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INVESTMENT NOTES

Investment research grounded in filings and primary sources

Essays on investor decisions and market structure grounded in 13F filings, books, and interviews

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Two 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 allocationOne 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