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 ...
“If you rise high in a corporation or elsewhere in life, you have a duty to be an exemplar. You have a duty to take less than you deserve, to set an example.” — Charlie Munger ...
Ben Graham’s investing style was not one dimensional. In addition to bargain issues and special situations, Graham suggested relatively unpopular large companies as a source of ideas ...
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 United States has experienced a rapid acceleration of inflation recently. This article examines the automobile industry, a sector experiencing higher than average inflation ...
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 ...
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? ...
This article provides a description of the title insurance industry. Most homebuyers must purchase title insurance but the product is not well understood ...
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 ...
We can learn a great deal about business and capital allocation by studying Tom Murphy’s long and successful career in broadcasting ...
“With the price advantage GEICO’s low costs allow, it’s not surprising that several years ago the company seized the number two spot in auto insurance from Allstate. GEICO is also gaining ground on State Farm, though it is still far ...
Trading bans for members of Congress and other government officials risk sending the wrong message about the capitalist system. Sunlight is a far better disinfectant ...
Inflation can be a self-perpetuating affliction. If consumers come to expect that the dollars in their bank account will purchase materially less in the coming months and years, there will be a natural inclination to trade depreciating currency for material ...
"The market is like a large movie theater with a small door." -- Nassim Nicholas Taleb, Skin in the Game There is an old saying that experiencing a bull market is similar to riding up an escalator while living through ...
Financial markets have finally come to the realization that Coronavirus is a story that is not going away anytime soon. As long as the virus was confined mostly to China and other cases could be readily explained, markets in the ...
It was Thanksgiving weekend twenty years ago. I had been watching the stock for a couple of months. It was pummeled on soft results in September and seemed cheap to me. On Sunday night, I looked at the Value Line ...
"Success makes people think they're smart. That's fine as far as it goes, but there can also be negative ramifications." -- Howard Marks The investing profession tends to attract individuals who, to put it politely, have a healthy sense of ...
"Don't tax you, don't tax me, tax that fellow behind the tree!" -- Senator Russell B. Long "No one should see how laws or sausages are made. To retain respect for sausages and laws, one must not watch them in ...