RESEARCH

Know what you own, and know why you own it.

Behind every stock is a company. Find out what it's doing.

Investing without research is like playing stud poker and never looking at the cards.

I have always believed that a single talented analyst, working very hard, can cover an amazing amount of investment landscape.

I read the prospectuses. The details were all there.

We're not smarter than everyone else. We just worked harder on this one trade.

I looked at the data and thought — this is going to end badly.

The best investment analysis is the one where you do the work nobody else bothers to do. Read the footnotes. Call the competitors. Model the assumptions yourself.

The difference between investing and gambling is that in investing, you can do research. In gambling, the house always knows more than you. In markets, sometimes you can know more.

I don't hire economists. I hire physicists and mathematicians. Economists know too many theories. Scientists know how to find what is actually true.

Index funds are fine. But if you put in the work to understand businesses, you can do better. Most people do not put in the work.

Read the 10-K. Most investors never read a single SEC filing for stocks they own. That's insane.

Constitutional AI is the idea that you can train a model to follow principles, not just examples. You teach it values, not just tricks.

We published our clinical research in peer-reviewed journals before we had a sales team. That was deliberate. In healthcare, credibility is the product.

Everyone in this space says they have AI. We have peer-reviewed, published algorithms that predict treatment response. There's a difference between a marketing claim and a clinical tool.

We do more homework on these businesses than most people. We have to — we're putting hundreds of millions of dollars behind the idea.

The quality of your research is the quality of your edge. There's no other sustainable advantage in this business.

Julian Robertson taught us that the work never stops. The moment you think you know enough about a business, a competitor, a customer — that's when you get surprised.

If you read the prospectus — actually read it — you could see the loans were fraudulent. The ratings agencies didn't read them. The banks didn't read them. We did.

Research is what separates a great investment from an expensive guess. There is no substitute for actually understanding how a business makes money.

Conviction without research is just gambling. Conviction earned through research is an edge.

The crypto industry has a bad habit of shipping first and thinking later. We spent years on the research before we wrote a single line of production code. That's why the protocol works.

I've been studying consensus protocols since before Bitcoin existed. I created a virtual currency in 2003 — five years before Satoshi. So when I say Avalanche's consensus is different, it's not marketing. It's decades of research.

I sell research not products. I have nothing to promote except clear thinking. That is my competitive advantage.

I have visited 90 countries looking for cheap stocks. Most fund managers will not leave Manhattan. That is my edge.

You cannot analyze an emerging market from a Bloomberg terminal. You have to walk the factory floor.

Go to five companies in an industry, ask each of them intelligent questions about the other four, and nine times out of ten a detailed picture of all five will emerge.

The best biotech investments come from understanding the science better than Wall Street does.

AI Grant started because the best research was being done by people who couldn't get traditional funding.

The Human Cell Atlas will map every cell type in the human body. That's the foundation for curing everything.

The best AI research happens at the intersection of neuroscience and computer science.

I write 50-page memos on single stocks. If you can't write 50 pages about why you own something, you shouldn't own it.

Investing in both public and private markets gives you an information edge that pure public investors don't have.

I read for 14 hours a day. I'm not smarter than other investors. I just read more.

Ten positions, high conviction. That's the whole strategy. Diversification is for people who don't do enough research.

Lone Pine taught me that the best investments come from knowing a business better than anyone else. That takes time.

Diversification is a hedge against ignorance. If you've done the work, concentrate.

I don't do 50 deals a year. I do 5. But I go deep on every single one.

I don't charge for my research because the moment I do, I have conflicts of interest. Independence is worth more than money.

The best decision I made was to stay in hundreds of budget hotels before I built one. You have to live the problem.

In distressed investing, doing the work is the moat. Most investors will not read a 400-page bankruptcy filing. We will. That is the entire competitive advantage.

Read the filings. Every answer is in the filings. Most people just can't be bothered to look.

The data was there for everyone to see. Nobody bothered to look at it.

The first step in learning to pick big stock market winners is for you to examine leading big winners of the past to learn all the characteristics of the most successful stocks.

There is no substitute for knowing more about a company than almost anyone else in the market. That knowledge is the edge.

Risk is not knowing what you're doing.

Independence from institutional pressure is the only way to give truly unbiased research.

The secret sauce of this type of investing is not in the models. What makes a good systematic firm is a great research architecture.

Another thing that drew me to this opportunity is Paradigm's long-term perspective, and their commitment to pushing the entire industry forward by investing in basic research.

In any case, it's time to seriously consider what measures we can take if the situation deteriorates.

We write our theses in public. If you cannot defend an idea in the open, you probably should not own it.

The best thing the innovative investor can do is to know and understand the cryptoasset developers and surrounding community.