Issue 24 • April 15 to April 30, 2026
Everyone’s Optimizing the Wrong Thing
There’s a question I find myself returning to after nearly every serious conversation about wealth.
Not what should I own? Not what’s the market going to do? Those are the questions most investors spend the majority of their time on. They’re real questions. They matter.
Issue 23 • February 19 to February 28, 2026
Investors tend to build sophisticated models to make probabilistic outcomes appear deterministic. Detailed projections, multivariable assumptions, and forecasts can create a sense of control as numbers imply certainty.
Issue 22 • February 02 to February 15, 2026
Periods of market uncertainty tend to shorten decision horizons. Investment decisions that are typically evaluated over long periods are increasingly assessed through near-term price movements, as markets adjust more quickly than underlying fundamentals evolve. During such periods, market valuations may disconnect significantly from intrinsic value, in both directions.
Issue 21 • January 20 to January 31, 2026
Periods of relatively high returns often influence investor expectations more than underlying fundamentals. When recent performance persists, it is often treated as a reference point for future performance, even though market fundamentals continue to evolve.
Issue 20 • December 16 to December 31, 2025
Long-term investment returns are primarily driven by enduring competitive advantages rather than short-term price fluctuations. In this issue, we examine how economic moats develop and evolve over time, and how disciplined cash flow planning supports better decisions by ensuring liquidity when needed.
Issue 19 • December 04 to December 15, 2025
Periods of volatility are often influenced by short-term sentiment rather than business fundamentals. For value investors, such periods distinguish fundamental value from short-term noise.
Issue 18 • November 19 to November 30, 2025
At its core, value investing is the practice of paying less for an asset than what it is reasonably worth. The principle applies across all markets and cycles, regardless of whether the asset is a traditional business or part of an evolving digital ecosystem.
Issue 17 • November 04 to November 15, 2025
For most market participants, the S&P 500 is viewed as a representation of the entire U.S. economy, yet today it reflects the dominance of a few firms rather than the diversity of an entire economy.
Issue 16 • October 16 to October 31, 2025
Illiquid assets such as private equity, venture funds, and real estate often give an impression of stability because their valuations adjust infrequently, yet their hidden costs emerge when access to cash becomes urgent.
Issue 15 • October 02 to October 15, 2025
Even when investors understand the risks of concentrating a large share of wealth in a single stock, psychology often prevents them from taking action. Familiarity bias, overconfidence, and the fear of regret can make concentration feel safer than it really is.
Issue 14 • September 18 to September 30, 2025
Many investors think they’re diversified just because they hold a large number of U.S. stocks. In reality, that’s concentration under a different name.
Issue 13 • September 02 to September 15, 2025
As a value investor, I often emphasize that protecting from downside risk is just as important as striving for the upside. Most people think of risk in terms of market developments including recessions, inflation, or business risk.
