The Aperto blog
How the framework actually works
Short, direct pieces on the reasoning behind Aperto: why the model sometimes says nothing rather than guess, how a margin of safety should really be read, and why the four layers run in the order they do. No hot takes, no tickers to buy this week.
-
20 August 2026
What margin of safety really means
A discount to fair value only means something once you know how confident the "fair value" is. Here's how to read the gap.
-
19 August 2026
Why the model sometimes refuses to give you a number
A refused valuation beat a naive model by a wide margin in testing. The refusal isn't hedging. It's the correct call.
-
18 August 2026
Four questions, asked in order
WHY, WHAT, WHEN, HOW. The sequence is what stops a cheap price from excusing a bad business.