Note: As of April 25, 2023, The Rational Walk is again offering paid subscriptions, although the business model and value proposition has changed. For more details, please read Iterative Business Models which explains the revised paid offering.
January 30, 2023
I have decided to end paid subscriptions for The Rational Walk. If you are a paid subscriber of Rational Reflections, the Substack newsletter published by The Rational Walk, you will receive a pro-rated refund of time remaining on your subscription. No action is necessary on your part and a refund will be issued soon. The Rational Walk has been my primary internet presence since 2009 and will remain so. But I will continue sending out articles via Rational Reflections as a convenience for those who prefer to receive emails rather than visiting the website. If you are interested in receiving articles via email, feel free to sign up for Rational Reflections.
I am discontinuing the use of Twitter and other social media platforms other than to post links to my work as a courtesy to followers. Avoiding social media in all other ways is not only a more pleasant way to live but, in my experience, essential for thinking well. Social media is a dystopia full of relentless negativity, pessimism, political idiocy, mindless inane chatter, and general dysfunction. Luckily, real people in the real world remain mostly good and decent. If you spend time on social media, it is easy to assume that it is representative of the real world. But it is not.
I have enjoyed publishing content on The Rational Walk for nearly fourteen years and plan to continue writing for many years to come. Thanks for reading!
The following is a list of the twelve company profiles published from May 2022 to January 2023 as part of the paid subscription offering:
|01/24/2023||Daily Journal Corporation||Bolstered by a large investment portfolio, Charlie Munger is determined to complete the transformation of a small newspaper publisher into a significant software company.|
|12/21/2022||Progressive||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.|
|11/26/2022||Fastenal||A profile of a leading industrial distributor with a multi-decade record of strong performance.|
|10/25/2022||Costco||An examination of Costco’s impressive track record and an assessment of whether future growth prospects are likely to justify today’s lofty valuation.|
|09/26/2022||Union Pacific||Operating efficiency gains and aggressive repurchases have delivered attractive returns to shareholders over the past decade. Will these trends continue?|
|09/08/2022||George Risk Industries||A small manufacturer is massively overcapitalized but controlled by the founder’s family. Minority shareholders can go along for the ride but may never see a catalyst.|
|08/25/2022||BNSF||A review of Berkshire Hathaway’s twelve years of ownership.|
|08/16/2022||CarMax||CarMax shook up automotive retailing in the 1990s. Will the company face disruption by online competitors in the 2020s?|
|07/13/2022||Tractor Supply||Many affluent Americans are migrating from crowded metropolitan areas to exurbs and rural areas boosting the prospects of companies catering to their needs.|
|06/30/2022||Investors Title||A strong regional title insurer with a fifty-year history.|
|06/08/2022||America’s Car-Mart||Serving the subprime used car market.|
|05/20/2022||DaVita||An essential provider of dialysis services.|
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