INVESTMENT NOTES
Investment research grounded in filings and primary sources
Essays on investor decisions and market structure grounded in 13F filings, books, and interviews
Direction of MoneyTesting the financial health of market leadersConnects Piotroski's accounting signals with composite rankings, valuation ranges, and an integrated sell discipline
Direction of MoneyInvesting in global market leadersApplies one factor discipline across markets while incorporating currency, disclosure, liquidity, and concentration into selection and allocation
Research noteBuffett, Druckenmiller, and Bridgewater require three different readings of a 13FReading concentrated compounding, tactical rotation, and systematic diversification in the second-quarter 2026 filings
Research 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