Bewaterltd

Series Table Of ContentsPreviously: Greatest Story Never ToldAuthority will shift from humans to algorithms.-Yuval Noah HarariWhen you scroll through Twitter, your feed does not mirror reality back to you. Instead, it focuses your attention on what an alg

Series Table Of ContentsPreviously: Are Index Funds Communist?Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority…are distilling their frenzy from s

Series Table Of ContentsPreviously: HyperMarketsRead Part I: HyperMarketsThe Silent Road To SerfdomA decade ago, deep in the lull of Wall Street's late-August doldrums-when trading desks were thinly staffed and the financial world was waiting for Labor Da

Series Table Of ContentsPreviously: Alchemy Of RiskThe Goatse SingularityIn 2024, an autonomous AI agent known as truth_terminal began posting deranged, semi-mystical riffs on the obscure early-internet meme "Goatseus Maximus." By all rights, it should ha

Series Table Of ContentsPreviously: Value, Money, & MacroThe past is never dead. It's not even past.-William Faulkner, Requiem for a NunThe Crash of 1929. A Depression-era investing genius. A long-forgotten utopian movement. The golden age of 1930s scienc

Series Table Of ContentsNew to our Value Investing series? Start here: Ben Graham Was Wrong.This series will prove uncomfortable reading for anyone who has built an identity around being a value investor, not least of all ourselves. This isn't another "de

How strangely will the tools of a tyrant pervert the plain meaning of words!-Samuel AdamsPreviously: Financial RepressionThe greatest trick the modern financial system ever pulled was convincing us that we are still playing by the old rules. In Part I: Th

One year ago today, we published Enter Multiflation-our framework for understanding a once-in-a-century rupture in the global economic order. In the twelve months that followed publication, the thesis arrived in real-time: a tariff shock stunned both Wall

Series Table Of ContentsPreviously: Ben Graham Was WrongIn Part I: Ben Graham Was Wrong, we argued that value investing's failures in recent decades are structural rather than merely a streak of bad luck. To understand this failure, we must first return t

Preface: Ben Graham Was WrongPart I: The World Graham Built For-History Through Financial MatrixSee Also: The Sorcerer's ApprenticeGraham's Universe No Longer Exists: Value, Money, & MacroValue Investing's Kryptonite: InflationValue In The Age Of Technocr