The Three Pillars: Patience, First Principles, and Business Quality
The dominant driver of long-term investment outperformance is not prediction. It is process. A practitioner essay on why patience, first-principles thinking, and business quality form the foundation of durable wealth creation.
The Power of Two Decimal Points (And Why I Stopped Using Them in Assessing Intrinsic Value)
Precision and accuracy are not the same thing. A DCF model can output $142.37 while the underlying assumptions remain deeply uncertain. Why I stopped using two decimal points in valuation — and kept them in performance reporting.
Berkshire Hathaway: A Note on the Inaugural Position
Why Berkshire Hathaway Class B was the first international stock purchased for the family portfolio in March 2021, what the position has done since, and why it is a holding I do not intend to ever sell.
Where Is the Stock Market Going? A Better Answer Than a Guess
The honest answer is: I do not know. But not knowing where the market is going gives you no licence to ignore where it currently stands. On the difference between predicting and paying attention — and why calm by itself is not enough.
The Real Reason Why Many Investors Can't Copy Buffett and Munger Successfully
Concentration magnifies both intelligence and mistakes. Buffett and Munger concentrated because they had earned the right to concentrate through decades of accumulated learning, experience, and demonstrated judgment.
The Five-Year Mark: What a Medium-Term Track Record Can and Cannot Tell You
A five-year window is long enough to feel like proof, yet often too short to prove skill. What a medium-term track record can reveal — emotional discipline, repeatable process, cost efficiency — and what it cannot.
The Gap Between Knowing and Doing: Why Discipline Is Underrated
After enough years in markets, one realises investing is less constrained by lack of information than by lack of discipline. On intellectual humility, behavioural execution, and why temperament frequently dominates raw intelligence.
Letter to Readers: Five Years Into Managing my Family's Net Worth
A multi-generational mandate, no redemption pressure, and the structural advantages of permanent capital. Five years in — on patience, humility, and why long-duration investing remains surprisingly unglamorous.