Insights
Notes on Deep Value, Underwriting, and Benchmark-Independent Capital
Written analysis on how we underwrite businesses, judge economic moats, and think about downside. Not market commentary for its own sake.
Touzani Letters
One argued thesis at a time.
A recurring series of short, single-thesis notes on deep value investing, underwriting, and capital allocation. Each one makes one argument and stops.
Touzani Letters · No. 4 · July 18, 2026 · 5 min read
Patience Is a Position, Not the Absence of One
Holding cash while waiting for a mispricing is not the same as doing nothing. Why patience is an active decision with its own opportunity cost.
Read the letterMonetary Policy & Moat Analysis · July 11, 2026 · 8 min read
Reserve Adequacy and Moat Decay Scores Are Both Measuring the Past
A reading of the June 2026 FOMC minutes and the AI Transformation Gap Index: two risk measurement systems built on data that structurally lags the risk they are meant to track, and what that means for underwriting.
Read the articleTouzani Letters · No. 3 · June 9, 2026 · 7 min read
How to Evaluate an Emerging Fund Manager
A shorter track record changes what evidence is available, not what an allocator should demand. What to weigh instead of tenure.
Read the letterTouzani Letters · No. 2 · May 19, 2026 · 6 min read
Economic Moats Decay Slower Than the Narrative Around Them
A moat and the story told about it move on different clocks. Why the gap between the two is often where a real opportunity, or a value trap, lives.
Read the letterTouzani Letters · No. 1 · April 14, 2026 · 6 min read
Deep Value Is Not the Same Thing as Value Investing
A low multiple is a screen, not a thesis. Why deep value requires a business-quality filter most value screens skip.
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