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News & research for the 200-week investor
The Letters.
Industry news, market commentary, and field research on value investing, set-and-forget discipline, and the 200-week moving average.
All letters
What we learned the week SLB hit its 200-week SMA in 2022.
July 2020: TPL kissed the line.
LULU touched its line in July 2017. Here’s what happened next.
DVN touched its line in June 2021. Here’s what happened next.
The Case for Emerging Markets When Almost No One Wants Them
WSM touched its line in June 2023. Here’s what happened next.
Monte Carlo Retirement Calculators Are Lying About Your Probability of Success
The Long-Term Investor Really Only Makes Three Decisions
Cap-Weighted Indices Have a Hidden Bias. You Should Choose Your Stance on It Deliberately.
Should You Hedge Currency on International Equity? The Answer Depends on Two Things
What we learned the week MTCH hit its 200-week SMA in 2017.
Dividend Investing Is More Misunderstood Than Either Side Will Admit
What we learned the week BBY hit its 200-week SMA in 2016.
Ergodicity: The Math Concept That Explains Why You Can’t Average Bad Outcomes
High Multiples Don’t Equal a Bubble (And What Actually Does)
Rate Cuts and Equity Returns: The Relationship Is Messier Than CNBC Suggests
What we learned the week NVDA hit its 200-week SMA in 2019.
Which Equity Sectors Actually Pass Inflation Through to Earnings
Berkshire Without Buffett: What the Operating Engine Actually Looks Like
Factor Investing: Where the Premia Are Real and Where They’re Overfit
UAL touched its line in May 2016. Here’s what happened next.
What 20 Years of SPIVA Data Tells Us About Active Management
The Real Cost of a 1% Fee Over 30 Years (It’s Worse Than You Think)
Quantifying Economic Moats: ROIC, Reinvestment, and Why Margins Lie
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