Why Passive Investing is Creating More Opportunities for Active Investors

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Lessons from Guy Spier’s Final Letter

Lessons from Guy Spier’s Final Letter

After nearly three decades managing the Aquamarine Fund, Guy Spier announced he is returning capital to investors following a serious health battle. In his final letter, he shares powerful lessons on long-term compounding, choosing the right investment managers, learning from mistakes, and focusing on what truly matters. This issue breaks down the key investing and life principles from his 28-year journey.

Sent on Feb 20, 2026

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The Search For The 4%: Why Most Stocks Are Dead Money

The Search For The 4%: Why Most Stocks Are Dead Money

Only a small fraction of stocks create meaningful long-term wealth. In fact, most publicly traded companies don’t even outperform Treasury Bills over their lifetime. This deep dive explores what “the 4%” really means, why most stocks are dead money, and how investors should think differently about valuation, position sizing, and holding periods.

Sent on Feb 13, 2026

How to Avoid Investing Traps

How to Avoid Investing Traps

Avoiding bad investments matters just as much as finding great ones. This article breaks down common investing traps, from misleading “adjusted” metrics to unstable management teams and overhyped growth stories. Learn how to spot warning signs early and protect your capital before long-term damage is done.

Sent on Feb 6, 2026

Why Passive Investing is Creating More Opportunities for Active Investors

Why Passive Investing is Creating More Opportunities for Active Investors

Passive investing and short-term market narratives are increasingly driving stock prices away from fundamentals. This newsletter explores why that shift is creating deeper mispricings and longer-lasting opportunities for patient, fundamentals-focused investors, drawing on insights from Eminence Capital’s Ricky Sandler.

Sent on Jan 30, 2026

How to Spot the AI Software Winners

How to Spot the AI Software Winners

In 2026, the software industry has hit an efficiency plateau. This newsletter breaks down how the real AI winners are moving from generative AI to agentic AI, and why the market is currently mispricing them. Learn the business models, moats, and KPIs that will separate long-term compounders from short-lived AI hype.

Sent on Jan 23, 2026

Lessons from Buffett’s Early Investments

Lessons from Buffett’s Early Investments

This issue explores Warren Buffett’s early investments and the lessons that shaped his evolution as an investor. We break down what worked, what didn’t, and why cheap stocks alone aren’t enough without business quality and sound judgment. A practical look at how outsized returns are often built long before the headlines.

Sent on Jan 16, 2026

7 Rules For Filtering Stocks

7 Rules For Filtering Stocks

Successful investing starts with knowing what not to buy. This newsletter introduces seven rules for filtering stocks, helping investors focus on businesses with strong returns on capital, pricing power, and resilient balance sheets. Ideal for investors looking to build conviction through fundamentals.

Sent on Jan 9, 2026

The Art Of Capital Allocation

The Art Of Capital Allocation

Great investing isn’t just about finding great businesses, it’s about judging how management uses your capital. In this edition, we explore capital allocation through real examples, including acquisitions, buybacks, and per-share returns, and share a simple framework to evaluate whether a CEO is truly acting in shareholders’ best interests.

Sent on Dec 19, 2025

How John Neff Crushed The Index Over Three Decades

How John Neff Crushed The Index Over Three Decades

John Neff quietly became one of the greatest fund managers of all time, outperforming the S&P 500 by more than 3 percentage points annually over three decades. This week’s newsletter breaks down the simple but powerful principles he used to turn $1 into $56, and why his disciplined, value-driven approach still matters for investors today.

Sent on Dec 12, 2025

Staying Focused As The Year Ends

Staying Focused As The Year Ends

As the year wraps up, many investors get distracted by short-term moves and seasonal market myths. This newsletter explores how to stay focused on fundamentals, manage position sizes wisely, and set up a stronger long-term framework for 2026. Perfect for anyone doing a year-end portfolio checkup.

Sent on Dec 5, 2025

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Why Passive Investing is Creating More Opportunities for Active Investors