POFIT Journal

Long-form writing on investing that lasts.

Occasional essays on frameworks, philosophy and the businesses that shape long-term returns.

The Compounder's Playbook: How Great Businesses Reinvest

Why the boring, patient act of high-return reinvestment is the single biggest driver of long-term equity returns.

P/E is a starting point, not an answer. A tour through EV/EBIT, FCF yield, reverse DCF and two others we lean on.

A dispassionate look at what happens to companies once expectations get priced in — and how to spot the exits.

Trading activity is negatively correlated with returns. A meditation on the discipline of holding well.

A step-by-step walkthrough of what to actually read — and what to skip — in an annual filing.

The philosophy that quietly outperforms cycle after cycle — and why it's harder to execute than it looks.