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.
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.