Monday, October 19, 2026
The Investing Letter
One long read a week on portfolio construction, valuation and investor behaviour.
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Long read Example
Key-person risk: what Elon Musk teaches about betting on a founder
When one leader is the story, how should a long-term investor size the position and plan for surprises?
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Portfolio Example
A boring core and a small satellite
Why many investors keep most money in broad funds and only a slice in individual ideas.
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Valuation Example
P/E is not a price tag: three better ways to judge “expensive”
Free cash flow, return on capital and growth-adjusted measures, explained with plain examples.
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Behaviour Example
Why we sell winners too early and hold losers too long
The psychology behind two costly habits, and simple rules that help break them.
Stories marked “Example” show the kind of coverage this edition sends; they are not published articles.