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.
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 occasional essays and investment ideas, plus biannual letters covering my own investment practice and performance.
Feedback is always welcome. Disagreements are encouraged. Thanks for your support, and drop a comment or reach out on Twitter with any questions.
