The Quiet Compounder
Of the US market's greatest compounders, only six averaged more than 20% a year over their lifetime. Six! But they weren't the ones that…
General
Abundant Intelligence
Investors keep having the same argument about AI, but it’s the wrong one. There can be a genuine, society-altering technology and a very expensive,…
Pondering Position Sizing
The Kelly Criterion won’t give you the true odds — but it will stop you betting the house on a number you invented.
Siren Songs
Charismatic CEOs make growth sound irresistible — even to seasoned sceptics. The remedy is not cynicism, but facts, weakly held opinions, and the humility…
Two Steps Forward, One Step Backwards
There's a special kind of psychological torture that comes with small-cap investing. Only at the spicier end of the market can you find yourself…
Strawman 2.0
Against all odds, and despite my highly questionable coding skills, the new Strawman website is officially out in the wild. As I'm sure you've…
Staying In Your Lane
Scroll through Financial Twitter and you'll quickly find yourself drowning in a sea of absolute certainty. Everyone, it seems, knows exactly where the price…
AI Field Notes
Markets remain obsessed with AI, which continues to suck up investor attention and capital like a black hole. It's easy to dismiss it all…
Write It Down
Your ego is your worst investment adviser. A simple notebook — or a few honest Straws — might just be your most valuable portfolio…