Monday, June 15, 2009

Changes to The Rational Walk
I have decided to make some changes to the focus and mission of The Rational Walk. After close to four months of posting fairly regularly and focusing mostly on original content, I have decided to modify my approach in a few important ways. Rather than simply making these changes without comment, I thought that it would make more sense to outline the rationale behind the change in focus.
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I have decided to make some changes to the focus and mission of The Rational Walk.  After close to four months of posting fairly regularly and focusing mostly on original content, I have decided to modify my approach in a few important ways.  Rather than simply making these changes without comment, I thought that it would make more sense to outline the rationale behind the change in focus.

Article Frequency and Content

While I enjoy writing original content, the process can be time consuming in many ways.  Everything from topic selection to research to putting together an article requires focused attention and time.  While this is an activity I enjoy pursuing, my primary occupation is to research investments for my own portfolio and to make intelligent decisions regarding capital allocation.  Sometimes the research for articles coincides with investment research but more often the activities are not exactly aligned.

Time commitments to writing can be reduced by lowering article quality, reducing frequency, or some combination of the two.  I don’t believe in compromising on quality so the frequency of original article content must be reduced.  I do not have any specific frequency in mind at the moment but anticipate that, on average, I will post an original article of some substance on a weekly basis.  This will be based more on when I find something interesting to write about than the passage of time on the calendar so articles may appear in a “lumpy” manner rather than being evenly spaced each week.

While I will be reducing original article frequency, I will continue to post videos or links to interesting articles since the time required to do so is relatively small.  From the statistics on this site, I have found that in many cases such videos are actually more popular than original content!

Investment Coverage

While I spend much of my time making investment decisions and allocating capital, for some reason I have never been entirely comfortable with saying or writing anything that could be construed as “investment advice”.  I do not mean this in a legal sense since I have all the necessary disclaimers on the site.  However, I am asked for advice from readers fairly often and particularly when I make a statement regarding a particular investment.

It is one thing to make a decision that adversely impacts my account and quite another to influence someone else in a way that results in a poor outcome.  I am simply not comfortable with it.  As a result, I will no longer post specific buy or sell decisions regarding securities in my own portfolio nor will I generally make any statements regarding securities I am researching.  I will make one exception for Berkshire Hathaway.  I will continue to cover Berkshire in detail and will post my estimation of intrinsic value from time to time.

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