The editor.

I have been investing my own account in US equities since 2007. I learned the way most people who started then learned, by being wrong in 2008 and slowly less wrong afterwards. Almost nothing I do now is what I did then.

Before StandPoint I led research at a private investment firm and wrote a small but loyal newsletter on equity selection. The firm taught me to write down what I think before I act on it. The newsletter taught me that the readers who pay attention are not the readers who reply the most; they are the ones who quote you back to yourself a year later.

My work is mostly reading. I read the filings, the calls, the long-form coverage, and the few writers I trust on the names I follow. I write down a thesis for every position before I open it; I keep it as the position evolves; I revise it on the record. The archive is the result.

The portfolio is small on purpose. I would rather hold a position long enough to be evaluated than rotate through a watchlist on momentum. The rebalance is on a calendar; it is not a market call. The drawdowns are shaded because they are the part that takes the discipline.

I write the daily chronicles before the US open and the letters at irregular intervals. The chronicles are public. The letters and the positions are for members. If you would rather read for a few weeks before you decide, that is the right way to do it.

I live in Tel Aviv with my family and read more than I write.