Price and value are different things
A distinction between the price we can observe and the value we must estimate, and why a margin for error belongs in both the analysis and the decision.
Perspectives
Letters
Independent research on markets, capital and structural change.
Liquidity preserves the ability to choose
Liquidity has a role beyond funding the next investment: it protects the freedom to meet obligations, reconsider commitments and act without unnecessary urgency.
Duration is not a defence against permanent loss
A long horizon can create room for judgment, but time alone cannot repair a weakened asset, an unsustainable obligation or a mistaken thesis.