The hottest Fundamentals Substack posts right now

And their main takeaways
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Top Finance Topics

Before You Research Apple ($AAPL), Read This | PULSE Framework

Behavioral Value Investor • 126 implied HN points • 17 Mar 26
💰 Finance Fundamentals
  1. PULSE is a quick triage framework that uses five signals across all three financial statements to decide if a stock deserves deeper research, classifying names as not interesting, attractive at a high price, or attractive at an interesting price.
  2. Apple shows strong economic profits, strong underlying free cash flow, and almost no net debt, but its smoothed FCF yield (~3.5%) and EV cap rate (~3%) are low, meaning the market is pricing in high future growth.
  3. As a result, Apple is a high-quality company but not interesting at the current price, so it isn’t worth a deeper research effort right now.

CEO resigns. Stock down. Is Adobe ($ADBE) worth a look? | PULSE Framework

Behavioral Value Investor • 118 implied HN points • 13 Mar 26
💰 Finance Fundamentals
  1. The PULSE framework is a quick triage tool that uses five financial signals to decide if a stock deserves deeper research.
  2. Adobe scores very well on economic profits, underlying free cash flow, and low leverage, while its smoothed FCF yield and EV cap rate (around 7%+) make it interesting despite recent CEO news and AI fears.
  3. This is a historical, high-level screen—not a buy recommendation—so you should do detailed, independent research before considering an investment.

10-Minute Investment Autopsy No. 2: Ferrari

Behavioral Value Investor • 37 implied HN points • 12 Feb 26
💰 Finance Fundamentals
  1. Ferrari was seen as a better-than-expected business with low capital needs, lots of unserved demand, and deserved a luxury-style valuation.
  2. The investor’s unit forecast came true (≈9,000 cars) but earnings missed big — EBIT was €825M and margins 24% versus a €1.4B / 35% forecast — yet the stock still outperformed the market.
  3. Exact numeric precision wasn’t necessary: a strong qualitative thesis about business quality and demand drove good returns even though the detailed forecasts were off.

Changing Winds

Market Sentiment • 805 implied HN points • 12 Feb 23
💰 Finance Fundamentals
  1. Top-down investing looks at big-picture factors like interest rates and GDP, while bottom-up focuses on individual company fundamentals.
  2. Combining both top-down and bottom-up approaches can lead to better investment decisions, as seen from experiences like the 2008 crash and LTCM failure.
  3. In a changing market with high inflation and rising interest rates, the best strategy is to balance top-down understanding with bottom-up analysis for successful investing.
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Back to Basics

Embracing Enigmas • 19 implied HN points • 17 Apr 23
🕹 Technology Fundamentals
  1. Get the fundamentals down for better outcomes in your work.
  2. Emphasize software engineering in machine learning projects for success.
  3. Verify outputs, prioritize safety, control, and bias considerations in AI systems.