Good morning, investors!

Today, we’re exploring another financial newsletter within the Substack community: The Science of Hitting

Alex Morris, the newsletter’s author, is a long-term investor, CFA Charterholder, and former buy-side equities analyst. Alex treats investing like Ted Williams approached hitting — waiting for the right pitch.

TSOH is a paid newsletter, but even Alex’s free content offers a wealth of insights. I’ve shared three free editions below, each of which I consumed in the same sitting.

Enjoy.

Learning to live with valuations that are "a little silly.”

TSOH Investment Research Service

"I Don't Defend This Logic"

“Psychologically, I don’t mind holding a company I like and admire and trust and know will be stronger than now after many years. And if the valuation gets a little silly, I just ignore it. So, I own assets that I would never buy at their current prices but I am quite comfortable holding them…

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a year ago · 17 likes · 11 comments · The Science of Hitting

An honest assessment of investment wins and losses — it’s rare to find an in-depth review of the latter.

TSOH Investment Research Service

Returns and Lessons Learned

J.C. Penney, IBM, and Kraft Heinz. Over the past decade, these were my most notable investment failures. While each situation had its own unique circumstances, the underlying problem proved similar. Consider the following data, which shows the three-year revenue CAGR (compounded annual growth rate) for each company following my investment…

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2 years ago · 18 likes · 2 comments · The Science of Hitting

An even more honest breakdown of TSOH’s investment philosophy.

TSOH Investment Research Service

My Investment Philosophy

In “Returns and Lessons Learned”, which was published when the TSOH Investment Research service launched in April 2021, I discussed some of the most notable investment blunders that I’d made over the course of the past 10+ years. But the reason why I wrote that article wasn’t self-flagellation; instead, my objective was to highlight how these mistakes p…

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a year ago · 42 likes · 10 comments · The Science of Hitting

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