunter Harrison

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.

The Rational Walk September 20, 2022September 20, 2022 Book Reviews Read more

America’s Car-Mart: Business Update

Car-Mart stock has dropped 45% since quarterly earnings were released a month ago. Is the business model still intact or has Mr. Market overreacted?

The Rational Walk September 17, 2022January 29, 2023 Company Analysis Read more

Weekly Digest – September 16, 2022

Friday, September 16, 2022Volume 3, Issue 46 The Futility of Forecasting “Even if you somehow manage to get an economic forecast correct, that’s only half the battle.  You still need to anticipate how that economic activity will translate into a market

The Rational Walk September 17, 2022January 27, 2023 Weekly Digest Read more

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.

The Rational Walk September 13, 2022January 27, 2023 Journal Read more

Weekly Digest – September 9, 2022

Friday, September 9, 2022Volume 3, Issue 45 Quote of the Week “It is my opinion that in almost any field nothing is worth doing unless it is worth doing right. When it comes to selecting growth stocks, the rewards for proper

The Rational Walk September 9, 2022January 27, 2023 Weekly Digest Read more

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.

The Rational Walk September 8, 2022January 27, 2023 Company Analysis Read more

Weekly Digest – September 2, 2022

Friday, September 2, 2022Volume 3, Issue 44 Quote of the Week “Corporations, like people, change their names for one of two reasons: either they’ve gotten married, or they’ve been involved in some fiasco that they hope the public will forget.” —

The Rational Walk September 2, 2022January 27, 2023 Weekly Digest Read more

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.

The Rational Walk August 29, 2022January 27, 2023 Berkshire Hathaway Read more
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Recent Articles

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    Overpaying for an investment is undesirable but time can heal many wounds if the underlying business continues to perform well.
  • Managing DeclineFebruary 2, 2023
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  • Information Wants To Be FreeJanuary 30, 2023
    All paywalls on The Rational Walk have been removed. This article is a listing of twelve recent comprehensive company write-ups available for download.
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    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.
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    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.
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