Capital Appreciation
Long-Term Growth Through High-Conviction Investing
The Capital Appreciation memo is a monthly portfolio management newsletter focused on building long-term wealth through a concentrated portfolio of high-conviction equity positions. Each month, you’ll receive a complete model portfolio with specific holdings and precise weightings, updated performance tracking, and the detailed research and reasoning behind every change.
This isn't a list of stock picks with no context. It’s a fully built portfolio strategy—designed to be studied, understood, and used as a foundation for your own investment decisions.
The Goal
The objective of the Capital Appreciation portfolio is simple: to grow your wealth over the long term by identifying and holding companies with durable competitive advantages, strong earnings power, and the potential to compound value over years—not weeks.
This portfolio targets long-term capital growth. It is built for investors who are willing to be patient, who understand that volatility is not the same thing as risk, and who want a disciplined, research-driven approach to equity investing.
Why The Compounding Memo?
Everything You Need, Not Just a Stock Pick
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Most investment newsletters give you a name and a thesis—then leave you to figure out the rest. How much should you allocate? What does the rest of the portfolio look like? How do the pieces fit together?
The Compounding Memo gives you the complete picture. Every issue includes the specific holdings and their exact portfolio weightings, so you can see not just what to consider owning, but how much weight each position carries and how the portfolio is structured as a whole. You get the picks, the weights, and the reasoning—all in one place.
A Fraction of the Cost
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Actively managed mutual funds and ETFs typically charge annual percentage expense ratios that quietly eat into your returns year after year. Many premium investment newsletters charge hundreds or even thousands of dollars annually for less information than what you’ll find here.
The Compounding Memo delivers a fully built model portfolio—with detailed analysis, exact weightings, and monthly updates—at a fraction of what you’d pay for a managed fund or a comparable subscription service. More information, less cost, and no hidden fees dragging down your returns.
Complete Control Over Your Portfolio
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When you invest through a managed fund, someone else makes every decision for you—what to buy, what to sell, and when. You’re along for the ride, and you’re paying for the privilege.
The Compounding Memo puts you in the driver’s seat. Use the model portfolio and research as a starting point, a source of ideas, or a framework for building your own strategy. Agree with a position? Add it. Disagree? Skip it. You decide what goes into your portfolio and what doesn’t. This is idea generation and education on your terms—not a black box managing your money behind closed doors.
Performance
The line chart above shows the cumulative percentage total return of the Capital Appreciation model portfolio versus its benchmark since inception, measured at monthly intervals. Cumulative total return reflects the combined effect of price appreciation and reinvested dividends over time, giving you a complete picture of how the portfolio has grown since day one.
Past performance is not indicative of future results. The model portfolio is hypothetical and does not represent an actual investment account. Please review our Investment Disclaimer for important information.
Total Return Versus Benchmark (%)
"If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period?" — Warren Buffett, 1997 Berkshire Hathaway Shareholder Letter
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Get the picks, the weights, the research, and the reasoning—delivered to your inbox for the extremely low price of $9.99 per month.