RESEARCH ARCHIVE
Ideas for thinking,
not signals for buying.
Published notes on macro, businesses, capital allocation and decision process. Existing URLs remain unchanged.
All researchMacroCapital FlowMarketsProcess
01Equities · Active
Margin of safety: the distance between price and value
A practical framework for avoiding overpayment, even for a high-quality business.8 min read↗02
Multi-asset · Active
Asset allocation before stock selection
Returns matter, but surviving the cycle matters more.6 min read↗03
Equities · Active
Reading financial statements backward from cash flow
Starting with cash helps cut through layers of accounting profit.11 min read↗04
Process · Confirmed
The investment journal: a defense against selective memory
Record the thesis before committing capital so every decision can be reviewed honestly.5 min read↗