Is Apple Worth 37x Earnings? My Unpopular Answer
I own Apple. It's about 35% of my portfolio. And I just wrote a piece explaining why it looks expensive. That's not a contradiction. That's the whole point. The question isn't 'is Apple expensive today?' The question is 'does Apple still belong in my portfolio?' Different question. Different answer.
How to Actually Value Bitcoin (When Everyone Else Is Guessing)
I spent 35 years valuing stocks with fundamentals. No cash flow, no dividends, no CEO—Bitcoin breaks all the rules. So I did the homework anyway. Part 1 of 4.
Hope Is Not an Exit Strategy
My son asked me the question most investors can't answer: "What's your system for getting out?" I had entry criteria I could recite in my sleep. But when do I sell? I realized I'd never written it down.
VERIZON (VZ): Junior telecom debt with a utility ceiling
The problem isn’t whether Verizon stabilizes — it’s what you’re left owning if it does.
Home Depot (HD): The Housing Cycle Play Everyone Owns But Nobody’s Timing Right
Great business, fair price, terrible entry.
Boxing Day for Your Portfolio
Boxing Day isn’t just for returning bad gifts—use it to return bad positions. Go line by line through your portfolio and ask: “If this were cash today, would I buy it right now?” If the answer’s no, it’s clutter, not an investment.
Intel (INTC): The Turnaround That’s Been “Turning Around” for Five Years
The $100B foundry bet Wall Street is already calling a success.
When Dividends Eat Their Own Seed Corn
When a company’s free cash flow has to choose between funding your dividend and funding its own future, something breaks. This piece walks through the cash-flow math behind “safe” yields that quietly kill growth.
Down 40% Still Isn’t “Cheap”
A stock that’s down 40% isn’t automatically a bargain. It’s just lower. Here’s how to tell if you’re buying a real business on sale—or just catching a broken story on its way to the basement.
Uber (UBER): Cash Machine With a Labor-Law Landmine
The FCF is real. The risk is too.
