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Browse all topics →Book value isn't dead — how to use it properly
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
International value: why I'm looking at emerging markets
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
My watch list: 5 stocks I'll buy on a 20% pullback
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
Quality at a reasonable price: my current screening criteria
BRK.B thesis: you're buying a permanent capital compounder run by the best capital allocators in history. Trading at 1.5x book, I think it's reasonable.
When to sell a value stock — rules I follow
Free cash flow yield is my primary screen. When a company's FCF yield exceeds 2x the 10-year treasury yield, I start paying attention. 3x: I start buying.
Finding value in financials — my $JPM thesis
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
When to sell a value stock — rules I follow
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
Free cash flow yield: my primary valuation metric
Free cash flow yield is my primary screen. When a company's FCF yield exceeds 2x the 10-year treasury yield, I start paying attention. 3x: I start buying.
Quality at a reasonable price: my current screening criteria
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
When to sell a value stock — rules I follow
Small-cap value has historically outperformed large-cap growth over long periods. The premium has been absent for 15 years. Mean reversion trade looks attractive.
Deep dive: why $BRK.B is still the best compounding vehicle
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
The moat framework: how I evaluate competitive advantage
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
Free cash flow yield: my primary valuation metric
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
Finding value in financials — my $JPM thesis
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
Book value isn't dead — how to use it properly
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
Why I'm building a position in small-cap value
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
When to sell a value stock — rules I follow
Free cash flow yield is my primary screen. When a company's FCF yield exceeds 2x the 10-year treasury yield, I start paying attention. 3x: I start buying.
Why I'm building a position in small-cap value
Free cash flow yield is my primary screen. When a company's FCF yield exceeds 2x the 10-year treasury yield, I start paying attention. 3x: I start buying.
Deep dive: why $BRK.B is still the best compounding vehicle
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
My watch list: 5 stocks I'll buy on a 20% pullback
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
Free cash flow yield: my primary valuation metric
Small-cap value has historically outperformed large-cap growth over long periods. The premium has been absent for 15 years. Mean reversion trade looks attractive.
My watch list: 5 stocks I'll buy on a 20% pullback
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
Deep dive: why $BRK.B is still the best compounding vehicle
Small-cap value has historically outperformed large-cap growth over long periods. The premium has been absent for 15 years. Mean reversion trade looks attractive.
Peter Lynch's approach — still relevant for retail investors
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
Free cash flow yield: my primary valuation metric
BRK.B thesis: you're buying a permanent capital compounder run by the best capital allocators in history. Trading at 1.5x book, I think it's reasonable.
Why I'm building a position in small-cap value
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
The moat framework: how I evaluate competitive advantage
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
The moat framework: how I evaluate competitive advantage
Free cash flow yield is my primary screen. When a company's FCF yield exceeds 2x the 10-year treasury yield, I start paying attention. 3x: I start buying.
My watch list: 5 stocks I'll buy on a 20% pullback
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
My watch list: 5 stocks I'll buy on a 20% pullback
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
Free cash flow yield: my primary valuation metric
Small-cap value has historically outperformed large-cap growth over long periods. The premium has been absent for 15 years. Mean reversion trade looks attractive.
Finding value in financials — my $JPM thesis
Free cash flow yield is my primary screen. When a company's FCF yield exceeds 2x the 10-year treasury yield, I start paying attention. 3x: I start buying.
The moat framework: how I evaluate competitive advantage
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
My watch list: 5 stocks I'll buy on a 20% pullback
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
The case for $COST even at this valuation
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
Current market is expensive — where I'm finding value
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
$WMT at 30x earnings — value or growth trap?
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
The moat framework: how I evaluate competitive advantage
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
Free cash flow yield: my primary valuation metric
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
Free cash flow yield: my primary valuation metric
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
Finding value in financials — my $JPM thesis
BRK.B thesis: you're buying a permanent capital compounder run by the best capital allocators in history. Trading at 1.5x book, I think it's reasonable.
The moat framework: how I evaluate competitive advantage
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
When to sell a value stock — rules I follow
Small-cap value has historically outperformed large-cap growth over long periods. The premium has been absent for 15 years. Mean reversion trade looks attractive.
Quality at a reasonable price: my current screening criteria
BRK.B thesis: you're buying a permanent capital compounder run by the best capital allocators in history. Trading at 1.5x book, I think it's reasonable.
International value: why I'm looking at emerging markets
Small-cap value has historically outperformed large-cap growth over long periods. The premium has been absent for 15 years. Mean reversion trade looks attractive.
$WMT at 30x earnings — value or growth trap?
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
My watch list: 5 stocks I'll buy on a 20% pullback
BRK.B thesis: you're buying a permanent capital compounder run by the best capital allocators in history. Trading at 1.5x book, I think it's reasonable.
The case for $COST even at this valuation
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
Free cash flow yield: my primary valuation metric
BRK.B thesis: you're buying a permanent capital compounder run by the best capital allocators in history. Trading at 1.5x book, I think it's reasonable.
$WMT at 30x earnings — value or growth trap?
BRK.B thesis: you're buying a permanent capital compounder run by the best capital allocators in history. Trading at 1.5x book, I think it's reasonable.
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