Category archives for: Featured Articles

Coca Cola Misfires on Share Repurchase Rationale

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.

Munger’s Prescription for Corporate Governance

David Larcker and Brian Tayan of the Stanford Graduate School of Business recently published a paper entitled Corporate Governance According to Charles T. Munger which concisely outlines the governance philosophy that Mr. Munger has presented on a number of occasions. Read this article for more details.

Daily Journal’s Portfolio Holdings Revealed

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 Charlie Munger. This article reviews the holdings and speculates on the possible identity of the remaining undisclosed foreign security.

Platinum Underwriters 2013 Results

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 investment thesis. Platinum recently released results for 2013 along with a detailed financial supplement and held a conference call for analysts. We take a look back at the situation in late 2011, evaluate the latest financial results, and attempt to determine whether Platinum might represent a solid investment opportunity based on its current market price and future prospects.

Berkshire Hathaway Stock Repurchase Odds Increase

The odds of a stock repurchase at Berkshire Hathaway may be increasing as Berkshire’s stock price declines and a return of capital might be mandated due to the five year earnings test. In this article, we look at the likely implications based on Berkshire’s last published book value and an estimate of current book value.

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