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.

Monetary 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.

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