Read Full Analysis
Immanent.Capital|Return Framework
The Structural Drivers of Return.
The Voting Machine
Focus
Sentiment
Assumption
Prediction
"Standard financial modeling is often speculation disguised as mathematics. Predicting how the crowd will vote next quarter."
The Weighing Machine
Intrinsic Drivers
3 Pillars
Leads to
Constraint
ZeroRe-rating
Results in
Outcome
Immanent Return
"We focus entirely on the intrinsic. We seek value that is immanent (derived from the asset) rather than transcendent (derived from the crowd)."
The Immanent Return Framework
The Asymmetry of Low Expectations