The Library

Written pieces on investing and financial planning.

Published

On Investing

the lenses, read in order. They are how we decide what to own

Moats

What makes a business durable, and what erodes it.

What a Moat Is The advantages that let a business keep earning, and how to recognize them. Published → The Direction of a Moat Whether an advantage is widening or narrowing, and why that matters more than its size today. Published →

Fundamentals

Margins, growth, and returns on capital. What the numbers say, and where they can mislead.

Fundamentals What the numbers say, and what is already priced in. Published →

III

Management & Capital Allocation

The people you trust with your capital, and what they do with the cash.

Evaluating Management The jockey and the horse. What management decides on your behalf, and how to read the people running a business. Published → Capital Allocation Reinvest, acquire, pay down debt, pay a dividend, or buy back shares. What each choice signals, and how to judge a record of them. Published →

Price, Value & Expectations

What it's worth, what it costs, and what the crowd already assumes.

Price and Value A price is a claim about the future in one number. Buying judges that claim as well as the business, and nothing is cheap on its own. Published →

Risk

Why a falling price is rarely the real danger.

Risk and Volatility Why a falling price and a permanent loss are different things. Published →

Temperament

The hardest part of investing is holding.

Patience Where the return from holding comes from, and the situations where patience becomes a mistake. Published →

VII

Portfolios

How a family holds its wealth: funds, indexes, managers, and how the pieces fit together.

How a Portfolio Is Built Asset allocation, what to own it through, and why simple usually wins. Published →

On Planning

the areas. Fitting the money to the life

Foundations

Getting the base right before anything is built on top of it.

The One-Page Financial Plan Why the money matters, where you stand, what it has to do, and the next few moves, on one page. Published → The Fiduciary Difference What a fiduciary duty requires, how it differs from Regulation Best Interest, and the incentives created by different compensation arrangements. Published →

Retirement Income

Turning a lifetime of savings into a paycheck that lasts.

Retirement Income Planning The shift from building wealth to drawing on it. Sequence, withdrawal order, and the questions the first years raise. Published → Sequence-of-Returns Risk Why the order returns arrive in matters once money is coming out, and what reduces it. Published →

III

Equity Compensation & Concentrated Wealth

RSUs, options, and concentrated stock.

Concentrated Wealth The opportunity and the exposure of being paid in equity, and how to think about concentration you did not exactly choose. Published →

Tax Planning

Keeping more of what the portfolio earns.

Planning for Taxes Location, timing, and patience. How structure can leave more compounding in the account over a lifetime. Published → The Tax Numbers The numbers change every year. The map does not. Published →

Business Owners

When the largest asset is the thing you built.

Financial Planning for Business Owners Planning for business owners whose largest asset is the company itself. Published →

Estate & Legacy

What outlasts you, and who it is for.

Estate Planning The structure, the conversation, and the intent behind passing wealth well, coordinated with your attorney and CPA. Published → Estate Planning When the Estate Is Large Above the exemption, the tools that move growth out early, and when to leave it alone. Published →

Educational content only — not personalized investment, tax, or legal advice. Companies and investors named in these essays illustrate a way of thinking and are not recommendations; the firm may or may not hold any security mentioned. The firm does not provide tax preparation or legal services.