PiggyBack Letter (PBL)

A free weekly stock market newsletter where we learn from how proven and promising capital allocators invest in public stock markets. All through a value-investing lens.

The consensus ESG investing movement provokes an inverse "Anti-ESG" reaction. Human progress through capitalism is a series of messy tradeoffs. Wise…
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Being a selective copycat is not a bad thing in stock markets. With the launch of PiggyBack, we plan to learn and profit in the process. (PBL #0 2022)
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Robert Heilbrunn went from client and student to investment research associate of Benjamin Graham. In time, Heilbrunn found his edge in piggybacking on…
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The stock market's surface lays still after a summer recovery rally. So things are rosy? Not really. Long-term investors face fundamental undercurrent…
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If we start investing like foreigners then good things are cooking elsewhere. Grab a free diversification lunch and more interesting investment menus…
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Two summers ago Berkshire Hathaway bought century-old Japanese conglomerates. Warren Buffett got a good deal on inflation-protection. (PBL #3 2022)
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An intro to fundamental equity metrics and common definitions in value investing. How well is the accounting grounded in reality? And when are we…
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