A value investor and a crypto investor walk into a bar, and neither of them can explain what the other is doing without sounding insulting. The value investor thinks the crypto investor is gambling on vibes. The crypto investor thinks the value investor is reading obituaries for companies that have not died yet. They are […]
There is a particular kind of investor who reads annual reports the way other people read novels. They underline passages. They make notes in the margins. They develop opinions about the chief executive based on the tone of the shareholder letter. These people are not day traders. They are not meme stock tourists. They are
Dividend Aristocrats vs. Deep Value Bargains: Two Schools of Fundamental Investing Read More »
In 1934, two professors at Columbia Business School published a book that would quietly define how serious people think about money for the next ninety years. In 2008, an anonymous figure who may or may not exist published a nine page PDF that would loudly redefine it for everyone else. Benjamin Graham and David Dodd
There is a room somewhere on the internet where two people are looking at the same stock and reaching completely different conclusions about what to do with it. The first person has spent the weekend reading the company’s last four annual reports. They have a spreadsheet open. They have highlighted passages about margins, debt, and
Fundamental Research vs. Forum Driven Momentum: Two Retail Investor Cultures at War Read More »
There are two phrases in finance that sound almost identical and mean almost opposite things. One is “margin of safety.” The other is “margin call.” They share a word. They share a universe. They do not share a worldview. A margin of safety is what a value investor builds into every decision on purpose. A
Margin of Safety vs. Margin Call: The Value Investor Meets the WSB Trader Read More »
There is a specific kind of person who walks through a city and cannot stop calculating. Not calculating in a creepy way. Just noticing things. A boarded up diner across from a new coffee shop. A row of houses where the paint is tired but the bones are good. A train station that looks worse
There is an old idea in value investing that the best opportunities exist precisely because most people are not paying attention. The logic is simple. If everyone sees it, the price already reflects it. If nobody sees it, the price might be wrong. The entire discipline is built on the premise that the crowd is
Private Analysis vs. Public Thesis: Why Serious Value Investors Avoid FinTwit Read More »
Benjamin Graham spent decades teaching investors to read financial statements the way a doctor reads an X ray. Look at the bones. Ignore the skin. Find what is hidden beneath the surface and let the numbers tell you whether something is worth buying. It was a philosophy built on the radical idea that a company
Balance Sheets vs. Tokenomics: Can Value Investing Principles Survive in Crypto? Read More »
The same metric. The same formula. Enterprise value divided by revenue. Simple enough that a first year analyst can calculate it, dangerous enough that it has destroyed billions in capital when applied without thinking. EV/Revenue is one of the most popular valuation shortcuts in finance. It tells you how much the market is willing to
Tech vs. Energy: Why EV/Revenue Is Brilliant for One and Fatal for the Other Read More »
There is something deeply satisfying about finding a bargain. A winter coat marked down 70% in March. A stock trading below the value of its own assets. That last one sounds like stealing. A company worth more dead than alive, and the market is just handing it to you? Surely this is where fortunes are
Cheap for a Reason: The Dangerous Trap of Low P/B Stocks Read More »