The Rational Walk

A list of fifteen recent articles including detailed coverage of Berkshire Hathaway's 2023 annual report and Warren Buffett's shareholder letter.

The Rational Walk no longer offers paid subscriptions and all paywalls have been removed. This article explains the reasons behind the decision.

Progressive resumed aggressive growth in the first quarter while reporting a strong combined ratio. The article briefly discusses GEICO's recent results.

This article proposes five questions for Berkshire Hathaway's 2024 annual meeting on May 4. Warren Buffett is likely to answer fifty or more questions.

Homer's epic poem has much to teach us about human nature if we first take the time to gain an understanding of Greek mythology.

This post is a list of books that I read in the first quarter of 2024, including The Diary of Anne Frank, Endurance, Crime and Punishment, and the Iliad.

Thoughts on the new edition with a focus on inconsistency avoidance, one of the psychological tendencies that can cause human misjudgment.

The Securities and Exchange Commission could improve disclosure and transparency by implementing three simple proposals.

Berkshire Hathaway's HomeServices business is likely to be affected by the National Association of Realtors lawsuit settlement.

There's no reason for anyone to care what I think about inflation, but readers should pay close attention to Warren Buffett's statements and actions.

Commentary on Berkshire Hathaway's latest proxy statement focusing on skin in the game, repurchase activity, and stock based compensation.

Buying real estate can be intimidating and complicated. This article describes two experiences with realtors, one positive and one negative.

Warren Buffett's concerns about the regulatory climate for utilities have negative implications for PacifiCorp and BHE's other subsidiaries.

Warren Buffett is concerned about the performance of BNSF which continues to lag behind the performance of other Class 1 railroads.

Both companies posted underwriting profits last year but Progressive grew rapidly while GEICO lost market share.

Paul Johnson's biography of Socrates is a sweeping overview of the life of an extraordinary man and the Athenian society that he couldn't live without.

The manufacturing, service, and retailing group is a consistent source of earnings power in all economic environments, providing ballast in troubled times.

The temptation to trade can be overwhelming, especially when prices are moving quickly. It's useful to ask, "What would Charlie Munger say?"

This article provides a 30,000 foot overview of Berkshire Hathaway's results for 2023 with a focus on the components net operating earnings.

Warren Buffett pays tribute to Charlie Munger as "The Architect of Berkshire Hathaway" in his 2023 annual letter to shareholders.

Edith Hamilton's classic book, Mythology, is an excellent introduction to the fascinating and often bewildering world of the Greek Gods.

Shareholders have been well served by Warren Buffett's reluctance to send out dividend checks, but how much longer will this policy last?

A look at Berkshire's recent stock price advance in the context of repurchase activity and commonly used valuation metrics.

The amazing story of Theodore Roosevelt's death defying trek through the unmapped rivers and jungles of the Amazon River basin.