Lowenstein’s Review of “The Myth of the Rational Market”
Roger Lowenstein's work has been discussed in some detail on The Rational Walk over the past few months. Lowenstein is the author of Buffett: The Making of an American Capitalist which was reviewed last month. More recently, he wrote While ...
Does Instant Information Promote Market Efficiency?
I have been reading the updated sixth edition of Security Analysis from cover to cover and on more than one occasion, I have stopped to consider the major advantages modern day investors have compared to Graham andDodd . Investors today ...
Berkshire Arbitrage Opportunity Eliminated
Over the past month, I wrote a few posts regarding potential arbitrage opportunities available due to discrepancies between the relative valuations of Berkshire Hathaway's Class A and Class B shares. The arbitrage opportunity identified in these posts has now been ...
Berkshire B Class Discount Persists
On Friday, February 20, I wrote about the unusually high discount on Berkshire Hathaway B Class shares relative to A Class shares. It appears that the discount persisted on Monday, February 23 as well but slightly narrowed to just over ...
Berkshire Hathaway A/B Arbitrage
Today's market action has been remarkable in many ways with Berkshire Hathaway trading an extreme range and closing at multi-year lows. I happen to consider Berkshire Hathaway to be severely undervalued and I will have more to say about valuation ...