- Instant Feedback
Using a continuous glucose monitor for two weeks made me think about the pros and cons of instant feedback in life and in markets.
- Earning Wisdom
Passive consumption of information is not enough to earn true wisdom. Leo Tolstoy advocated serious efforts to leverage what we learn from others. There are no shortcuts.
- Flights of Fancy
The dream of flying like birds has captivated human beings for thousands of years. In his new book, Richard Dawkins provides a fascinating account of the history of flight.
- Damn Right! — Behind the Scenes with Charlie Munger
A book review of Damn Right! — Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger, published on Munger's 99th birthday.
- The Year in Review
This article contains links to the top twenty articles of 2022 and discusses plans for the future of the Rational Reflections newsletter.
- What I’ve Been Reading
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.
- The Case for Splitting Berkshire’s Class A Shares
A stock split would have no effect on a Berkshire's intrinsic value, but could keep super-voting Class A shares in the hands of longtime shareholders.
“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
- The Role of Luck
Never forget Lady Fortuna's influence: Good decisions can turn out poorly due to bad luck, and it is equally possible for terrible decisions to work out well due to good luck.
- A Closer Look at Berkshire Hathaway’s Operating Income
Berkshire Hathaway reported third quarter results on November 5, 2022. This article examines recent trends in the company's net operating income.
- Ben Graham’s View of Unpopular Large Companies
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.
- Thoughts on Monetizing Twitter
Twitter should consider implementing a charge for account verification that is based on number of followers. Verification is likely to be much more valuable for large accounts with greater ability and willingness to pay.
- 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 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.
- 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.