Updated Jun 1, 2026 · 798 articles
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Educational guides about 13F filings, insider trading, institutional investing, and how to track smart money moves.
2-and-20 and High-Water Marks: Hedge Fund Fees
The classic 2-and-20 fee, the carried interest that makes managers rich, the high-water mark that protects investors, and the hurdle rate few funds use — explained for anyone reading 13F data.
Sarah MitchellPoison Pills: How Boards Block Hostile Takeovers
A poison pill, or shareholder rights plan, lets a board make a hostile takeover prohibitively expensive by flooding the market with discounted shares the moment a buyer crosses a set ownership threshold.
Sarah MitchellWhy Some Stocks Cost $1,000+: Splits and 13F Reading
A $1,500 share price doesn't make a stock expensive, and a stock split doesn't make you richer. Learn what per-share price means and how splits can distort 13F share counts.
Sarah MitchellMeasuring 13F Concentration: Top-Heavy vs Diversified
Two funds can hold the same number of stocks yet run completely different risk profiles. Learn how to measure portfolio concentration from a 13F and why it matters.
Sarah MitchellWhy a Fund's 13F AUM Drops: Price Moves vs. Selling
A fund's reported 13F value can fall sharply without the manager selling a single share. Learn how to tell mark-to-market price moves apart from real selling.
Sarah MitchellTurnaround Investing: Betting on the Comeback
Turnaround investing buys a struggling company betting it will recover, offering big rewards if the comeback works and steep losses if it doesn't. Learn what a genuine turnaround requires, why it overlaps deep value and contrarianism, and how to tell a comeback from a falling knife in a 13F.
Sarah MitchellMomentum Investing: Betting That Trends Continue
Momentum investing buys what's already winning, betting that recent trends persist, the philosophical opposite of value. Learn why this behaviorally driven pattern has been so persistent, the violent reversal risk built into it, how it complements value, and how it shows up in a 13F.
Sarah MitchellPharmacy Benefit Managers (PBMs): The Healthcare Middlemen
Pharmacy benefit managers sit between drugmakers, insurers, and pharmacies, deciding what your plan covers and what pharmacies get paid. Learn how PBMs make money, why their rebate and spread-pricing model draws regulatory fire, and why healthcare investors take big positions in them.
Sarah MitchellBattleground Stocks: When Smart Money Disagrees
Some stocks become battlegrounds, names where serious investors take large, opposing bets and back conflicting views with real money. Learn what creates a battleground, how high short interest beside heavy ownership reveals one, and why a contrarian manager's outsized stake is an invitation to dig in.
Sarah MitchellGross vs Net Exposure: How Much Is a Fund Really Betting?
A hedge fund's assets tell you little about its real market risk, that lives in gross and net exposure. Learn how gross (longs plus shorts) measures total risk and leverage, how net (longs minus shorts) shows directional lean, and why a 13F, showing only longs, can badly mislead.
Sarah MitchellUranium and Nuclear Energy Investing Explained
After a decade in the wilderness, nuclear power is back as an investment theme, driven by AI data-center demand, clean-energy needs, and energy security. Learn the chain from uranium miners to reactor builders and SMRs, the supply-demand case behind it, and the commodity and political risks.
Sarah MitchellConviction Buys vs Forced Selling: Reading Intent in a 13F
A fund's shrinking assets and trimmed positions look bearish, but often aren't, the manager may just be raising cash for redemptions. Learn to tell forced, flow-driven selling from genuine conviction in a 13F, why buying against a falling asset base is the clearest signal of all.
Sarah MitchellHow Interest Rates Affect Stock Prices
Buffett likened interest rates to gravity for asset prices. Learn the channels through which rates move stocks, discounting future cash, competition from bond yields, debt costs, and the economy, why growth and income stocks are most sensitive, and how a 13F reveals rate exposure.
Sarah MitchellBid-Ask Spreads and Liquidity: The Hidden Cost of Trading
Every trade has two prices, the bid and the ask, and the gap between them is a real, often invisible cost. Learn how the bid-ask spread measures liquidity, why it widens in small caps, why scale and small-cap investing are in tension, and what a 13F reveals about a manager's liquidity risk.
Sarah MitchellEqual-Weight vs Cap-Weight: How Much of Each Stock?
How much of each stock you own can matter as much as which stocks you pick. Learn how cap-weighting concentrates a portfolio in the largest companies, how equal-weighting tilts toward smaller and cheaper names with built-in rebalancing, and how a 13F reveals which a manager uses.
Sarah MitchellToll-Booth Businesses: Getting Paid for the Flow
A toll road earns the same fee whether the cargo is cheap or expensive, it just needs traffic. Learn why fee-based, toll-booth business models, pipelines, payment networks, exchanges, produce such steady cash flows, what still threatens them, and why they anchor income portfolios.
Sarah MitchellMLPs and K-1 Forms: The Structure Behind Pipeline Yields
Many big energy-infrastructure names are master limited partnerships, not ordinary corporations, which avoids double taxation but issues a Schedule K-1 instead of a 1099. Learn how the MLP structure works, the tax and paperwork trade-offs behind those high pipeline yields, and how MLPs appear in a 13F.
Sarah MitchellMarket-Cap Tiers: Why a Company's Size Matters
A company's market cap shapes how its stock behaves, who owns it, and what edge is even possible. Learn the size tiers from mega- to micro-cap, the small-cap risk-and-opportunity trade-off, why scale pushes big funds toward megacaps, and how a 13F reveals the game a manager plays.
Sarah MitchellCorrelation: Why Diversification Is About Difference, Not Count
Owning fifty stocks isn't diversified if they all move together. Learn how correlation, not the number of holdings, drives real diversification, why it is called the only free lunch in investing, why correlations spike toward 1 in a crisis, and how to read it in a 13F.
Sarah MitchellReinvestment and Return on Incremental Capital
Two companies with the same profits can have wildly different futures, depending on what they can do with each new dollar. Learn return on incremental capital and the reinvestment runway, the engine behind true compounders, and why a cash cow is a different kind of investment.
Sarah Mitchell