Why I am writing these notes
Most of what gets written about markets comes from people who do not run money. It is either a headline chasing yesterday's move, or a product looking for a buyer.
Managing equity portfolios is my job. These notes are my attempt to show the other side of that work: how a position is researched, why it gets sized the way it does, what makes me change my mind, and how often the honest answer is "I do not know yet".
They are written for anyone who takes markets seriously: people who run money for a living, allocators and advisers who have to judge managers, and private investors who would rather do their own thinking than be sold to. Nothing here is dumbed down, and nothing assumes you already speak the jargon.
What you will find here
- Market notes. What is actually moving markets, and what it means for someone investing over years rather than weeks.
- Inside the process. The unglamorous part: screening, reading filings, talking to companies, sizing, selling.
- Mistakes. The ones I can talk about, and what they cost.
What you will not find
No stock tips, no model portfolios, no promises about returns. Nothing here is investment advice, and I will not be writing about the portfolios I manage.
If that sounds useful, the notes arrive by email as they are published.