Sign in Subscribe

Andreas

Why Earnings Revisions Predict Stock Returns

An academic-style note on why analyst estimate revisions contain predictive information for future equity returns. Earnings revisions are widely regarded in empirical finance as a relevant indicator of future stock returns. When analysts revise earnings estimates upward, the affected stocks tend, on average, to outperform comparable firms with stable or

The Ecosystem Nobody Can Rewrite — Issue 02, May 2026

A wide-moat AI infrastructure platform with $97bn in free cash flow, consolidating 12% below its highs — not on deteriorating fundamentals. Base case: +103% over three years.

Margin of Safety: Why the Price You Pay Determines the Return You Earn

An academic-style note on the margin of safety as a valuation principle in long-term value investing. Test The concept of margin of safety is one of the central principles of value investing and is most commonly associated with Benjamin Graham. In its basic form, the idea is straightforward: capital should

The Economic Moat: The Foundation of Long-Term Investing

An academic-style overview of the economic moat as a core principle of long-term business analysis. The term economic moat refers to a durable competitive advantage that allows a company to sustain above-average returns on capital over an extended period. The metaphor was popularized above all by Warren Buffett, who borrowed

The Platform Nobody Can Replicate — Issue 01, April 2026

A wide-moat US platform with $9bn in free cash flow, down 17% from its highs — not on deteriorating fundamentals. Base case: +42% over three years.