Mental Models9 min read
A Framework for Better Decisions
A practical method for separating what you know from what you assume — and what warrants action from what merely warrants attention.
KENSHI Insights
Research for independent judgement.
Investor letters, mental models, research notes, and annual-report analysis for those who prefer original thought to borrowed conviction.
Featured Letter
12 min read
Investor Letter
The Margin of Safety
Benjamin Graham’s central insight was not simply to buy cheap things. It was to build protection against uncertainty into every decision.
The Archive
Notes for the long horizon.
Research Notes11 min read
Compounding the Right Wonder
The investor who compounds understanding every year becomes genuinely difficult to compete with.
Annual Report Analysis14 min read
Reading Beyond the Numbers
What shareholder letters, cash-flow statements, and management incentives reveal when they are read together.
Mental Models8 min read
Second-Order Thinking
The first consequence is usually visible. Durable judgement begins with the consequences that follow it.
Research Notes10 min read
Price, Value, and Patience
Why waiting is an active part of analysis rather than the absence of a decision.
The Research Desk
Currently Reading
The Intelligent Investor
Benjamin Graham
Recommended Report
Berkshire Hathaway
2025 Shareholder Letter
Research Practice
Read the original source
Then write the thesis