Learn · the value investing library
Learn to value a business.
Thirty-three 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.
How this works
One loop, walked one company at a time. Every page in the service is one of these five steps, and the briefing only ever shows what the steps produced.
01
Discover
Find names worth the work: the screener, the weekly picks and the map of who supplies whom.
Discover →02
Understand
Three questions before any number: what it sells, why customers stay, and what would take it away.
Company · Understand →03
Value
What the price assumes and what you believe: the reverse DCF, the AI fair value, the margin of safety, and your own number saved as the anchor.
Company · Value →04
Decide
Write it down: the thesis, the kill criteria, the size, and the three sell rules. Nothing here is read by anyone but you.
Company · Decide →05
Monitor
The briefing reads what you wrote: story checks after reports, kill criteria every hour, the trim and sell bands against your anchor. The journal keeps the record.
Briefing · Journal →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
Management · 8 min
How to evaluate management
Compounding · 8 min
Optionality in Investing
Compounding · 8 min
Small-Cap Margin Expansion
Edge · 9 min
Micro-cap investing
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
Psychology · 8 min
The market is there to serve you, not to instruct you
Discipline · 9 min
The Five Emotional States Every Value Investor Should Track
Discipline · 10 min
Investment Journaling for Value Investors
Discipline · 8 min
Write down your investing strategy
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
Sourcing · 8 min
Take advice only from investors with a track record
Investors · 9 min
How Nemcap did it
The machine
What the analysis does, what it has returned, and where judgment stays yours.
Track record · 8 min
What the AI portfolio has actually done
Research · 8 min
Research at the speed of reading
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.