Updated May 24, 2026 · 2187 articles
Insights
Research, news and field guides on institutional positioning. Powered by real SEC filings — 13F, 13D/G, Form 4.
Recurring 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 ChenIndex Inclusion and Institutional Ownership Explained
When a stock joins the S&P 500, every index fund must buy it, regardless of price. Learn how that mechanical demand reshapes ownership and float, and why a jump in institutional ownership around an inclusion date is not a vote of confidence.
Sarah MitchellReading 13F Holdings Alongside Short Interest
A 13F shows only long positions, leaving you blind to who's betting against a stock. Pair it with short interest and you can spot battleground names, crowded trades, and squeeze setups that neither data set reveals on its own.
Sarah MitchellDo Stocks Rise After a 13F Is Filed? The Lag Problem
Can you profit by copying what the smart money bought? The 45-day reporting lag means you're reading stale positions, and the research on post-filing drift is sobering. Learn why filings are a research starting point, not a real-time buy list.
Sarah MitchellRelative-Value Investing: The Flat-Weighted Value Approach
Relative-value managers don't chase the single most undervalued stock; they assemble a flat basket of names cheap versus their own history and peers. Learn how to spot the style in a 13F and why the largest position isn't the signal you think it is.
Sarah MitchellQuality Growth vs Deep Value: Two Kinds of Value Investing
Both deep value and quality growth want to pay less than a business is worth, but they disagree on where worth comes from. Learn how to tell the two camps apart in a 13F, and why the same ticker can be a very different bet depending on who owns it.
Sarah MitchellWhat Is a Margin of Safety? The Core of Value Investing
Benjamin Graham called margin of safety the three most important words in investing. It means buying below a conservative estimate of value so that ordinary errors cost your buffer, not your principal, and it leaves clear fingerprints in how value managers hold.
Sarah MitchellSound Shore 13F (2026 Q1): A Balanced Large-Cap Value Book
Sound Shore runs a flat, 40-stock relative-value book where no position tops 4%. Its 2026 Q1 filing pairs a genuinely steady asset base with an active rotation, trimming Teva and Citigroup while adding to healthcare and select technology names.
Marcus ChenHarding Loevner 13F (2026 Q1): A Global Quality-Growth Book
Harding Loevner hunts for quality growth wherever it trades. Its 2026 Q1 book spans Taiwan Semiconductor, ASML, MercadoLibre, Ryanair and HDFC, and the reliable signal is the share-count moves: trims in semis and Indian banking, adds in rail and transport.
Marcus ChenTweedy Browne 13F (2025 Q4): A Graham-Lineage Global Value Book
Tweedy Browne traces straight back to Benjamin Graham, whose trades the firm once brokered. Its 2026 Q1 US sleeve is a global-value lineup, CNH Industrial, Coca-Cola FEMSA, Berkshire, with a big CNH add and an Ionis trim, and it understates a far larger international book.
Marcus ChenBrave Warrior 13F (2026 Q1): Glenn Greenberg's Concentrated Book
Glenn Greenberg runs Brave Warrior the way he has invested for four decades: a short list of businesses sized so that being right truly matters. His 2026 Q1 book holds just 36 names, with the top ten near three-quarters of value and a decisive new ICON plc stake.
Marcus ChenReading REIT and Real-Estate Exposure in a 13F
REITs trade on rates, rents, and property cycles, not normal earnings. Here's what a fund's real-estate exposure signals and why the type of REIT matters.
Marcus Chen