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Most investors obsess over what to buy, but far fewer think deeply about how much to buy. The latter is equally important because it's not just about being right or wrong on a particular stock; it’s about how much you make when you’re right and how much you lose when you’re wrong. This is where position sizing becomes critical— It's the difference between a winning idea and a winning portfolio. A…
I want to talk about this company I invested in last year— MicroStrategy—and the investment thesis behind it because it seems many are missing the big picture here. My conviction in the company is deeply tied to my long-term outlook on Bitcoin, global capital flows, and Michael Saylor’s ambitious vision— along with his ability to execute on it. To begin with, am increasingly bullish on Bitcoin. I…
In his 2004 Interim letter to shareholders, Nick Sleep wrote— "Several studies and casual observation reveal that individual prices (of stocks) oscillate around a central price year in year out, and for no apparent reason. Certainly, business values don’t do this. Over time, this offers the prospect that any business, indeed all businesses, will be meaningfully mis-priced." In this essay I decided…
This is one of the most fundamental yet misunderstood question in investing. Many investors assume value is simply about buying “cheap” stocks. They rely heavily on traditional metrics like low P/E ratios, low P/FCF, or a recent drop in share price. However, these metrics (more of a proxy for value) only suggest a possibility of value— which sometimes they are and sometimes they aren't. True value…