Insights & letters

Letters on patient investing

Original essays on the ideas that build wealth slowly: ownership, compounding, cost, risk and behavior. Educational, sourced, and free.

Letter No. 1 · Philosophy

Buying a business for less than it is worth is a simple idea that is hard to practice. Here is what it actually asks of you.

7 min read

Letter No. 2 · Strategy

Owning the whole market sounds unambitious. Decades of data suggest it is one of the hardest strategies to beat.

6 min read

Letter No. 3 · Fundamentals

Compounding is slow at first and dramatic later. Understanding its shape is the single most useful idea in personal finance.

5 min read

Letter No. 4 · Foundations

Before chasing returns, buy yourself time. A cash cushion is what lets every other plan survive a bad month.

5 min read

Letter No. 5 · Foundations

Expensive debt is compounding in reverse. Two proven methods for getting out, and how to choose between them.

6 min read

Letter No. 6 · Research

A company's annual report is the most honest document it publishes. You don't have to read all 150 pages. Here is where to look.

7 min read

Letter No. 7 · Portfolio

Diversification is the only free lunch most investors will ever be offered. What it protects against, and what it does not.

6 min read

Letter No. 8 · Behavior

The largest gap between what investments earn and what investors keep is usually behavior. A field guide to our own minds.

6 min read

One calm letter a month.