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INVESTMENT NOTES

All investment research notes

All investment research essays grounded in books, filings, and public materials.

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Four operating modules joined by an end-to-end feedback loop while a local shortcut spills cost into the next moduleEconomics and Finance for Life8. Taxes, pensions, and the years aheadWhat will pay for life when my work changes or I retire?Four analytical fields filtering many market paths into three durable leaders within an error boundaryDirection of MoneyReading the market through an investor's eyesExplains how a few long-run winners create most market wealth and how value, growth, momentum, and quality can frame a search for future leadersDifferently shaped candidates passing through four normalization planes into a small ranked setDirection of MoneyThe craft and philosophy of finding market leadersDesigns a reproducible process for reading market, sector, and stock strength and ranking candidates with percentile-based multi-factor scoresTwo independent verification paths recombining inside a valuation range while a failed fragment falls beyond an exit boundaryDirection of MoneyTesting the financial health of market leadersConnects Piotroski's accounting signals with composite rankings, valuation ranges, and an integrated sell disciplineUnlike market signals passing through one normalization lattice into five portfolio compartmentsDirection of MoneyInvesting in global market leadersApplies one factor discipline across markets while incorporating currency, disclosure, liquidity, and concentration into selection and allocationBroad liquidity flows concentrating through a capital-spending stack before spreading into many market pathsDirection of MoneyThe Direction of MoneyConnects AI capital spending, East Asian exports, global liquidity, the yield curve, and market breadth as of August 2026A coral trust line joining mineral texture, gold polygons, translucent planes, distributed squares, and a branching node meshGold Code reading notesReading 5,000 years of monetary trust through Gold CodeAn investor's reconstruction of the questions linking stone money and the gold standard to stablecoins, Bitcoin, and an AI-agent economyOne delayed snapshot with a missing region diverging into concentrated, rotating, and diversified portfolio structuresResearch noteBuffett, Druckenmiller, and Bridgewater require three different readings of a 13FReading concentrated compounding, tactical rotation, and systematic diversification in the second-quarter 2026 filingsA thick stepped downside boundary protecting capital through repeated cycles before uncertain upside paths branch outResearch noteWhy Howard Marks asks about risk before returnA critique of the central claims in The Most Important Thing and the limits of applying them to an investment process