When to Trim, When to Hold
Selling is harder than buying. It requires admitting a thesis has drifted, or that a position has grown too large to ignore.
Strategy
4 posts
Reading an Annual Report Like It's a Novel
The numbers tell you what happened. The letter tells you how the CEO thinks about what happened. Both matter.
Moats You Can't Copy
The best moats aren't a single feature. They're a flywheel of small advantages that only works once you've already won.
Thinking in Decades
The quarterly cycle rewards reaction. A decade frame rewards understanding. The two rarely agree on what matters.