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.
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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.
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19 August 2026
Why the model sometimes refuses to give you a number
In an August 2026 test against Morningstar fair values, Aperto published values missed by a median of 22.7%. A plain one-stage DCF missed by 62.0%. Publishing one lens where Aperto declines would have missed by about 48%.
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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.