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Markets are weird.
This is my public notebook on companies, capital allocation, valuation, buybacks, moats, backtests, and the strange psychological sport of paying today for cash flows that may or may not arrive before your hairline gives up.
The goal is simple: think clearly, avoid obvious stupidity, and maybe find a few businesses worth owning while everyone else is busy optimizing their quarterly panic.
“It is not about guessing which company will do well. It is about finding where the market is most wrong.”