Deep forensic research on quality businesses, from the primary documents up. Skin in the game, always.
| Platform |  | Pricing | Freemium | Publishes | Twice weekly |
|---|---|---|---|---|---|
| Issues | 66 | Founded | 2 years ago | Last Issue | 10 days ago |
| Active | |||||
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bearstone2023.substack.comLatest Issues
Homebuilders
Current state of the market and my favorite choice
Many investors might be familiar with Norbert Lou. He wrote a very famous Value Investors Club writeup on NVR, and NVR went on to prove him right, compounding at roughly 16-17% for two dec...
Portfolio Updated
7/28/2026
First, a quick thank you. Bearstone has picked up quite a few new subscribers, and I appreciate every one of you supporting this publication.
Molina Health Revisited
Earnings Report: 07/23/2026
I work with a great doctor who does a lot of teaching around the country. His presentations always start the same way, with the conclusion. I shall mimic him here for this discussion on Molina.
Thinking Notes
Bearstone is a reader-supported publication. Please like and subscribe to support.
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AI Fiasco
How improvement gets measured
The way AI improvement is measured is a mess. I covered half of it in Folly at the En...
PDD Supplemental
Sizing Up the Field
This is a supplemental to the PDD thesis, not a standalone piece. I want to take a look at JD, touch on Alibaba and Douyin along the way, land on a stance on JD specifically, and then determine whether any of this actua...
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Authors
The writers behind this newsletter.
Equity Analyst & Founder of Bearstone. I identify wide-moat, high-FCF companies mispriced by short-term sentiment. My research focuses on deep-value rigor and capital preservation. Followed and recommended by Michael Burry.
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