Vocabulary · one word per concept
The words, defined once.
Never invest in a business you cannot understand. The same holds for the product you read it through. Every label in the service means exactly one thing. This page is the whole list.
Price and value
Price is what you pay. Value is what you get. Every number below keeps those two apart.
Fair value
What the business is worth per share today: ten years of projected free cash flow plus a terminal value, discounted back to the present. Buffett calls this intrinsic value; same thing, plainer word. One number, one name, everywhere in the service.
Company snapshot · valuation tools · board columns
Margin of safety (MOS price)
The bargain price: half of fair value. We only call something cheap when it trades at or below this bar. The buffer is there because any forward estimate will be somewhat wrong.
Valuation tools · buy-zone signals
Growth cushion
How much faster the business can grow than the price requires, in percentage points. Positive means the business can outgrow what you are paying for. It comes from the reverse-DCF. A growth gap, not a price discount.
Company snapshot · Discover · screener
Expected annual return
The yearly return you lock in if fair value is right and you buy at today’s price.
Company snapshot · Forward DCF · board columns
Analyst target
The median 12-month price target from street analysts. Shown for context. Not our number, and not yours.
Valuation standing reads · forecasts
Target price (1y)
The output of your own one-year model. Your number, from your assumptions.
1Y target tool
The work
The product is a place to write decisions down before the market tests them.
Thesis
One paragraph on why you own it: the moat, the runway, who allocates the capital, and the single risk that would break it. Written by you, dated, revisited.
Decide tab · board
Kill criteria
The conditions, written in advance, that would force you to sell. Written when you are calm so they cannot be negotiated when you are not.
Decide tab · briefing discipline section
Watchlist
Names you want to own at a better price. The patient queue. Most of investing is waiting.
Portfolio · briefing
Position sizing
Hard cap × conviction × cushion × safety. Each factor can only shrink the bet, never grow it. Always a percentage of the portfolio, never an amount of money.
Decide tab
Journal
Dated notes on what you did and the state you were in when you did it. Sells and trims ask for the why, so future-you can grade past-you.
Monitor tab · quick capture
Reading the pages
A few words describe how the pages themselves work.
Study · Work
Two readings of every page. Study is the narrative one-pager; Work is the dense, interactive table. Same facts, different depth.
Toggle in the header
Style
Value (2-7 year holds) · Growth (10+ year compounders) · Short (1 year horizon). Sets the scoring weights and the voice the analysis notes are written through.
Toggle in the header
Quality score
Six AI-scored dimensions, each 0-10: moat, management, valuation, risk, optionality, business model. The composite is their weighted read, and the weights follow your style.
Company snapshot · pillars
Reverse-DCF
The price already assumes some growth. This tool finds how much, so you can judge whether the business can beat it.
Value tab
Forward DCF
Project the cash flows, discount them back. Four levers: growth, margin, terminal multiple, discount rate. Out comes the fair value they imply. Your levers, your number.
Value tab