Archive - Capitalist Letters

How To Be A Value Investor In The 21st Century?

Grahamian value investing don't work anymore, Buffettology works but the alpha is limited; so, what to do instead?

Dec 10 •

The Inevitable AI Bubble

AI bubble is inevitable, losing money is not.

Dec 7 •

Terry Smith And The Big ROCE Fallacy

Why high return on capital isn't the key to high investment performance.

Dec 3 •

November 2025

Finishing November: Our Portfolio Outperforms S&P 500 by 30%, Here Is What We Own!

Our portfolio is now up 46% year-to-date against 16% of S&P 500. Here is our updated portfolio.

Nov 30 •

Oscar Health Revisited: A 10-Bagger In Making Or Doomed To Fail?

An asymmetric opportunity with substantial risks.

Nov 26 •

5 Stocks I'll Be Buying If The Market Pullback Continues

We are investors, we don't raise cash to sit on it and feel happy when the market is crashing. We raise cash to buy bargains when everybody sells into a…

Nov 23 •

🚨Trade Alert 13: Exiting Two Positions, and Increasing One Position

Growing the cash position while also capitalizing on a no-brainer opportunity.

Nov 19 •

How To Survive A Market Crash

No bullshit guide.

Nov 16 •

🚨Trade Alert 12: Exiting Three Positions, Increasing Two Positions

Making 5 new trades to position the portfolio for sustained outperformance while growing the cash buffer against a potential market correction.

Nov 12 •

Duolingo: Great Business At A Fair Value

Dominant business with great prospects trading at around fair value.

Nov 9 •

🚨Trade Alert 11: Opening Two New Positions And Exiting Three Positions

Adding two new asymmetric bets and exiting three underperforming positions.

Nov 5 •

Finishing October: Our Portfolio Outperforms S&P 500 By 40%, Here is What We Own!

Our portfolio is now up 60% in the last twelve months against 20% of S&P 500. Here is our updated portfolio.

Nov 2 •

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