Long-form essays on value investing, AI-driven research, the four investor lenses, and how to read a 10-K. Updated whenever we have something worth saying.
What a business is really worth, how to estimate it in three steps, and two real 2026 examples from SEC filings: one that looks cheap and one that looks dear.
What is intrinsic value? It is what a business is really worth, based on the cash it will make. Here is the plain-English version, with Adobe and Apple worked out from their own filings.
10 min, 6 Oct 2026
How to value a stock for beginners — three valuation methods explained in plain English, with a worked Procter & Gamble FY2025 example.
13 min, 30 May
DCF valuation explained step by step — the two-stage model, the inputs that matter, and a worked Costco FY2025 example you can rebuild.
10 min, 30 May
Buffett's owner earnings formula in plain language — how to calculate it, and a worked Microsoft example showing the trap most analysts walk into.
10 min, 30 May
How to read a 10-K without reading every page. The smart section order, the red flags, and the seven numbers that matter — with Apple FY2025.
12 min, 30 May
Graham's margin of safety formula, the way Buffett applies it, and a worked Coca-Cola example using real 10-K numbers.
11 min, 30 May
One thoughtful essay per release. No filler, no scheduled spam.