The Ledger

This is the whole point of the site. Every verdict gets a date and a price on the day it is published, and the market grades it from then on. Nothing is edited, nothing is quietly removed, and the wrong calls sit in the same table as the right ones. Updated Oct 18, 2026, 11:30 UTC.

How grading works

• Price then is the market price recorded when the verdict was published (the closing price on, or nearest to, the verdict date). Price now is the latest price at the time this page was last generated; it may be delayed.
• Change is the simple price return between those two points — no dividends, taxes, fees, or slippage. Where shown, vs S&P 500 is that return minus the S&P 500's return over the same window.
• Verdicts are never edited or deleted. A verdict may be superseded by a new, separately dated verdict on the same company; the old row stays. Grading is computed automatically by the pipeline, not curated by hand.
• Outcome is graded mechanically from those two returns, and the rule is published with the data: a pass is avoided if the stock trailed the S&P 500 since the verdict date and missed otherwise; a watch stays open; a circle is a hit if the stock beat the S&P 500 and missed otherwise. Until both prices exist the outcome is pending. No dividends, no risk adjustment — a deliberately blunt instrument.
• Each verdict is also shown against the desk's deterministic rubric (owner-earnings yield versus the 10-year Treasury, and the discount to the thesis's intrinsic-value range). When the published verdict differs from the rubric's suggestion, the one-sentence reason is recorded with the verdict.
• A dash (—) means the figure is not yet available; it fills in on a later update.

The scoreboard grades verdicts by price return; it is not an account statement, and the watchlist behind it is a hypothetical model. The desk's real allocation is disclosed separately — as percentages only, never amounts — on the portfolio page. Past performance, graded or otherwise, does not indicate future results. Content is AI-generated and educational only. Full disclaimer