Essays & Excerpts

Selected writings from The Marlowe Manual, available for download.

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Philosophy· 2 pages

Where Are the Walmart Billionaires?

The Central Question

An exploration of why so few investors capture the long-term compounding of exceptional public companies like Walmart, despite having access to them for decades.

Strategy· 2 pages

Investment Philosophy

Time Horizons & Measurement

Why we measure results over five-year time frames and how we view short-term stock price fluctuations as noise rather than signal.

Risk Management· 2 pages

Extreme Overpayment

The Mathematics of Loss

Understanding permanent loss of capital versus temporary quotation loss. Why avoiding zeros matters infinitely more than capturing every upside.