Investing Constitution
Investing Constitution
A planned 21-page subscriber guide to Kyle’s research philosophy, company-analysis frameworks and risk questions for public and private markets.
Inside the planned guide.
Research philosophy and evidence
How Kyle frames questions, studies sources and distinguishes facts from interpretation.
Risk, volatility and concentration
Uncertainty, changing market conditions and concentration as subjects for study.
Valuation, fees and taxes
Questions that shape an analysis of businesses, costs and tax considerations.
Company research and innovation
Company fundamentals and the context behind emerging technologies and business models.
Public-company Gauntlet framework
An overview of the Gauntlet framework for organizing public-company research.
Private-company research frameworks
Themes in private-company and pre-IPO research, including information limits.
Review, challenge, refine
The Investing Constitution is intended to make the reasoning behind G.L.A. research visible and accountable. It may evolve as the publication develops, but the standard remains the same: communicate what is known, what is uncertain and what could change the view.
Publication review standard
The following review framework sets out the checks proposed for future research and material revisions. Historical editions have not all been assessed against this framework.
- Sources and dates: Identify material sources, publication dates and the time of market data. Preserve the original context of historical editions.
- Facts and opinions: Distinguish reported facts, attributed outside opinions, estimates and the author’s conclusions. Explain important assumptions and competing views.
- Risks and methods: Discuss downside and uncertainty. Rankings, forecasts and price targets should identify their method, time horizon and limitations; none establishes personal suitability.
- Performance claims: Retain supporting calculations and distinguish actual results from hypothetical examples. Explain selection, dates, costs and other material limitations.
- Relevant interests: Identify material author or publication holdings, compensation, sponsorships and other relevant interests alongside the affected material. A general disclaimer does not replace a specific required disclosure.
- Corrections: Identify material errors and corrections transparently. Readers can submit the page URL and supporting source through the contact and corrections page.
Research lists and favorable opinions are subjects for study, rather than an assessment of what an individual reader should own or how to allocate a portfolio.