01
Published 27 June 2026
The Red Metal Beneath Your Feet: A White Paper on Value Arbitrage in Copper Mining
A geologist certifies the copper in the ground. The accounts carry what the mine cost to build.
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Twelve public essays.
These essays cover businesses, accounting, and investment reasoning. Many use public filings to explain how a business makes money, what it depends on, and what would make the conclusion wrong.
02
Published 30 June 2026
The Invisible Architecture — How Warren Buffett Found the Greatest Trade of His Career in a Book Nobody Read
Buffett found the trade by reading a handbook anyone could buy, then borrowing in the same currency as the assets.
Read the essay ↗03
Published 4 July 2026
Investment Reflection #6 — The Art of Translating Information into Compounding Knowledge
How I read: say why something works, say when it should show up in the numbers, say what would prove you wrong.
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Published 8 July 2026
The Invisible Factory: How Pharmaceutical Pipelines Become the Most Mispriced Assets in Public Markets
Public records can identify a pharmaceutical programme’s reported stage and listed studies; they do not by themselves establish results or value.
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Published 11 July 2026
The Ground Beneath the Grain: A White Paper on Value Arbitrage in Phosphate and Potash
Crops need phosphorus and potassium. Nothing else does the job, and the reserves are disclosed in tonnes.
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Published 15 July 2026
The Great Spectrum Mismatch
A broadcaster holds airwaves at cost. The government auctioned comparable slices and published what buyers paid.
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Published 18 July 2026
The Power Behind the Metal: A White Paper on Value Arbitrage in Aluminium Production
Smelting aluminium is mostly buying electricity. The power contract is the business.
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Published 22 July 2026
The Ship Has a Price Tag: A White Paper on Value Arbitrage in Maritime Shipping
Published second-hand ship assessments can support a rough asset comparison, but debts, leases, vessel condition, costs, and other obligations still matter.
Read the essay ↗09
Published 25 July 2026
The Footnote Nobody Reads: A White Paper on Value Arbitrage in Steel Distribution and Iron Ore
Steel distributors carry inventory at a cost set before the iron ore price moved.
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Published 29 July 2026
Money That Isn't Yours but Works Like It Is: A White Paper on Value Arbitrage in Insurance Float
Insurers hold other people’s money for years. What matters is what it costs to hold and how long it stays cheap.
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Published 1 August 2026
The Invisible Franchise: A White Paper on Value Arbitrage in Banking's Core Deposit Intangible
Non-interest-bearing and low-interest deposits can lower a bank’s explicit interest cost, but service, liquidity, regulatory, and operating costs remain.
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Published 5 August 2026
The Invisible Runway: A White Paper on Value Arbitrage in Airline Airport Slots
A busy runway fits only so many take-offs an hour. Airlines buy and sell those rights at reported prices.
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These essays are self-authored and self-published. They are not peer-reviewed, commissioned, or institutional research, and they are not investment advice. Each entry links to the original publication.