Welcome to Unconventional Value. This newsletter is a public extension of my investment process. The best way to understand if you might enjoy reading my work is to understand who I am as an investor. A few things about me:
I have no strict rules.
I gravitate towards a concentrated portfolio.
I view investing as an art, with some more scientific components.
I bias towards inaction. My time horizon is measured in decades.
I think drawing insights and forming judgments from what can’t be measured is more important than analyzing financial statements.
I think markets commonly misprice change.
I’m fascinated by the internet’s impact on industries and business models.
I encourage you to read my 2024 Annual Letter for more thoughts on my philosophy, strategy, and approach to risk. It also discloses my portfolio and returns.
Subscribers receive:
Research Recaps (monthly): Recaps are organized notes and analysis of individual companies and broader trends; they may include more timely details, but any insights are meant for a longer shelf life.
Letters (2x annually): Letters are ongoing discussions of my own investing practice that include disclosures of my returns and current portfolio.
Investment Ideas (occasional): Ideas are actionable stock pitches intended to serve as a launchpad for your own research. They are not investment advice.
Read this Subscriber Update for more background on the structure of the newsletter.
Feedback is always welcome. Disagreements are encouraged. Thanks for your support, and drop a comment or reach out on Twitter with any questions.
