Stocks
The AI Capex Cycle Is Maturing. Three Names Still Look Undervalued.
Spending growth is decelerating, but moat-rated suppliers trade below our fair value estimates.
Market Pulse
Movers
The Long View
A weekly email on valuation, portfolio construction, and the behavior gap.
Retirement
The 4% Rule Gets a Revision for 2026
Higher starting yields lift the safe withdrawal rate for balanced portfolios with caveats.
Funds
Why Cheap Beta Keeps Beating Expensive Alpha
The latest Active/Passive Barometer shows only one in four active managers survived and won.
Terminal Stream
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How our ratings work
MethodologyFair Value Estimate
A discounted cash flow view of what a business is worth, independent of the tape.
Economic Moat
Whether a company can fend off competitors for 10 years or 20.
Star Rating
Price versus fair value, adjusted for uncertainty. Five stars means undervalued.
Uncertainty Rating
How wide the fair value range should be. Higher uncertainty demands a wider margin of safety.