Learn · the value investing library
Learn to value a business.
Twenty-five essays, a vocabulary and the long form behind every number this service shows. Written for people who intend to hold for years. Free, and in the order we would read them.
Where to start
01
What is a stock?
What you actually own when you own a share.
Foundations · 8 min
02
How to value a stock, worked on Tesla
Five frames on one company, allowed to disagree.
Valuation · 9 min
03
Kill Criteria in Investing
The conditions that would make you sell, written before you need them.
Risk · 8 min
Foundations
Start here. What you own, and why this method works.
Foundations · 8 min
What is a stock?
Philosophy · 9 min
Why value investing?
Philosophy · 9 min
The evolution of value investing
Statements · 10 min
Reading the three statements
Valuation
What the business is worth, and what the price already assumes.
Valuation · 9 min
How to value a stock, worked on Tesla
Valuation · 10 min
Reverse-DCF Explained
Valuation · 9 min
Margin of Safety
Quality and moats
What is worth owning for a decade.
Compounders · 9 min
Quality compounders
Management · 6 min
Good capital allocation
Compounding · 8 min
Optionality in Investing
Compounding · 8 min
Small-Cap Margin Expansion
Edge · 8 min
Insight-driven value investing
Risk and selling
Written while you are calm, so it holds when you are not.
Risk · 8 min
Kill Criteria in Investing
Risk · 9 min
The Value-Trap Checklist
Discipline · 9 min
When to Sell a Stock
Discipline · 9 min
The Circle of Competence in Investing
Psychology and process
The investor is the variable hardest to model.
Discipline · 10 min
Psychological Pitfalls in Stock Picking
Discipline · 9 min
The Five Emotional States Every Value Investor Should Track
Discipline · 10 min
Investment Journaling for Value Investors
Cycles and allocation
Where you are in the cycle, and what else you can own.
Macro · 9 min
The Investment Clock Explained
Cycles · 8 min
Commodities and cyclical investing
Asset Allocation · 9 min
Mastering Multiple Asset Classes
Special Situations · 7 min
Spin-off investing
Reading and listening
The people worth learning from, and where to find them.
Reading list · 7 min
Investing books worth your time
Listening list · 5 min
Investing podcasts worth your time
Reference
The vocabulary
Every word the service uses, defined once, in plain language.
Scoring methodology
Six dimensions, how each one is scored, and what a score cannot see.
The long form
The process
25 min · twenty years of working notes on strategy, psychology and process.
The five principles
What we will not trade away, and why each one earns its place.
The machines
How agents read the filings, what they decide, and where they stop.
Nothing here is gated. No email, no trial, no wall. If the thinking is any good it should survive being read for free.