- Debt Ceiling Drama
Without a basic level of trust regarding the intentions and expected behavior of other human beings, our modern civilization would very quickly disintegrate into chaos.
- Backing into a Speculative Position
Many investors are occasionally tempted to speculate. It is important to avoid confusing speculation with investment operations.
- Henry Ford’s Life and Work
In a biography published a century ago, Henry Ford reflected on the early days of the automobile industry. We have much to learn from Ford despite serious flaws in his character.
- Berkshire Hathaway Meeting Links
This post contains a compilation of articles published over the past year about Berkshire Hathaway, Warren Buffett, and Charlie Munger.
- Moral Hazard in Banking
The FDIC is taking an estimated $13 billion hit after seizing First Republic and selling most of the bank to JPMorgan.
- Iterative Business Models
Solving the puzzle of creating an online business is an interesting challenge. This post announces a new paid subscription offer for The Rational Walk delivered via Substack.
- Berkshire Hathaway Annual Meeting Questions
I have submitted questions for the 2023 Berkshire Hathaway annual meeting on the following topics: Voting control in 2050, Repurchase taxes, and Apple's exposure to China.
- The Role of TIPS in a Fixed Income Portfolio
Treasury Inflation Protected Securities currently offer the potential for a positive inflation-adjusted return if used appropriately.
- Substack vs. Twitter
Substack's new microblogging platform could eventually displace Twitter. However, Substack's current business model is not profitable and may not be sustainable in the long run.
- Outlive: The Science and Art of Longevity
Peter Attia explains how we can battle the "Four Horsemen" of modernity conspiring to degrade our ability to live a long life free of chronic conditions and disabilities.
- What I’ve Been Reading
This post is a list of books that I read in the first quarter of 2023, most notably the accounts of E.B. Sledge's service in the Pacific during World War II.
- First Republic Bank’s Proxy Statement
Large related party transactions reported by the Wall Street Journal were disclosed in the company's 145 page proxy statement, available for all to see for nearly a year.
- Enlightenment or Dystopia?
We carry supercomputers in our pockets providing access to all of the wisdom of human history, so why has public discourse deteriorated in the twenty-first century?
- The China Question
Geopolitical tensions are rising, calling into question longstanding deep economic ties between the United States and China.
- Berkshire Hathaway’s 2023 Proxy Statement
This article is an analysis of Berkshire's proxy with a focus on repurchases, compensation, ownership, risk disclosures, and board diversity.