Inkwell's primary focus is on achieving satisfactory investment results for its clients. While we are busy with that, though, we want to engage you in the process by telling you our thoughts as we go about our business. We believe that the more you understand our investment philosophy and our way of thinking, the more comfortable you will be with our investment decisions.

Each quarter we write a letter to our clients which contains our reading of the current market climate and our thoughts on how best to navigate it. We also write occasional memos on topics that catch our eye or that we think might be interesting to our clients.

Below is a collection of these publications.


All-Time High

Berkshire Hathaway

Book Review

  • Capitalism Does Not Exist in the U.S.
    For decades, Warren Buffett declined to buy any railroad or airline stocks, yet now he owns a railroad and significant stakes in all the major U.S. airlines. Why has he recently reversed course? One word: oligopoly.  
  • Capitalism Without Capital
    How is it possible for a company like Microsoft to hold only $36 billion of assets, yet have a market cap of nearly $1 trillion?  
  • Avoiding Mistakes by Studying Mistakes
    Even the greatest investors make mistakes. Here are a few classics to learn from.  
  • Crash!
    A closer look at five earlier stock market crashes and what lessons they hold for us today.  
  • From Las Vegas to Wall Street
    An MIT genius first conquers black jack then goes on to master the biggest casino of them all -- the stock market.  
  • Shareholder Activism in the Last 100 Years
    Benjamin Graham, Warren Buffett, and other legendary investors have sometimes had to actively engage with the managements of the companies they invested in, as detailed in Jeff Gramm's recent book Dear Chairman.  
  • The Holy Grail of Investing
    Is it possible to find a stock that will return 100 times your original investment?  
  • The Outsiders
    Review of a recent book about wildly successful CEOs.  
  • The Most Important Thing
    Review of a recent book by investing legend Howard Marks.  


  • The Big and Strong Get Bigger and Stronger
    The big tech stocks have been on a tear. Can they sustain that momentum, or will history catch up to them?  
  • Kelly or Bust
    How an economics experiment uncovered the simple secret to successful long-term investing: take a constant and moderate amount of risk then let the odds work in your favor.  
  • Forecasting Is Hard
    It's tough to make predictions, especially about the future. That's even more true in the stock market.  
  • Absolute Zero
    Economic forecasters tend to have a virtually unblemished record of failure.  

Financial Planning

Investment Analysis

Investment Basics

Investment History

Investment Philosophy

Scams / Psychology

Quarterly Commentaries




  • Inkwell Capital Commentary Q4-2021
    The stock market can sometimes produce counter-intuitive results. Last year saw a lot of fear and uncertainty, yet stock market returns were robust.
  • Inkwell Capital Commentary Q3-2021
    Fear and greed are ever-present dangers with regard to investing in the stock market, but the best way forward is to avoid them both.
  • Inkwell Capital Commentary Q2-2021
    Inkwell Capital celebrated its 10th anniversary during the second quarter. No investor is perfect, and this post-mortem analysis takes a hard look at the mistakes we have made so far.
  • Inkwell Capital Commentary Q1-2021
    With the onset of the coronavirus pandemic now a year behind us, let's look at some of the timeless investing lessons re-learned during this tumultuous year.