Inside the process

Inside the process.

Longer pieces, about once a month: research papers, tests that changed how I work, and the parts of the job that do not fit in a market note.

• 16 September 2026What analyst target prices actually tell youWe replaced the current consensus target with one published three months earlier. It predicted just as well — which says the implied upside is mostly the price in the denominator. What survives the test, and what I do with it.

Looking for the other half? Market notes.

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