Investment philosophy

Where do stock returns come from? A napkin framework.

Distilling down a DCF to its simplest components

Jun 29

Stock markets are the enemy of investors

Liquidity, diversification, and financial theory are not good friends of investors.

Aug 18, 2024

The epistemology of value investing

A reflection on the value method.

Mar 17, 2024

Value hunting in apparel retailing.

Finding value in the debris after Amazon, Shein, and the macro.

Mar 2, 2024

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