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Wonderful at a Fair Price

Independent value-investing research — clear analysis, honest verdicts, and a margin of safety.

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Latest Issues

The Week in Markets #4 — 5 August: Records on a Hormuz deal that hasn’t happened yet

Wall Street printed all-time highs this week — the Dow above 54,000, the S&P 500’s first record in two months - on falling oil, an unsigned Strait of Hormuz deal, and a wall of AI earnings. The catch: the Fed just cast its most hawkish vote...

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The Best AI Thesis on Wall Street Just Got Margin-Called

On July 24, Leopold Aschenbrenner wrote to his investors that the sell-off tearing through AI stocks had opened one of the best buying windows since early 2025. The Financial Times, which saw the letter, reported that he invited clients to...

11 days ago
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The Annuity Inside the Cycle

In 2025 PACCAR earned net income for the 87th consecutive year. The streak runs through the Depression, the Second World War, every post-war recession, the oil shocks of the 1970s, the 2008 financial crisis, the pandemic, and the freight do...

14 days ago
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The Week in Markets #3 — 25 July

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But first!: Alphabet, Tesla, Intel and Texas Instruments all delivered — and the market sold most of them anyway, fixated on the cost of the AI buildout, while an oil shock drove the 10-year to a 2026 high a...

16 days ago
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TSMC - The Earnings Moat and the Strait

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Wafer (Image credit: Shutterstock)

Acknowledgement: This report was prepared on Friday the 17th of July, 2026. Shortly after TSMC provided its market update and results. At the time the share price was $...

21 days ago
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  • Wonderful at a Fair Price

    Independent value-investing research — clear analysis, honest verdicts, and a margin of safety.

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