Updated May 24, 2026 · 2142 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
Pricing Power: The Rare Trait Quality Investors Hunt For
Pricing power, the ability to raise prices without losing customers, is one of the rarest and most valuable traits a business can have. Learn where it comes from, how to test for it, and why it becomes decisive when inflation squeezes everyone else's margins.
Sarah MitchellCircle of Competence: Investing Within What You Know
The circle of competence isn't about how much you know, but how well you know its edge. Learn the Buffett-Munger idea, why misjudging the boundary causes the worst mistakes, and why a borrowed stock idea is only useful if it falls inside your own circle.
Sarah MitchellEarnings Yield: Valuing a Stock Like a Bond
Earnings yield flips the P/E ratio to show profit as a percentage of price, letting you weigh a stock like a bond. Learn how it works, its starring role in Joel Greenblatt's magic formula, and why it only works paired with a measure of quality.
Sarah MitchellIntrinsic Value: The True Worth Behind a Stock's Price
Every value judgment is really a comparison between price, which the market hands you, and intrinsic value, which you must estimate. Learn what intrinsic value is, how investors approximate it, why it's inherently uncertain, and how that uncertainty creates opportunity.
Sarah MitchellNet-Net Investing: Graham's Original Deep-Value Strategy
Net-net investing, Graham's original method, buys stocks for less than their net current asset value, effectively getting the business for free. Learn how NCAV works, why such bargains are rare today, and the value-trap risks that make diversification essential.
Sarah MitchellReturn on Equity (ROE): A Core Test of Business Quality
Return on equity measures how much profit a company earns on its owners' capital, and high, consistent ROE is a signature of business quality. Learn why quality investors prize it, what counts as good, and the leverage and buyback traps that can mislead.
Sarah MitchellWeitz 13F (2026 Q1): Omaha Quality-Value, Anchored by Berkshire
Wally Weitz built one of Omaha's most respected value shops, and his 2026 Q1 book is fittingly anchored by Berkshire Hathaway. A focused, quality-tilted portfolio held steady this quarter, with one clear move: a 16% add to Microsoft.
Marcus ChenJensen 13F (2026 Q1): A Strict-Quality Fund Trims Megacap Tech
Jensen only owns businesses that have earned 15%-plus return on equity for ten straight years. Its 2026 Q1 book of proven compounders shows the firm de-risking megacap tech, trimming Apple and Nvidia, even as sustained outflows have halved its reported assets.
Marcus ChenCooke & Bieler 13F (2026 Q1): A Diffuse Value Book
Cooke & Bieler, a long-established Philadelphia value boutique, runs a diffuse 100-name book where no stock tops 4%. Its 2026 Q1 filing leans heavily on specialty insurers, RenaissanceRe, White Mountains, Arch, which it trimmed, alongside a new Sunbelt Rentals stake.
Marcus ChenKahn Brothers 13F (2026 Q1): Deep Value in the Graham Tradition
Kahn Brothers, founded by Benjamin Graham's own teaching assistant Irving Kahn, practices deep value in its purest, most contrarian form. Its concentrated 2026 Q1 book is led by Citigroup and Bayer, with hard trims in Merck and BP and a new Zillow stake.
Marcus ChenMr. Market: Graham's Parable of Price Versus Value
Benjamin Graham's Mr. Market is a moody partner who quotes you a price every day, sometimes euphoric, sometimes despairing. Learn the parable, the price-versus-value lesson at its core, and how it explains the behavior of disciplined value managers.
Sarah MitchellRecurring Revenue: Why Subscription Businesses Command a Premium
Two companies can sell the same dollar of product and be worth very different amounts, depending on whether that sale repeats. Learn why recurring revenue commands a premium, how retention drives the math, and why not all subscription revenue is equally sticky.
Sarah MitchellOwner Earnings: Buffett's Truer Measure of Profit
Frustrated by misleading earnings, Warren Buffett popularized owner earnings: an estimate of the sustainable cash a business can hand its owners after staying competitive. Learn how it's built, why maintenance capital is the hard part, and how it shapes quality portfolios.
Sarah MitchellCompounding: The Math Behind Patient, Long-Term Investing
Compounding is growth that builds on itself, and its back half dwarfs the front. Learn why the math rewards inactivity, what actually makes a business a true compounder, and why a long-held 13F position is the strategy, not staleness.
Sarah MitchellSwitching Costs: The Moat That Keeps Customers From Leaving
Switching costs keep customers from leaving even when a rival is cheaper, handing a business pricing power and recurring revenue. Learn this most durable type of economic moat and why it appears again and again in quality-focused portfolios.
Sarah MitchellFree Cash Flow Yield: A Quality Investor's Valuation Tool
Earnings can be dressed up; free cash flow is harder to fake. Free cash flow yield measures the cash a business throws off against its price, letting you compare it like a bond. Learn why quality investors lean on it, and the traps to avoid.
Sarah MitchellDavenport 13F (2026 Q1): How to Read an Advisor's Whole Book
Davenport's 13F is not a hedge fund's conviction book but a Virginia wealth advisor's aggregated holdings, about 500 names where nothing tops 2.4%. Read as a barometer of broad allocation, its 2026 Q1 drift tilted toward megacap tech, Berkshire and managed care.
Marcus ChenChilton Investment 13F (2026 Q1): A Quality Core, Retail Trimmed
Chilton's 2026 Q1 filing lists about 280 names, but a concentrated quality core does the work, with the top ten above half of value. The quarter's moves show a measured rotation: trimming Costco and Home Depot while adding 57% more Amazon.
Marcus ChenMar Vista 13F (2026 Q1): A Wide-Moat Book Leaning Into AI
Mar Vista's quality-growth book is built on wide-moat businesses with the free cash flow to compound. In 2026 Q1 it held its megacap core flat while leaning hard into AI hardware, adding 68% more Broadcom and 14% more Nvidia, even as assets dipped below $1B.
Marcus ChenLindsell Train 13F (2026 Q1): A Broad Trim, Two Conviction Adds
Nick Train's Lindsell Train holds a tiny set of durable, brand-rich businesses and trades rarely. In 2026 Q1 it cut most of its 27-stock US book amid outflows, but leaned into two software-and-data franchises, Intuit and FICO, a telling conviction signal.
Marcus Chen