Intrinsic Value, Part 9: When to Sell and Why
You’ve learned how to find good companies at a discount. Now let’s talk about what happens when that discount disappears — and what to do about it.
Intrinsic Value
Why Prices Move
Why Prices Move (And Value Doesn’t), Part 6: Putting It Together
Five parts of groundwork. One payoff. Here is the unified framework that answers the question this series set out to answer.
Why Prices Move
Why Prices Move (And Value Doesn’t), Part 5: Fear, Greed, and Herd Behavior
We’ve covered why markets price turning points before the data catches up. Part 5 goes one layer deeper: the human forces that amplify those swings far beyond what any rational reading of the economy would justify.
Why Prices Move
Why Prices Move (And Value Doesn’t), Part 4: The Business Cycle
Stock prices almost always move before the economic data catches up. Here’s why — and why trying to trade that pattern is usually a losing game.
Financial Statements
Reading Financial Statements Like an Investor, Part 6: Putting It Together
You’ve learned the five statements. Now here’s the order to read them — and why that sequence turns individual pieces into a complete picture.
Why Prices Move
Why Prices Move (And Value Doesn’t), Part 3: Inflation
Inflation doesn’t just raise prices at the grocery store. For investors, it erodes real returns, drives interest rates higher, and exposes which businesses can protect themselves — and which ones can’t.
Financial Statements
Reading Financial Statements Like an Investor, Part 5: Post-ASC 842 — What Changed When Leases Moved On-Balance-Sheet
For decades, a company could owe billions in future lease payments — for stores, planes, equipment — without a single dollar of that obligation appearing on its balance sheet. A 2019 accounting rule change ended that. Here’s what moved, what it means, and how to read it.
Why Prices Move
Why Prices Move (And Value Doesn’t), Part 2: Interest Rates
When the price of borrowing money changes, the mathematical value of future earnings changes with it — even when those earnings haven’t changed at all. That’s why rising interest rates send stock prices lower, sometimes dramatically, without any deterioration in the underlying businesses.
Financial Statements
Reading Financial Statements Like an Investor, Part 4: The Notes and MD&A — Where the Real Information Hides
The income statement, balance sheet, and cash flow statement are summaries. The notes explain the assumptions behind them. The MD&A tells you what management wants you to think about the year. Neither is optional reading.
Why Prices Move
Why Prices Move (And Value Doesn’t), Part 1: Meet Mr. Market
The stock price you see today is not the same thing as what the business is worth. Understanding that distinction is the foundation of everything that follows in this series.