We bridge leading financial research and practical investment management for individuals and families who understand that price is what you pay, and value is what you get.
Our investment thinking, driven by fundamental valuation and rigorous academic research.
Our latest quarterly analysis examines the interplay between growing fiscal deficits, record corporate profits, and AI's transformative impact on future equity returns.
Read the full memo →Market melt-ups, stretched valuations, and the AI narrative — what it means for your portfolio.
October 2025Exploring the history of the CAPE (Shiller PE) ratio, how it's calculated, and why its average has shifted over decades.
August 2025Passive investing has exploded over the past decade — but is it distorting stock prices and squeezing out returns?
July 2025How markets navigated the turbulence and what the recovery tells us about forward returns.
July 2025We prompted Perplexity Labs to create a DCF for NVDA, MSFT, GOOG, META, AAPL and more — the results may surprise you.
July 2025Auto manufacturers trade at 7x earnings. Tesla's PE is in the hundreds. We revisit why.
March 2025Proprietary models grounded in rigorous academic research drive every investment decision — not trends, not hype.
Speak directly with decision-makers. No layers, no call centers.
You stay in control of your money. Invest right alongside the firm's principals and their families — no lockups, no hidden fees.
We are not part of a brokerage firm. We do not sell other products or services. Our decisions are driven only by what benefits our clients.
Rob Arnott, Bradford Cornell, Forrest Henslee, Thomas Verghese
Bradford Cornell
Bradford Cornell
Bradford Cornell, Shaun Cornell
Bradford Cornell, Shaun Cornell
A rare combination: a CFA charterholder, a Stanford PhD and UCLA professor with 125+ publications, and a technologist with deep value investing expertise. Three perspectives. One disciplined approach.
Meet the TeamPresident & Co-Founder
Strategic Advisor
Investment Advisor & Co-Founder
We work with individuals and families who value rigorous analysis, transparency, and direct relationships.