Deep forensic research on quality businesses, from the primary documents up. Skin in the game, always.
| Platform |  | Pricing | Freemium | Publishes | Twice weekly |
|---|---|---|---|---|---|
| Issues | 72 | Founded | 2 years ago | Last Issue | 11 days ago |
| Active | |||||
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bearstone2023.substack.comLatest Issues
Brad Jacobs and the QXO Thesis
Brad Jacobs Playbook, Applied to Building Materials
I stumbled upon a Brad Jacobs book, How to Make a Few Billion Dollars, and loved the read. Mr. Jacobs does a great job of outlining some of his best practices for being a leader and CEO,...
Build a Bear Workshop
A rough first half of 2026
This is a fully paywalled article. Please pay for a subscription if you are interest. Otherwise, there will be a free article coming out next week.
Portfolio Update
08/26/2026
Below are all of the positions I am currently in and my allocation to each position. I release an update on my portfolio monthly to all paid subscribers, and real-time trades to founding members. Free members get at least one fr...
Learning Notes
In this article, we will analyze Druckenmiller’s discussion with Scott Bessent in 2019. It is a fascinating interview, and I encourage everyone to watch it, but it is loaded with numbers and moves quite quickly for those who take a bit to p...
Bull to Bear
The investigative process
I took an initial position in this company and, upon further due diligence, decided to exit the position after a 7% gain. As investors, we need to be honest with ourselves and not get too married to our decisions....
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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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