Writing.
Essays and explainers on the parts of value investing that move returns — not the parts that move newsletters. Written for serious long-term investors.
Good capital allocation
What good capital allocation actually looks like — Buffett's reinvest/acquire/buyback/dividend hierarchy, his $1-for-$1 retained-earnings test, and Phil Town's 10% ROIC hurdle for judging a management team.
Why value investing?
If markets were efficient, no one could beat them for long — yet a group of investors all taught by Graham and Dodd beat them for decades. The case for value investing: what the efficient market hypothesis gets wrong, the Superinvestors of Graham-and-Doddsville, and the core principles.
What is a stock?
A stock is not a ticker to trade — it is a piece of a business you own. What that means, why a high share price benefits the company, and why buying quality at a fair price is the lower-risk way to own one. Buffett, the Towns’ Four Ms, buybacks and dividends.
Mastering Multiple Asset Classes
A serious investor isn't loyal to one asset class. Equities, bonds, cash, gold and special situations are opportunity sets to rotate between — capital belongs wherever the margin of safety is highest, and cash is a position, not a failure.
The evolution of value investing
Value investing's definition never changed — pay less than a business is worth. What changed is where the value hides: from book value and low multiples, to durable moats, to intangible-heavy compounders. Buffett, Munger, Amazon and the road to Value Investing 3.0.
Reading the three statements
Income, cash flow, balance sheet — the three documents that together describe a business. Walk each waterfall with a value-investing lens; Buffett, Lynch, Phil Town and Baid on what to look for in each.
Quality compounders
Strong margins attract competition. The moat is what keeps the margins from being competed away. ROIC × reinvestment is the math; the P/E premium is the entry tax for the holding period that lets the math run.
Commodities and cyclical investing
The cure for high prices is high prices. The cure for low prices is low prices. A practical framing for commodity and cyclical stocks — capital cycle, supply focus, cost curve, when to sell — plus how to follow the cycle inside Invest Board.
Spin-off investing
Spin-offs create mispricing because many holders sell for reasons unrelated to value — mandate restrictions, low liquidity, sector mismatch. A Greenblatt-flavoured framework set inside the broader Buffett workouts taxonomy.
Kill Criteria in Investing
The discipline that compounds is not the trade you put on — it's the exit you wrote down before you needed it. Six criteria that fire on a broken business, not on a bad week.
The Circle of Competence in Investing
The size of the circle is not the point. Knowing exactly where its edge is — and never crossing it for a story — is the entire point.
Reverse-DCF Explained
The most useful number a valuation model produces is the one the market has already put in. Reverse-DCF gives you the market's implied growth rate in thirty seconds.
Optionality in Investing
The reason quality compounders compound is rarely the growth of the original business. It's the second business the original built — and how to spot it before the market does.
The Value-Trap Checklist
The multiple is a story about the past. The price is a vote about the future. Six red flags that tell the two apart before you size a position.
The Investment Clock Explained
A four-quadrant model of the economic cycle and the asset classes that lead in each. What the clock is, when it works, when it breaks, and how to use it without over-trading.
Margin of Safety
Graham's three most important words in investing. Three ways to calculate it and the discount each kind of business deserves before you size a position.
Psychological Pitfalls in Stock Picking
The six behavioural traps that wreck more value-investing portfolios than bad analysis ever does — FOMO, confirmation bias, anchoring, herd mentality, impatience, overconfidence — and the concrete tools that defend against each.
When to Sell a Stock
Buffett's, Lynch's, and Klarman's philosophies compared, the four conditions that should actually trigger a sell, and how to live with the regret of selling early.
Small-Cap Margin Expansion
The single most under-appreciated source of multi-bagger returns in small caps. How to spot a candidate, what path is realistic, and how to size before the market re-rates.
Investment Journaling for Value Investors
Memory rewrites the thesis to match the price. The journal is what holds the original claim still long enough for past-you and future-you to disagree — and the cadence that turns entries into edge.
The Five Emotional States Every Value Investor Should Track
Fear, FOMO, Euphoria, Regret, Conviction — four to notice and resist, one to cultivate. The smallest taxonomy that covers the canonical traps, and what each reading means before the next decision is made.