Company Analysis
Progressive resumed aggressive growth in the first quarter while reporting a strong combined ratio. The article briefly discusses GEICO's recent results ...
We could be in the early days of a step-change in how we interact with computers. Apple's Vision Pro is leading the industry in the field of spatial computing ...
Charlie Munger's death raises many questions for Daily Journal that remain unanswered following the company's 10-K and proxy filings ...
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 ...
Charlie Munger's service on Costco's board makes the retailer's director compensation approach a potential model for Berkshire Hathaway in the future ...
I spent Labor Day weekend reading about this beaten down retailer. This article provides some initial thoughts about the company as well as the overall retail landscape ...
The auto insurer continues to add customers but posted disappointing results in the second quarter due to catastrophe losses and inadequate pricing ...
Continuing a tradition dating back to 1991, Markel's management team answered questions for two hours on the day after the Berkshire Hathaway annual meeting ...
The Rational Walk published twelve business profiles between May 2022 and January 2023 as part of a paid subscription package. Profiles provide comprehensive coverage of a specific company. The goal was to provide readers with an overview of a business ...
Charlie Munger is determined to complete the transformation of a small newspaper publisher into a significant software company ...
Tyler Technologies is one of the leading companies offering software and related services for public sector entities in the United States ...
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 profile examines the third largest private passenger auto insurer in the United States with a focus on its rivalry with Berkshire Hathaway's GEICO subsidiary ...
This profile examines a leading industrial distributor with a multi-decade record of strong performance ...
We examine Costco's impressive track record and consider whether future growth prospects are likely to justify today's lofty valuation ...
Operating efficiency gains and aggressive repurchases have delivered attractive returns to shareholders over the past decade. Will these trends continue? ...
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? ...
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 ...
A review of Berkshire Hathaway's twelve years of ownership ...
CarMax shook up automotive retailing in the 1990s. Will the company face disruption by online competitors in the 2020s? ...
Remote work appears to be here to stay. Many affluent Americans are migrating from crowded metropolitan areas to exurbs and rural areas boosting the prospects of companies catering to their needs ...
A strong regional competitor with a fifty-year history ...
In a 7-2 ruling, the Supreme Court decides in favor of Marietta Memorial Hospital in a case involving coordination of benefits with Medicare ...
Introduction America’s Car-Mart was founded in Rogers, Arkansas in 1981 by Bill Fleeman who converted a Dog ‘N Suds fast food restaurant into a car dealership. From the outset, his business model was to provide financing to “credit-challenged” customers who ...
Note to readers: This article is the second in a two-part series on the dialysis industry. For background information that will be helpful while reading this article, please read Kidney Failure and the Dialysis Industry which was published last week ...
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 ...
"In all of our communications, we try to make sure that no single shareholder gets an edge: We do not follow the usual practice of giving earnings guidance or other information of value to analysts or large shareholders. Our goal ...
Intelligent investors should be skeptical when reading about companies that could be the "next Berkshire Hathaway" or executives who resemble a "younger Warren Buffett". The reality is that very few companies have even a remote chance of replicating Berkshire's 20.8 ...
Many aspects of life seem to have asymmetrical qualities. One obvious example involves the amount of time and effort required to build a reputation, both from a personal and professional perspective. It can take many years to earn the confidence ...
Snap Inc., the parent company of the popular Snapchat app, has officially filed the paperwork required to go public in an offering expected to raise up to $3 billion. Characterizing itself as a "camera company" that has reinvented the way ...
America's Car-Mart is one of the largest retailers in the United States operating in the "buy here, pay here" segment of the used car market. Companies operating in this segment, also known as "integrated auto sales and finance", sell older ...
CarMax was founded in 1993 in Richmond, Virginia under the ownership of Circuit City Stores. In the early 1990s, Circuit City was looking for growth opportunities in different markets outside consumer electronics. The automotive sector was identified due to its ...
Daily Journal Corporation is a publisher of several small specialty newspapers and information services primarily serving the legal and real estate communities in California and Arizona. With the company's traditional business experiencing a steady secular decline in recent years, management ...
"On the Markel Ventures front, in a word, the first nine months of 2016 were fantastic ... our cyclical business has enjoyed strong revenues and earnings as the management team did a great job of making hay while the sun ...
"All intelligent investing is value investing -- acquiring more than you are paying for." - Charlie Munger There has long been a distinction in the investing community between companies that appear attractive based on "growth" stories versus those that are ...
DaVita Healthcare Partners is one of the leading kidney care companies in the United States. The company provides dialysis services to approximately 185,000 patients with chronic kidney failure and end stage renal disease (ESRD) through a network of 2,293 outpatient ...
Markel Ventures is a wholly owned subsidiary of Markel Corporation focusing on acquiring companies outside the insurance industry. Starting with the $14 million acquisition of AMF Bakery Systems in 2005, Markel Ventures has grown into an operation that generated over ...
"More people should copy us [Berkshire Hathaway]. It's not difficult, but it looks difficult because it's unconventional -- it isn't the way things are normally done." -- Charlie Munger, 2000 Wesco Financial annual meeting Alleghany Corporation is a holding company ...
Markel CATCo is a leading insurance linked securities investment fund manager and reinsurance manager based in Bermuda. Markel completed the acquisition of CATCo Investment Management and CATCo Reinsurance Ltd. in December 2015 for total consideration of $205.7 million paid in ...
TransDigm Group is a leading designer and producer of engineered components that are used in nearly all commercial and military aircraft. The company was founded in 1993 by Nicholas Howley, who currently serves as Chairman and CEO, and Douglas Peacock ...
C. H. Robinson Worldwide is one of the largest global third party logistics companies specializing in offering customers integrated systems and personnel skilled in the efficient movement of goods. C.H. Robinson operates a capital light business model by purchasing cargo ...
MRC Global is the largest distributor of pipes, valves, fittings, and related products and services to the energy industry. The company was founded in 1921 as McJunkin Supply Company and grew organically and through acquisitions over the years. In January ...
W R. Berkley Corporation is an insurance holding company operating in a variety of niche markets requiring specialized knowledge regarding a particular territory or product line. The company was founded in 1967 by William R. Berkley who currently serves as ...
RLI is a specialty insurer offering a variety of property and casualty insurance coverages and surety bonds in a number of niche markets. The company was founded in 1965 by Gerald D. Stephens who observed a need for contact lens ...
Expeditors International is a leading provider of logistics services offering its customers an international network of integrated systems and personnel specializing in efficient and cost effective movement of goods. The company is a non-asset based organization that purchases cargo space ...
The Progressive Corporation has offered insurance products to consumers since 1937 and is currently estimated to be the fourth largest private passenger automobile insurer in the United States. Progressive trails State Farm, GEICO, and Allstate and has overall market share ...
"In the short run, the market is a voting machine but in the long run, it is a weighing machine." -- Benjamin Graham Benjamin Graham's famous quote on how to think about markets is so overused that it has almost ...
With the 13-F filing season underway, investors are again focusing on the equity portfolios of institutional investors who are required to make quarterly disclosures to the public. Analysis of 13-F reports should be taken with more than a grain of ...
Markel Corporation released fourth quarter and full year results for 2015 earlier this week. Although the annual report will not be released until later this month, there are enough details in the press release to form some initial impressions. We ...
Markel Corporation released second quarter 2015 results yesterday and held a conference call this morning. This article provides a brief overview of the results ...
Markel Corporation is a financial holding company engaged in the specialty insurance and reinsurance markets as well as in a growing number of industrial and service businesses that operate outside the insurance marketplace. Markel seeks to actively invest its shareholder ...
The Coca Cola Company is in the midst of a major controversy prompted by shareholder objections to the company's equity compensation plan which is outlined in the company's 2014 proxy statement. Read this article for our view of the controversy ...
Daily Journal Corporation has been building a securities portfolio over the past several years but the specific securities have been undisclosed until now. A recent 13-F filing with the SEC reveals the holdings which were selected by Daily Journal Chairman ...
This article provides a brief update to The Rational Walk's 2011 research report on Platinum Underwriters. More than two years have passed since the report was published in October 2011 which is enough time to evaluate the validity of the ...
Loews Corporation is a diversified holding company with the majority of its intrinsic value attributable to majority stakes in three publicly traded subsidiaries: CNA Financial, Diamond Offshore, and Boardwalk Pipeline. Based on market quotations as of May 10, 2013, the ...
Over the past several months, Contango Oil & Gas Company shareholders have received a steady stream of bad news. Read this article for an update on our investment thesis ...
This article presents an update to our in-depth profile of Contango published in September. The company's stock price has remained under significant pressure due to a number of company specific factors that we discuss in this update ...
In this article, we discuss the investment merits of Contango Oil & Gas, a unique exploration and production company with a compelling risk/reward profile ...
Joy Global is a leading manufacturer of underground and surface mining equipment used in the extraction of coal and other minerals. The company manufactures essential and highly specialized products such as continuous miners, longwall shearers, and roof supports critical for ...
In this article, we revisit the investment thesis for Investors Title Company which was first profiled on The Rational Walk in November 2010 with an update provided in March 2011 ...
Loews Corporation is a diversified holding company with most of its value attributed to majority stakes in three publicly traded subsidiaries: CNA Financial, Diamond Offshore, and Boardwalk Pipeline. In this article, we take a look at Loews from a sum-of-the-parts ...
We are pleased to offer readers a report on Platinum Underwriters free of charge ...
Daily Journal Corporation publishes several newspapers in California and Arizona with a specific focus on topics of interest to the legal and real estate professions. Read this article for more details on the company and the interesting turn of events ...
The Rational Walk is pleased to announce the availability of an in-depth research report on Platinum Underwriters Holdings Ltd. This is the first in a series of occasional research reports that will be offered for sale on The Rational Walk ...
Middleburg Financial, a small bank holding company with a base of operations in the prosperous suburbs of Northern Virginia, has been in the news over the past few days due to David Sokol's comments on CNBC indicating that he plans ...
In this article, we will take a look at whether an examination of Investors Title's real estate holdings that goes beyond the company's SEC filings may reveal hidden real estate value not reflected in the company's stated shareholders' equity. Read ...
The battle between Apple and Google intensified this week with both companies unveiling long awaited business models for publishers eager to develop recurring revenue sources through sale of tablet based subscriptions. Read this article for our views regarding how the ...
When the Nokia 6160 cellular phone was released in the late 1990s, it was one of the hot technology gadgets of the era. With its "candy bar" styling, good looks, and positive user experience, the phone was very popular and ...
Over the past eight months, a number of articles have appeared on The Rational Walk related to the Deepwater Horizon disaster and related investment opportunities. Value investors know that times of stress and uncertainty create opportunities in the financial markets ...
Microsoft reported a solid fiscal second quarter on Thursday with revenue and earnings that were generally above consensus estimates. However, concerns over relatively tepid growth in the Windows segment overshadowed positive results elsewhere in the eyes of market participants leading ...
In this article, we will take a brief look at the "consensus" view regarding Intel Corporation with a focus on Value Line's latest report on the company. Our purpose is not to make a complete investment judgment on Intel, but ...
The official moratorium on deepwater drilling in the U.S. Gulf of Mexico was lifted in October 2010, but has been replaced with what can only be described as a quasi moratorium as new permits continue to languish in a byzantine ...
For most home buyers, title insurance represents just one more annoying charge that appears on the closing statement and often throws budgets into disarray if the cost was unexpected. However, like most forms of insurance, a title policy seems like ...
Despite our best efforts as value investors to avoid anything that may resemble speculation, sometimes unique circumstances can arise that force us to replace typical passive behavior with an active choice. Such a scenario will soon face shareholders of Contango ...
There has been much speculation this week regarding the reasons behind Warren Buffett's decision to hire Todd Combs to manage a portion of Berkshire Hathaway's investment portfolio. Although short term stock price movements are meaningless, some observers have attributed Berkshire ...
Facebook has announced a five-for-one split of its stock as the shares have risen to as much as $76 per share on private exchanges. Although Facebook is not publicly traded, employees and others who own shares have been able to ...
A quick look at the chart for Atwood Oceanics shows a familiar pattern for those who have been following the price action of companies in the offshore contract drilling industry. Shares of Atwood have declined by approximately 30 percent from ...
At the turn of the century, few observers could have possibly foreseen that Microsoft would become a favorite bargain purchase for value investors in 2010. The dot com boom was in the process of peaking and any company even vaguely ...
Based on simple figures, Kewaunee Scientific Corporation appears to be a value investor's dream. The company recently filed its annual report on form 10-K for fiscal 2010 which ended on April 30. The headline numbers are impressive: The company posted ...
We first profiled George Risk Industries in early January and noted that the company was massively overcapitalized and represented a potential bargain for investors. George Risk designs, manufactures, and sells a variety of products with 87 percent of revenue in ...
When Bill Gates promoted Steve Ballmer to the chief executive position at Microsoft over ten years ago, the company was flying high in terms of investor perceptions and had a cutting edge image placing it at the forefront of America's ...
Ensco plc recently announced second quarter 2010 earnings of $126.3 million, or $0.89 per share. As expected, the results were negatively impacted by lower utilization for the fleet as well as lower average dayrates. Contract drilling revenues were $406.3 million ...
Tractor Supply Company reported Q2 2010 results this afternoon. Net sales increased 12.6 percent to $1.07 billion in the second quarter of 2009 while net income for the quarter was $2.05 per share compared to $1.50 in the prior year ...
Contango Oil & Gas Company issued a press release today that announced new production from recent discoveries in the Gulf of Mexico. In addition, the company announced new production from eight onshore wells in Texas that are part of a ...
Noble Corporation recently announced second quarter 2010 earnings of $218 million, or $0.85 per share. The results were negatively impacted by a combination of lower utilization for the overall fleet and sharply lower average dayrates. As a result, contract drilling ...
Last week, we reported that David Einhorn's Greenlight Capital took a large position in Ensco plc during the second quarter. Ensco was profiled in an article on The Rational Walk in early June and the company is scheduled to report ...
In this article, we profile Diamond Offshore, one of the leading companies in the deepwater drilling industry. In previous articles, we focused on two companies in the offshore drilling industry with lower risk profiles. Both Noble Corporation and Ensco plc ...
In a sign that value oriented hedge fund managers are continuing to wade into the depressed offshore drilling sector, David Einhorn's Greenlight Capital has reported a 5.2 percent stake in Ensco plc as of June 30, 2010. Mr. Einhorn controls ...
Tractor Supply Company is a specialty retailer with a well defined niche market catering to the lifestyle needs of recreational farmers and ranchers. The company offers an array of products required in the daily life of those who live in ...
Last Friday, we presented a profile and analysis of Ensco plc. At that time, the latest fleet status report was dated May 14, 2010 and was nearly a month old. The company provided an updated fleet status report (pdf) today ...
Ensco International plc is an offshore contract drilling company that provides services to oil majors and independent oil exploration firms. The company has historically focused on jackup rigs designed for relatively shallow water but has devoted the majority of capital ...
As we discussed in our recent article on National Oilwell Varco, the financial markets have been reacting to the Deepwater Horizon disaster by punishing the stock prices of nearly every company associated with oil and gas exploration in the Gulf ...
Recent events in the Gulf of Mexico have increased awareness of the risks facing oil exploration companies operating in very deep waters. Drilling for oil beneath five thousand feet of water entails challenges that test the abilities of exploration companies ...
Few large companies have built up as much brand equity and consumer goodwill as Johnson & Johnson. The company routinely appears near the top of lists of the most respected American companies and makes products that consumers rely on. The ...
Kraft Foods Inc. released its annual proxy statement yesterday which serves as timely illustration of the faulty logic that compensation committees regularly use when setting executive compensation. As we discussed last month, compensation policies can encourage executives to pursue value ...
Middleburg Financial Corporation is a small bank holding company with primary operations in the western suburbs of Washington D.C. The bank's headquarters are in Middleburg, Virginia. Over the past two years, David Sokol has accumulated nearly twenty percent of the ...
Last week, we took a brief look at Berkshire Hathaway’s loss estimation accuracy over the past ten years. As we noted in the article, the process of estimating the ultimate losses resulting from an insurance company’s business is one of ...
Yesterday's article on George Risk Industries generated quite a bit of reader interest but due to the recent removal of the comment and forum features, the questions were not posted directly. This article consolidates the reader questions on George Risk ...
Few publicly traded companies are more obscure than George Risk Industries, a small Nebraska manufacturer of security alarm products. With a market capitalization of $21 million and very low trading volume, the company is far too small to attract attention ...
The buzz in technology and investment circles over the past few days has centered on analyzing the economic and technological implications of Microsoft's search deal with Yahoo!. While both Microsoft CEO Steve Ballmer and Yahoo! CEO Carol Bartz claim that ...
Hurco Companies, Inc. released a 10-Q report today which covers the company’s fiscal second quarter ending on April 30, 2009. I covered the initial release of Hurco’s earnings for the quarter in an article last week. In that article, I ...
In my coverage last week regarding Hurco's initial news release for fiscal second quarter results, I expressed some concern regarding the company's provision for warranty reserves documented in the 10-Q report for the first quarter and indicated that I had ...
Over the past decade, there has been a significant divergence between Wal-Mart Stores' experience from a business perspective and the returns experienced by the company's shareholders. In April, I wrote an article outlining Wal-Mart's track record over the past ten ...
Hurco Companies provided a press release this afternoon with results for the second fiscal quarter of 2009 which ended on April 30. The 10Q report has yet to be posted to the SEC website. While the results reflect significant weakness ...
Hurco Companies, Inc (HURC) is a global industrial automation company that designs and produces interactive computer controls, software and computerized machine systems for the worldwide metal cutting and metal forming industries. The company is based in the United Sates but ...
Wal-Mart Stores is one of the most successful growth stories in American history and can boast of an unparalleled track record of growth in nearly any measure one can think of. Whether your preferred metric is the number of square ...