7 min read
Why spin-offs are so often mispriced
A spin-off drops shares into accounts that never asked for them. Joel Greenblatt built a strategy on that mechanic — here is how the forced selling works.
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The methods, explained properly
Every technique Hety runs on your behalf, written out in plain English — so you can check the reasoning rather than take a number on faith.
7 min read
How to read a 10-K in 20 minutes
A 10-K is not written to be read; it is written to be defensible. Here is the order to read it in, and the five lines that decide whether you keep going.
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Margin of safety: how big a discount is big enough?
A margin of safety is not a discount you like the look of. It is an allowance for being wrong about a number you calculated yourself — so size it accordingly.
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Benjamin Graham's checklist in plain English
Graham's seven tests for a defensive investor, what each one is really asking, and how to use a mid-century checklist without quietly relaxing it until things pass.
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What “intrinsic value” really means — and three ways to estimate it
Price is a fact you can look up. Value is a claim you have to defend. Three ways to estimate it, worked on one hypothetical company, and why they disagree.
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